Legal Tips For Joint Venture

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5 things to look out before Buying a Home!

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Actual price of the house
  • Check the agreement very carefully for all the charges applicable.
  • If possible, get the agreement checked by a lawyer for any missing or hidden charges and get the anomalies (if any) rectified by the builder.
  • If the extra charges are for alterations made to the original plan, ask the builder for the sanction letter provided by government authorities for such alterations.
Actual size of the house
  • Before freezing on your choice of a builder, do some research about the builder’s past projects.
  • If possible, talk with other buyers who already have got possession about problems faced by them
  • Try and include a clause in the agreement stating the minimum and maximum size beyond which the builder cannot increase or decrease.
Carpet Area
  • Purchase the property based on the carpet area of the flat.
  • Ensure that this area is mentioned in the agreement.
  • Try to get a clause included which will ensure that the contract can be terminated if the builder provides a house with the carpet area less than what is mentioned in the contract.
Date of Possession
  • Check the progress of the construction personally.
  • If the progress is slow and would not meet the date of possession in a timely manner, build pressure on the builder.
  • Forming a society with other buyers sometimes helps a lot in getting things to speed up at the builders end.
Completion certificate
  • If the agreement does not mention the certificate, ensure that the agreement has a clause which states that the builder will provide the certificate while handling over the house to you.

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Chennai – 600 017

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