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Buying An Apartment? Read This …
Checking out apartments for sale in Bannerghatta road ? Buying an apartment can be exciting. But you also need to do all of the groundwork before you sign on the dotted line. Here are a few tips to help you make the right decision.
1. Completion certificate
Every apartment developer is required to obtain a completion certificate before he can allow buyers to move in. This is a certificate issued by the municipal authorities stating the building adheres to the building standards, documents the location of the structure, land identification, the number of apartments in the structure and other very relevant details.
Many unscrupulous developers delay obtaining this certificate, allowing them to build more apartments than originally planned for and circumvent the building standards. In case the authorities get to know about deviations from the approved plan, they might demolish the unauthorized apartments.
It is really important that you ask the developer to show you the completion certificate, and give you a photocopy.
Buying apartments from developers who do not have the completion certificate can be a huge mistake which you most definitely would not want to make. Before you occupy the apartment, be sure to get a copy of the completion certificate from the developer.
2. Occupancy Certificate
This is another certificate that's also issued by the municipal authorities. The apartment is yours legally only if you have the occupancy certificate. This document certifies adherence to the building standards, fire and electrical safety standards, water supply and sanitary requirements and the like.
Ensure you have this document as well.
3. Common Areas
apartments in Bannerghatta road - You need to clearly know what the common areas are, and have documents to back your claim. The developer is required by law to hand over the common areas to all of the occupants along with the apartments.
Once the apartment owners association is created and the laws are made, the common areas are transferred to all of the occupants.
As per law, every apartment developer is required to disclose the following details to the municipal authorities : the building plan, the number of apartments in the structure and the title of the land on which the structure is constructed. While your developer might have disclosed all of the details, it is your responsibility to check whether they have indeed complied.
4. Buy directly from apartment owners
apartments for sale in Bangalore - If you are buying an already constructed flat, make sure you buy directly from the owner. That way, you will end up paying a lot less and can get all of the documents transferred to your name with no hassle whatsoever. Buying from brokers would mean you will pay their hefty commission and will also have to wait for a long while before the papers are transferred to you.
5. Do your own research
It is now well known that many builders work with marketing agencies who artificially inflate prices of apartments and create a sense of scarcity among buyers. Their main objective is to maximize their profits. It definitely helps if you can see through their games. You should also have a pretty good idea of what apartments are really worth in any locality. You should set a budget and not pay more than what you think is fair.
Do your own research and get to know what the market conditions are, and what the trends are in any locality. Do not completely trust marketing materials published by builders. As of now, builders are not legally bound to honor the commitments they make in their marketing materials. If you trust them completely, you may be rudely surprised.
6. Get your lawyer involved
apartments for sale in Bannerghatta road - Before you sign any agreement, always make sure you show the document to your lawyer and get their take on it. Most people cannot understand legalese. By signing a document without understanding it, you may be waiving your rights or compromising your position. Which is why you would want to get legal help when needed.
