Points to be noted while purchasing flats
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Here we are presenting the points to be considered while purchasing flats by each customer.
LOOK BEFORE YOU LEAP!!
Points to be noted while buying flats
- Divided opinions on Undivided Shares Proportionate Division of UDS:
Apartment buyers are entitled to a Share of land area and this cannot be physically demarcated. This share of land is called Undivided Share of Land (UDS).This UDS of Land must be conveyed proportionately to the buyers and a sum total of UDS of all the buyers in the project must match with overall land extent of the property. So when you think of buying a new home, ensure that your undivided share of land is proportionate to your apartment area and the sum of all the shares constitutes 100% of the Land area. Conveyance of 100% UDS to the purchasers of the property ensures that the builder / landowner or their legal heirs have no right to the property and cannot claim or build or construct on your property in future. The same is suggested because if the prevailing rules change to the benefit of the landowner / builder they should not claim right on your property and carry out further development.
2.Stepping Beyond Square feet – Detailed area statement :
Apartment cost is calculated on the super built-up area, constituting the Plinth area and a proportionate share of the common area / amenities. It is hence necessary to insist on a detailed area statement of the entire complex along with break-ups of common area. If the purchaser does not have a detailed area statement it is not possible to arrive at the proportionate undivided share of land belonging to the purchaser. The detailed area / amenities are apportioned proportionately. Also, a comparison of the floor plans , Scheme / working drawings with DTCP approved drawings will reveal deviations, if any. It is ideal to include the entire set of drawings of all apartments to convey clarity among the apartment Purchasers in the complex.
- Transparency in Documentation:
When buying a home always make sure the documentation is perfectly transparent and contains no ambiguities. It is always advisable to obtain a copy of the following:
All title deeds, possession certificate and nil encumbrance certificate.
Up-to-date receipts of corporation tax, Water tax,Electricity Bills Etc.
Complete area statements with detailed area break-up.
DTCP approval drawings, Planning permits.
Specifications offered in the project.
As a Purchaser you should also insist on receipts for payments made to the builder.
We also recommend that the Purchaser studies the draft copy of the builder’s Agreement and also seek professional advice / Second opinion .
When you are making a lifetime decision , Make sure all documents are proper. One mistake and there’s whole lifetime to rue about.
4.Uniform Agreement Clauses for all buyers in a Project
An apartment complex is a group of homes. Therefore it is only natural that all the co owners / Purchasers should enjoy equal rights and privileges. Individual Contracts with Purchasers leads to some individuals enjoying more privileges than the others, which may cause unnecessary friction among the occupants. It is therefore imperative that any contract between the builder and Purchaser should contain similar clauses for everyone in a particular complex. No individual should be specially vested with exclusive rights or preference. Moreover , Exclusive and contradictory contracts are not legally binding and are void before law. Ensure that Builders Agreement contains covenants which binds the builder to include similar clauses in all the agreements entered with the other Purchasers in the complex and the Builder commits that the covenant are similar for all Purchasers in the complex.
- Obtaining certificate of encumbrance reflecting conveyance of UDS:
As a Purchaser it is imperative that you obtain all the statutory certificates pertaining to your property. It’s a once in a lifetime investment and hence ensure to secure it with all the relevant papers from the builders especially the Encumbrance Certificate to confirm that the land does not have any legal dues. The encumbrance certificate for the past thirteen years should be taken for more clarification. You could demand 30 Years encumbrance certificate to be checked. After executing Deed of Sale obtain a Encumbrance Certificate reflecting the conveyance of Undivided Share of Land in your favour.
- Payment Schedule to match with Work-in- Progress:
There is a growing tendency among Purchaser to pay the full amount at the outset to enjoy the benefit price. However a small gain now may turn detrimental in future. Paying upfront is putting one self at the mercy of the Builder. There are two methods of payment schedule, Payment linked to specified dates and payment linked to work in progress. It is always in the interest of the Purchaser if the payment schedule is in accordance with work in progress because he can see the progress of work and then commit his payment.
- Agreement Clauses to be Binding on Successive Buyers, Tenants and Occupiers:
Occupants of an apartment irrespective of being a purchaser, tenant or a nominee are bound by the Builders Agreement clauses signed between the Builder and the Purchaser. The Builders Agreement including the clauses pertaining to maintenance and association, holds good for successive purchasers and their nominees. An owner of the apartment has the onus to ensure that his nominees / tenants comply with the clauses and bye laws of the Association and there should be a clause in the Builders agreement to this effect.
8.Know your Terrace Rights:
Title to the terrace area on the top floor in an apartment complex must be unambiguous to the buyers. The common right to use the terrace should be expressly conveyed in the Builders Agreement of all purchasers. This not only ensures that the purchasers get adequate freedom to use the terrace area, but also safeguards against unauthorized construction in future and misuse. Also this prevents the terrace being let out on rent for cell phone tower or bill board, by the builder / any Purchaser. So when you buy a home, carry out due diligence and ensure that you get your terrace right clearly on paper.
9.Common Areas are common for all :
Today one of the bone of contention pertains to the usage of common area. But then how do you draw a line where none can be drawn? All the co-owners of the property have right to the common area as also all co-owners have a proportionate share of common area inbuilt in the super built up area for which they have paid. But then, the usage should not be in a way that is exclusive or advantageous to one person. Remember, common areas are there for common and equal enjoyment.