Legal Advice on Builder-buyer agreement from the Perspective of a Buyer
A buyer/investor is the one putting his/her hard earned money for buying a property. So the buyer needs to be extra cautious before putting the money in the builder’s basket. Few steps for the buyer’s safety are:
- Get a legal search report of the property from and reputed advocate/ law firm dealing in property cases/ matters, regarding the requisite permissions of the project and the claims of the builders.,
- Get the Builder-Buyer agreement vetted/explained by the lawyer before signing it.
- Regularly send emails and letters/notices to the Builder in case of delay in project. Drafting of notices or emails for property cases should be discussed with your lawyer or legal expert.
- Challenge the Builder-Buyer agreement within 3 years of signing in case it is one sided,
- Property Dispute Resolution – In case of the arbitration, the place of Arbitration has to be the city of the property and the Court’s Jurisdiction also should be the city/ district of the property.
- Get all inspections done before taking possession.
- Measurement of super area should be done by a third agency independently.
- With the help of your lawyers, file objections against any arbitrary increase in prices by the Builder and pay it under protest, in case necessary.
These few steps can actually be of immense help in order to prevent innocent investors from getting cheated by fraudulous builders and their extortion. Such measures will also help you in getting faster recoveries against investment made in property with such builders/ real estate companies.