Time to Brush-Up Your Property Possession Checklist

Of all the steps involved in a property transaction, the joyous moment of the buyer arrives with the reception of property possession letter from the builder, especially during a phase of delayed deliveries due to the market slowdown in the recent years. In his enthusiasm following the prolonged frustration, the buyer often ignores the checklist for verifying the property possession. You may land yourself in soup by acting in haste since many a time the property gets registered based on UDS or sale agreement prior to the possession letter offered by the builder.

 

Ask for the Completion or Occupancy Certificate

Builders often try to escape issues by saying that the occupancy or completion certificate has been applied for while it is not true in reality. Even the application for the certificate is not enough to confirm if the local town planning authority is bound to issue it. Thus, it is mandatory for the buyer to ask for the occupancy or completion certificate. The completion or occupancy certificate may not be awarded to a project in case of deviation of more than 5 per cent deviation and even if then the builder has not issued the certificate, the possession of such a property shouldn’t be accepted. Remember, the builder has no right of offering property possession in absence of the certificate issued by the planning authority unless you give in.

Believe Your Eyes Only

Whether or not you live in the same city where you have purchased property, you are required to examine details in the best possible manner by physically visiting the site. With so many projects previously stalled and now the builders hurrying to complete them, there are chances for the quality of construction to degrade. Thus, checking everything beforehand would keep the possibility of a builder-buyer dispute at bay when the time of possession arrives. In fact, you should not accept the delivery till the required repairs for water seepage or any other problems have been fulfilled since the builder would always try to neglect these by promising to do the needful later.

 

Is Project Complete?

That the project has nothing in pending at the time to be delivered is a myth since hardly such is the case. The builder is concerned about the payment in full and is thus, in the flurry of handing over the property even before the common facilities and amenities are ready. Most of the times, the homeowner’s association has to complete the project being unable to oblige the developer. So, don’t pay attention to those lame excuses of the builder or you will end paying double for the completion of amenities since their charges are already included in the payment for purchasing the flat.

 

Don’t Go by Promises

If possible, extract a copy of the builder’s agreement with you to serve as a checklist for ensuring the facilities during the time of delivery, as promised by the builder. Always check the flooring type and measure the carpet area because you won’t get the builder to listen to your complaints once the home has been handed to you.

 

Keep Proof in Writing

An incident records a female buyer being charged with a penalty for delaying the final disbursement as was demanded by the builder instead of fixing the issues before the delivery of property requested by the former. The buyer delayed the disbursement since her oral grievances were not addressed and in addition received a penalty after 3 months. The reason for this suffering is that everything took place orally and she had no written document to prove that the property wasn’t delivery-ready.

 

Your Final Payment Should be Final

Usually, 5 to 10 per cent of the amount is retained by the buyer to be paid at the time of accepting the property possession. Even if the builder promises the project completion on a certain date and asks you to post the cheque of the same date, you shall do the needful only after getting assured of the property condition, registration, compliance and quality. Don’t leave any gaps as you would not like to face the builder further after having released the final payment.

Create Terms and Conditions

If situation so arrives where the builder is forcing you the property possession though any of the repairs is pending or you haven’t received the Occupancy Certificate, do not forget to specify the requirements on the builder’s copy that are your conditions for having accepted the possession. In case of project delay, you can always demand compensation that the builder owes you but it won’t be fruitful unless you mention it in writing.

Why tread the complex legal route to prove the builder that your demands are justified? Instead, follow these tips and play it safe. Hope, the reading was helpful. Are you in search of a residential flat for sale in Kolkata? Stay connected to transventor.com. For hassle-free property buying, selling or renting.

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