What You Should Know About the Builder Buyer Agreement?

What You Should Know About the Builder Buyer Agreement?

There are many things you need to keep in mind when you are buying a house in Thane. Buying from Reputed Builders in Thane, knowing how much the property will cost you, builder-buyer agreement, what locality the house is in etcetera. Wait a minute, what is the builder-buyer agreement? And why is it important for you to be particular about taking it from Thane Builders and Developers when you get the flat from them. Let us have a look at the builder-buyer agreement and understand the details.

What is the builder-buyer agreement?

When you buy a house in Thane an agreement is crafted between the buyer and Thane builder and developer. The document will hold the clauses that were agreed by the builder and buyer on the purchase of the flat. The document is known as the builder-buyer agreement. When buying a property from Reputed Builders in Thane whether it is for personal use or as an investment the buyer needs to hold this document. The document is very important even from a legal perspective. The buyer needs to carefully read the document before signing it as the document protects the legal rights of the buyer. The reading of the document could save Thane builder and developer slipping in some sneaky clauses that could infringe on the right to own the property.

Importance of builder-buyer agreement.

Before real estate regulation and development act (RERA) information such as the amount agreed on to pay the builder, the penalties if there were any, the title of the land on which the project was to be built; whether all relevant permissions and clearances had been obtained and if not, etc. were mentioned in the agreement.

After RERA was passed the agreement became even more important from the perspective of law. In the document, all terms and conditions are mentioned in the agreement. All projects registered with RERA have to mention the terms and conditions, which have to be accepted and delivered. The builder-buyer agreement between you and Thane builder and developer need to be according to the RERA norms. Reputed Builders in Thane will need to make sure their project is registered under RERA.

Section 11 (4) of RERA shows the importance of the Builder-buyer agreement. The section says Thane builder and developer will be liable for obligations, responsibilities, and functions of the property till the time the buyer is handed the flat, and they are considered to be the sole owner of the property. RERA lays down the responsibility of the promoter, concerning structural defects or any other defect for such a period.

It is also advised that you check for the RERA registration number before investing in the project by Thane builder and developer. The RERA number can be checked online and you can even look for the agreement format online. Even though RERA has bought buyer’s security and safety against Thane builder and developer still the buyers don’t know all the details involved with this document. It is suggested that you get a lawyer to check the builder-buyer agreement. The lawyer needs to understand the real estate laws and make sure that there is no clause present in the agreement that would cause legal troubles for the buyer later.

The builder-buyer agreement is a document that you need to review thoroughly. It is a document that you should not only thoroughly read, but also understand every clause and how it makes you liable in detail. Before signing the document makes sure that you understand the agreement. Because the document is so involved it would help you to hire a lawyer or ask help from a lawyer friend who is experienced in real estate law.