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Monday, 14 August 2017

Clauses to be Careful about in a Buyer Seller Agreement


Purchasing a residential property is a legal process and hence, before you proceed with the transaction it is essential that you hire a reputed civil attorney. The attorney will be responsible for scrutinizing the legal documents of the particular residential property, drawing up the agreement papers and deal with other such legal aspects of the transaction. Nevertheless, while purchasing a residential property it is essential that you evaluate the documents and discuss with your lawyer the meaning of the clauses that are there, especially in the buyer seller agreement. While evaluating the agreement it is essential that you ensure that the clauses in the agreement are not against the home buyer and are pro buyer. Moreover, you should also be designated as the sole owner of the residential property that you want to purchase. Some of the clauses that you should be careful about while evaluating the buyer seller agreement have been discussed below.

Understanding your Buyer Seller Agreement

Say for instance you want to purchase a 4 bedroom flat in Noida from a reputed real estate developer; before you can proceed with the transaction you must obtain all the property papers and have your lawyer evaluate the buyer seller agreement. Some of the clauses that your lawyer might point out are as follows:
  • The developer cannot change the layout of the property without the consent of the owners, as per the ruling of Supreme Court. The builder must address the concerns of the home owners before changing the layout of the property. Only with a consensus agreement from the homebuyers can the developer proceed with changing the layout of the particular residential property.
  • The developer cannot increase or decrease the size of your apartment. If the developer increases the size of the flat then you will end up paying more and if he decreases the size, then the square foot area of the unit may not meet your requirements.

Thus, while purchasing a residential property like a luxury apartment it is essential that you evaluate all aspects of the buyer seller agreement and ensure that the clauses are pro buyer.