Just like whenever you buy a vehicle you get it registered with the RTO, you need to buy any property that you purchase. It could be a plot, a villa, or an apartment. A number of formalities and documents are associated with property sales in Trivandrum, and it’s important that you know about them. The Sale Agreement is the most important one, so let’s discuss it in detail.
What is a Sale Agreement?
This is the document where all the terms and conditions of the property’s sale are mentioned. Details of the property, the price and payment schedule, date of transferring possession, penalties to be paid in the event of delays on either side, and so on, are mentioned in the sale agreement. It is good to seek professional help to review the document as part of your real estate investment strategies in Trivandrum to make sure that everything is above board.
What are the Essential Elements of a Sale Agreement?
According to Section 55 of the Transfer of Property Act, the seller of the property must make full disclosures about the size and condition of the property to the buyer. The Act also cautions the buyer to verify everything and take necessary precautions before they complete the buying process.
A sale agreement contains:
Property Details
The property is described in detail; the location and address, location within the building for a flat, the exact size, the carpet and built-up area, specific features, amenities, any special features provided only for the specific flats, and so on. Sales agreements are subject to RERA scrutiny, so both parties to the sale should be careful to include all relevant details.
Purchase Price and Payment Schedule
The price agreed on, taxes, and any other charges must be mentioned in the agreement, along with the terms and schedule of payment. The dates on which payments are due and the amounts to be paid on those days must also be there.
Possession Date
The sale agreement must mention the date of transferring the physical ownership of the apartment to the buyer. It must also mention penalties of provisions to be implemented in case of delays.
Cancellation and Refund Terms
The terms under which the agreement may be cancelled and the system for refunding the advance paid should be included in the document.
Transfer of Ownership
The process of transferring the ownership from the seller to the buyer must be detailed in the sale agreement.
Miscellaneous Items
- Monthly maintenance charges, super built up area, use of amenities and common areas, etc.
- Encumbrance certificate that shows the title is clear without any debt, mortgage, etc.
- Any potential problems with the building, third-party disputes etc., which may impact the buyer
- Proof of name and address of both parties
- Clause that says the seller has the right to transfer the property to the buyer
- All pages must be signed by both parties
- Any additional documents needed to protect the buyer’s rights, like transfer of municipal records.
Legal Aspects and Due Diligence
RERA Registration
RERA registered apartments are the safest bet, as it demonstrates that the builder is in compliance with all government and legal regulations and that your interests are protected.
Building Approvals
Check that the building was constructed as per the original and approved building plans and that the commencement and occupancy certificates have been obtained. Also make sure that proper zoning was followed.
No Objection Certificates
Builders have to take many NOCs, depending on the location. Check that they are in place: Environment, Water, Fire, Safety, or any other special NOCs.
Also ensure that the builder has paid all the property taxes by verifying receipts.
Hire a Lawyer
Having a legal expert to guide you through the apartment purchase process is a good idea. This way you can make sure that all the documents are properly drafted and that there is nothing to worry about.
Conclusion
It is good to know about all legal formalities required before you go ahead and buy a flat; after all, it is a huge financial investment. When you purchase property from a trusted builder like Varma Homes, you don’t have to worry about anything. Our dealings are extremely transparent, and our projects are all certified by RERA. This will tell you that you can expect a smooth and hassle-free purchase process with Varma Homes.
Your dream home in the capital city awaits. Explore our premium Apartments in Trivandrum and secure a lifestyle upgrade with Varma Homes.
FAQs
Why is a Sale Agreement important when buying Apartments in Trivandrum?
A sale agreement is a legally binding document that clearly outlines the property details, payment terms, possession date, and both parties’ responsibilities. It protects buyers from fraud and ensures transparency in the purchase of apartments in Trivandrum.
What documents should I check before purchasing Apartments in Trivandrum?
Buyers should verify the RERA registration, building approvals, encumbrance certificate, tax receipts, and all necessary NOCs. Checking these documents ensures that the apartment is legally clear and free of disputes.
How do I ensure a safe investment in Apartments in Trivandrum?
Always choose RERA-approved projects from trusted builders, review the sale agreement with a legal expert, and verify that all approvals and certificates are in place. This way, your investment in apartments in Trivandrum remains secure and hassle-free.
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