Verifying the Purchase Documents For Your New Home

When buying a new home, every individual understands the importance of the requirement of the proper documents. It is important that every home buyer be aware of their rights as a customer and especially when undertaking something as significant as buying a house, one must carry out the due diligence. The sale agreement is one of the most important documents that a homeowner will need to examine and sign before making the final purchase of their home. But verifying all the information in the sale deed is not always easy for a lay person and one may need a legal professional for help. However, one can easily verify the purchase documents for a new home by keeping these following points in mind:

Personal details of the seller are an absolute on the purchase agreement. The name of the seller, father’s name, permanent address, PAN card number, bank account information, etc. The exact location of the property location and municipal, tehsil or collector’s land record numbers must also be present.

The title documents must also be verified and their authenticity must be ascertained during the ownership transfer in the purchase agreement for any Residential Property in Chandigarh. The document must attest that there are no disputes or dues pending over the land and/or property while absolving the buyer from any blame during disputes.

The purchase document must also clearly lay out the date of possession of the flat being purchased. If the possession is not ensured on the stipulated date, the agreement gives the buyer the right to sue the seller or developer.

In the purchase agreement itself, the payment schedule must be laid out clearly including the total amount to be paid, numbers of installments and time frame within which the payments are to be made. This helps to avoid ambiguities in the future.

The termination clause in the purchase agreement defines the consequences of deviation from the code of conduct of both parties. Penalties to be levied must also be mentioned.

All purchase agreements must include a dispute resolution clause which will clearly define the route to be taken in case of a dispute and in what manner can settlement be done through litigation.

All amenities and specifications promised by the developer must be clearly spelled out in the purchase agreement for the future reference of the client. Deviation from these may be seen as a breach of contract.

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