With the current land prices, man force and raw material management involved, building an independent house is a distant dream for many. Hence people prefer to go to a property broker to find a house of their choice that also fits in their budget.
Here again there are many scrupulous brokers taking the buyers for a ride with indirect charges, fake registration titles and many untold sufferings till they are able to take possession of the flats. Thus, it is always recommended to either deal with the builder itself or be well informed of the buying process before approaching a broker.
Here are few points that every buyer must remember when buying a property through a broker:
Verification of the documents- It is always preferable, before getting in to a deal. Verification is necessary of the land records, legal clearances (whether the plot on which the building stands is non-agricultural (N/A) and has a clear title.), whether the building is in the name of the builder, whether a co-operative housing society has been formed and if yes whether the conveyance of the plot and building in favour of the society has been completed by the builder, the current rate (Rs./sq. foot) of the area, whether the rate offered to the buyer matches with the area rate and the basis – built up or super built up. Check what is included in “super built up” and what amenities will be included.
Construction Quality Check- Have a check on the quality of the construction and ensure that the layout / development has been approved by the Development Authority; most importantly ensure that all documents are legal.
Method Of Payment- It is better that you don not pay the broker a bulk amount in advance. Stagger the payment, and make final payment while occupying the house. This way you can reduce the risk to a great extend. Banks do due diligence before giving away a loan, but, in case there is a problem, they don’t take the risk.
Rules and Regulations- The point of worry for any investor is that in the absence of regulations, brokers are breaking rules with impunity and taking customers for granted. This is the biggest reason for loss of confidence among customers, they be investors or end users.