Sign the right agreement, while buying a home


Home seekers are always advised to make sure that the sale/purchase agreement is in the prescribed form, while entering into an accord with a builder.

Otherwise, home buyers may find that the agreement provided by the builders has additions and alterations, working to the benefit of the developer.

The agreements drafted by builders may feature terms and conditions that are contrary to the provisions of the Maharashtra Ownership of Flats Act and Rules, as well as the Maharashtra Cooperative Societies Act.
To combat this, the authorities have brought out a prescribed agreement form, to protect the interests of the buyers.

Here are some particulars of that prescribed form:

The agreement should specify the date, by which the possession of the flat is to be handed over to the purchaser .

It should clearly mention the carpet area of the flat, including the area of the balconies, which should be shown separately.

It should specify the price of the flat, plus other costs, including the proportionate price of the common areas and facilities, which are to be paid by a purchaser and the intervals at which the instalments should be made.
The agreement should inform the purchaser of the nature of the organisation that is to be constituted by the persons, who have taken or will take the remaining flats in the building.

It should include the nature, extent and description of the common area and facilities. The agreement should clearly state the use for which the flat is intended and also impose restrictions, if any.

The agreement should also have a certificate by an attorney-at-law or advocate , under clause (a) of sub-section 2 of section 3.

It should also have attachments of the property card or extract of village forms VI, VII and XII or any other relevant revenue record, showing the nature of the title of the promoter to the land, on which the flats are constructed or are to be constructed.

The agreement should also have the plans and specifications of the flat, as approved by the concerned local authorities .

[Story Source]

This post was submitted by Harshit Agrawal.

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