Section 11 (4) of RERA shows the importance of the builder-buyer agreement. The section states that Thane is the owner and developer responsible for the obligations, responsibilities and functions of the property up to the date the buyer is handed over, and they are considered the sole owners of the property. RERA determines the developer`s liability in the event of construction defects or other defects for such a period. Interest rate – interest rate calculated on the buyer`s default when paying the lump sum amount and the interest rate payable on the developer`s default, while the repayment of the funds for non-compliance with the terms of the agreement is the same. Also check dispute resolution clauses and amenities and other specifications in your home unit. Check to see if they are given to you if you have the property. The agreement will help you to require these amenities if the owner does not provide you with the same thing. The document will also help you develop your own legal rights to ask the owner for something in the event of a legal issue. Sign the agreement once you have carefully reviewed and read it correctly. Before the real estate regulation and development law (RERA) information as the amount agreed to pay the owner, penalties, if there is one, the title of the land on which the project should be built; whether all relevant authorizations and authorizations have been obtained and, if not, etc., have been mentioned in the agreement. In most cases, it is the owner who receives the buyer-build contract and submits it to the buyer`s signature. In this case, it is recommended that the agreement be verified by a good documentation expert, who can verify that the agreement does not unduly favour the owner and also protects the buyer`s interests.
Sandeep Shah, Partner, N.A Shah Associates LLP stated: « The owner-buyer agreement is a legal document, some of the critical aspects of the agreement are (a) criminal provisions in case of late payment/non-payment (b) buyer`s rights in case of delay in possession of the promised unit (c) guarantee of structural defects (d) clarity on amenities, (e) conditions that can be imposed before the agreement, etc. The agreement may say that you must pay for certain items on the actual basis of costs at the time of possession. It can then create a nasty surprise by claiming a higher amount than expected. This could be for things like club membership, electrical connection fees, etc. Similarly, at the time of booking, it is not allowed to indicate SPS (preferred location rates). Later, he could calculate you anywhere from Rs 100 to 500. Singh: « The contractor must add a provision that specifically addresses the purpose of the investment mentioned in the project, that is, personal investment or investment. Recent judicial trends have made it clear that owners would receive a certain level of protection if the property in question was acquired for speculative purposes.
When you buy a house in Thane, an agreement is reached between the buyer and Thane owner and developer.