You have finally managed to find the house of your dreams in your preferred location with all the specifications you seek and all you have to do is sign the dotted line. But before you do, it is important for you to know that the builder-buyer agreement is the most important document that you will sign when purchasing your home, which is why it is extremely important that you read it thoroughly. The builder-buyer agreement is a legally binding contract which serves as the recourse in case of any dispute and here are some of the things you should read carefully in the agreement before signing it:
The builder-buyer agreement is what will detail the timeline of the construction of your home and also give an estimate of the actual possession date. However, the commencement of the construction is entirely at the discretion of the builder; and the builder may also ask for a grace period for delivery which can be agreed upon between the builder and the buyer.
Some Projects in Chandigarh include a price escalation clause in the builder-buyer agreement which allows them to raise costs at later stages in the construction claiming increased cost of raw materials etc., which can be avoided by the buyer by opting out or avoiding the project altogether if it is non-negotiable.
With the builder-buyer agreement, the buyer can also negotiate on the penalty charges for delayed payments on part of the buyer. Many builders charge hefty interest rates on delays in installments which can be brought down at the time of the signing of the agreement.
In some states, builders need to take the approval of the buyers if there is a change in the plan of the building. By inserting a clause pertaining to the same in the builder-buyer agreement, the buyer can avoid any unforeseen changes in the project specifications which they do not approve of.
Any hidden costs that may be claimed at any later stage in the development of the project can be revised in the builder-buyer agreement itself. Charges of maintenance, annual development, etc can also be mentioned clearly in the agreement itself.
Buy your dream home near Chandigarh from one of the most reputed and trusted developers in the region. Exotic Realtors and Developers have delivered over 10,000 world class homes to buyers and they bring their luxury Housing Projects in Chandigarh, the Exotic Grandeur, for those who want to experience an opulent lifestyle. 4/5 BHK apartments and penthouses in the Exotic Grandeur come with rich interiors, high quality construction and world class amenities for a convenient modern lifestyle in one of the most upcoming destinations in the region.
The builder-buyer agreement is what will detail the timeline of the construction of your home and also give an estimate of the actual possession date. However, the commencement of the construction is entirely at the discretion of the builder; and the builder may also ask for a grace period for delivery which can be agreed upon between the builder and the buyer.
Some Projects in Chandigarh include a price escalation clause in the builder-buyer agreement which allows them to raise costs at later stages in the construction claiming increased cost of raw materials etc., which can be avoided by the buyer by opting out or avoiding the project altogether if it is non-negotiable.
With the builder-buyer agreement, the buyer can also negotiate on the penalty charges for delayed payments on part of the buyer. Many builders charge hefty interest rates on delays in installments which can be brought down at the time of the signing of the agreement.
In some states, builders need to take the approval of the buyers if there is a change in the plan of the building. By inserting a clause pertaining to the same in the builder-buyer agreement, the buyer can avoid any unforeseen changes in the project specifications which they do not approve of.
Any hidden costs that may be claimed at any later stage in the development of the project can be revised in the builder-buyer agreement itself. Charges of maintenance, annual development, etc can also be mentioned clearly in the agreement itself.
Buy your dream home near Chandigarh from one of the most reputed and trusted developers in the region. Exotic Realtors and Developers have delivered over 10,000 world class homes to buyers and they bring their luxury Housing Projects in Chandigarh, the Exotic Grandeur, for those who want to experience an opulent lifestyle. 4/5 BHK apartments and penthouses in the Exotic Grandeur come with rich interiors, high quality construction and world class amenities for a convenient modern lifestyle in one of the most upcoming destinations in the region.
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