The agreement stipulates that if the buyer has delays in paying a tranche, there is interest to be paid. The costs could be significant – up to 18-24% increase per quarter. The developer may even include a clause stating that if you delay payment beyond one point, he reserves the right to cancel your allowance and that you risk losing serious money that could go up to 20-25% of the total cost. The balance will be refunded to you without interest. 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. The Supreme Court has ruled that the period of allocation of a dwelling unit to a home buyer must be taken into account from the date of the construction-buyer agreement and not from the date of registration of the project under the Real Estate (Regulation and Development) Act 2016. The Builder-Buyer agreement is therefore a very important legal document that you should not only read and understand carefully before signing, but also receive the help of an experienced lawyer or professional to verify the same thing. Read the tips above to be fully prepared from your site. There are many things you need to keep in mind when buying a home. The agreement between the buyer and the owner is such a thing. It`s the only document that protects your own rights, so you should read it carefully to be clear about everything from the start. This is one of the most important legal documents for every home buyer.
This contract has all the necessary conditions that buyers and contractors must respect based on their objectives. The terms and conditions mentioned in this document also protect your rights as a buyer, so you do not overlook the importance of these. I recently bought a villa in Greater Noida. It`s under construction. I paid 10% to the owner. Now the owner asks for the next 10%, but I insisted on getting Builder Buyer Agreement registered. The owner does not register the BBA and says that the usual practice is to have BBA executed on stamp paper. If the owner disagrees, please find out if the consumer has the right to register BBA in RERA. I come from Delhi and I am now in the ditch for my service.
As an INN, I need to know what I can do? Read less If the owner does not agree with the registration of this property, you can take legal action against him. Since you are not present in India, you can recruit the best RERA lawyers in India and file a complaint with the Consumer Forum which has the right of consumer protection and enforce the registration as well as the damages and legal costs incurred by these fees. Finally, the question arises as to what the buyer can do if the contractor-buyer contract is reversed in favour of the developer. Ideally, the buyer should be able to modify the document. „In reality, the developers refuse to change the terms of the agreement on the grounds that it is a standard document,“ says Bibhash Surya, head of Sri Sai Dreamlands, a Noida-based real estate consulting firm. „The buyer usually has no choice but to move away from highly toxic contracts.“ According to the standards in some states, if the developer changes the town planning plan, he must obtain the written agreement of the buyer.