What to Look out for in your New Home Agreement

You may thing that getting your home loan approved is reason enough to rejoice, remember that the process has only just begun. Now that you have your financial formalities in place; it is time to start focusing on the legal aspect of purchasing a new home.

By dealing with reliable projects such as PanchsheelGreens 2 Noida Extension; you will be rest assured that you are getting into a highly transparent and clear agreement. However, it is still your personal responsibility to understand exactly what the nitty-gritty’s of the agreement are.

Here are a few things you need to consider – 

·         The Actual Price of the Residential Property  

While purchasing any property in Noida or anywhere else in the country, you will notice that your home agreement details out a variety of expenses that you as a buyer are expected to bear in lieu of the purchase. This includes spends such as cost of utilities such as electricity, water and parking space. In addition to this, you may also be expected to spend on taxes and a variety of registration fees.

Things to Consider

·         Before signing any agreement, make it a point to go through it in detail and make note of all applicable charges.

·         Avoid saving money on a lawyer and hire a reliable one to vet the agreement. He or she will also be able to highlight any hidden charges and get any anomalies if any corrected. 

·         Also remember that if your developer demands that you pay any extra amount for alternations made on the original plan, you should be able to acquire a government sanction that approves the changes from the developers first.

·         The Actual Size of the Residential Property 

Like the agreement for Panchsheel Greens 2, residential agreements clearly highlight the size of the house you are going to purchase. However, many agreements also come with a clause that states “The plans, specifications and designs are tentative and the developers reserve rights to many any variations or modifications.” Buyers may agree for a specific size but may end up moving into a home with a different size altogether.

It is thus important that before you confirm a purchase with a specific developer, make sure that you pursue a comprehensive research on the older projects managed by the same developers. Get in touch with other buyers and understand their evaluations on the project in consideration. Also, it is ideal to incorporate a clause that states the minimum and the maximum size of the property beyond which alterations are not permitted.