Buyers beware of jargon

Home Buying Advisory, Investment advisory, Track2Realty, Track2Media

Beware of jargon while purchasing a home

In order to confuse and mislead the purchasers, the builders use various concepts like, ‘carpet area, construction area etc. The developer even includes area available for car parking and staircases as total area. The purchaser should pay as per the area that he actually gets. To ascertain the sum he can take the help of a surveyor. The builders generally change for constructed area or super built up area. Similarly in case of purchase of property from a second seller, the purchaser should demand and take earlier electricity bill, water tax receipts, and house tax receipts of any from the previous owner. Avoid purchasing property on time schedule payment because in such case builder can delay and the penalty clause charges are very negligible. Banks only approved project on construction link and down payment mode, importantly, the banks have a pre-requisite requirement for keeping the collateral/guarantor amount as an advance given to the bank by the consumer because bank would not leave any ex poser or risk in such transaction.

The precautions to be taken are endless but, if a buyer check and cross check the claims made by the developer one can safeguard from being trapped by defaulting developers and fly by night operators and not repent to waste his lifetime savings.

Track2Realty Bureau

Leave A Reply