A real estate deal is one that is a very high value one and to get duped during a deal is what prevents people from investing in other avenues like gold or jewellery. Getting duped in a real estate transaction is a nightmare that will not only cost a person a lot of money but is also an issue that will take a long time to resolve, especially if the issue gets into litigation. Prevention is always the best cure and instead of looking for time-consuming legal alternatives it is always better to ensure that one does not get swindled. The problem however is that for the novice who is real to real estate deals it is always difficult to differentiate between a real deal and a bogus one.
Indian Real estate is always famous for its lack of transparency. There have been many cases in the past where buyers wereforced into paying for things that they did not need. The first thing that buyers need to be careful about is the documentation of the property. All the certificates and documents need to be up to date. There must not be any encumbrances that can get in the way of what the new owner wants to do with the property. It is always advised that the buyer should take the help of a lawyer who will be able to go through the legal documents and understand the real life implications.
While it is true that it is the middlemen in the unorganised real estate sector that the buyers need to be careful of, the big builders are no different when it comes to cheating them. Real estate developers very often do not stick to the National Building Code and it is the headache of the residents when the issue comes to the notice of the authorities. There are apartment complexes that have several amenities. The price of the apartment and the monthly maintenance costs will include all this. In many cases buyers are left with no option but to pay for these amenities also even though they have no intention of using them.
It can also be seen that the area that is quoted in the brochures is not the area of an apartment. There could be deductions in the form of staircase area, lift lobby area and so on. Developers often do not pay the government the external developmental charges that they collect from the residents of an apartment complex. Clearance certificates and occupancy certificates are required for habitation of an apartment. Some developers cheat their buyers and claim that they have all the certificates. In the case of a deal with a real estate developer, the agreement is made by the developer and the buyer has no choice but to just sign the documents. In order to avoid getting duped the buyer needs to check all the documents. That is where most problems can arise. So to avoid getting duped make sure that you get the help of an attorney and also use your better judgment while deciding on a property that you want to buy.
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