What is The Buyer Checklist Before Entering in a Primary Real Estate Transaction?

Checklist Before Entering in a Primary Real Estate Transaction (Buying a property directly from a real estate developer)

For a home-buying transaction to be conducted in a fair and safe way, the seller must reveal essential details regardless of whether it is a primary sale (i.e., from the developer to the initial buyer) or a secondary sale, all property transfers need that purchasers know all the necessary information to achieve a fair transaction (i.e.,from an existing owner to the second or resale buyer).

In the case of Primary real estate deals, it should be mentioned that RERA (Real Estate Regulatory Authority) has established much-needed clarity and accountability for property buyers and investors to confidently buy real estate in India.

Meanwhile let us go through some of the steps to be taken prior to initiating a primary real estate transaction:

According to renowned real estate lawyers and property brokers in India, appropriate disclosure comprises all things that a prospective property owner must be aware of prior to purchasing a real estate asset.

Despite the fact that each contract is unique, there are some elements that are typical of all real estate transactions. For a safe and secure real estate and property transaction, these should be observed. As a buyer you can always ask for the draft of an Agreement For Sale or Sale Deed beforehand to study and verify.

It goes without saying that one should always reserve houses, offices, shops, or plots in an RERA-approved real estate project.

Also, a buyer may always examine the RERA website for information about the developer, the project in issue, lawsuits, liabilities, etc. and act appropriately.

The RERA registration for the project includes all information supplied with the regulatory authorities.The RERA registration number indicates the project's RERA compliance and the project itself.

Check the property details:

The home buyer must get from the builder all information on the project, including the layout, execution plan, expected date of possession, etc.

RERA has devised a system for determining carpet area so that property purchasers may simply evaluate the precise carpet area. If you believe you can measure the carpet's area before purchasing, you should.

Check the real estate project's possession date before reserving a unit there.