We had purchased a property by paying 25% of total flat cost. The property is under construction. It was agreed by the Builder to pay 18% pa interest on the amount received.
What all documents should be taken from the builder to safegaurd our value?
Ankita 23 February 2016
We had purchased a property by paying 25% of total flat cost. The property is under construction. It was agreed by the Builder to pay 18% pa interest on the amount received.
What all documents should be taken from the builder to safegaurd our value?
B.T. RAVI (LEGAL MANAGER) 23 February 2016
A. You have to get Sale Agreement and Construction Agreement from the builder by mentioning the total consideration value and advance payment in the Agreements . It would be great if you had paid the amount vide DD/Cheque.
B. That agreement it self, there must be a penalty clause in the event of delay in delivery of possession. Moreover, the said project must be completed as per the sanctioned building plan from the point of Occupancy Certificate.
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