Every person has a dream to buy property in his name or invest in some property. There has been a trend in modern humans to invest in property and then provide it on rent. But there are many people who do not ask the right questions before buying a property. Such people later feel duped by the seller as the clarifications were not made before the purchase. Hence a property buyer should always ask some questions before finalizing the deal. Following are the key questions that can be asked before buying a property.
What is the status of property title?
Builders have become smart these days as they do not invest their own money in the land but enter a joint development agreement and then construct a building on that land. One of the finest ways to ensure property title is that the builder must buy the property from the landowner. In most cases, the builders and landowners have a joint development agreement, but they always have some unintentional flaws. A landowner might have legal issues regarding inherited property, dual marriage or something else. Due to which some other relative of the landowner may claim his portion in the property and hence the home that you pay for is not delivered to you because the court has put a stay until the ownership issue is sorted. Sometimes the issue is that the land or the whole scheme is mortgaged by the builder. For the builder to sale the properties the bank must provide NOC because many small builders collect the money from the buyer but delay the payment to the bank. Hence the property title should be clear and a customer should have the idea about that.
What is the number of flats sold?
Many apartment or schemes have the hoarding which states “last few units remaining,” and even if you pass by that project after a few months, you will find the same message with background image changed. When you ask this question to a builder, do not expect him to give the correct answer instead if you want an answer to this question ask him how many inquiries he gets daily? This question is mostly answered correctly by the builders, and you can expect 1% to 2% conversion rate in whatever the amount he speaks. The best way to know the exact number of sold flats in the project is by checking the online real estate forums. There the resident’s post which apartments are for sale and which apartments are sold hence you will get a sure shot answer of how many houses are unsold.
What is the payment schedule?
One must always ask the builder about the payment schedule. Sometimes a buyer may find it hard to adhere to the payment schedule due to nearby timelines, and in many cases, the builder imposes a fine on the buyer for paying late. One can negotiate the payment schedule with the builder according to his convenience but once the booking amount is paid there can be no change in that.