Know The Rights Of Buyers And Duties Of Builders Before Buying A Flat

Real estate transfers are difficult affairs involving numerous laws from the federal and state governments. The Transfer of Property Act in India is one of the key laws that regulate property transfers, and any transfer of immovable property should be made through a written and registered agreement that is drafted by an experienced Property Lawyers In Delhi.

A buyer of real estate has several obligations and privileges. The Transfer of Property Act states that a buyer of real estate has certain rights and obligations that must be met legally.

Rights of the buyers

Benefits of Price Growth of the property: After ownership of the property has been transferred from the seller to the buyer, the buyer is entitled to any improvements or increases in value as well as the property's rents and profits. After the sale, the benefits of the property cannot be claimed by the seller. 

Precise Property Delivery: The right to correct delivery of the title and possession of the purchased property belongs to the buyer. The buyer also has a charge on the asset and the seller for any money paid in advance of the asset's delivery, barring any improper refusal by the seller to accept delivery. In addition, the buyer has the right to be compensated for his earnest deposit and any other charges he was awarded by the court to enforce the contract's particular performance in the event that the seller fails to deliver the property. 

Loss or destruction of the property: Any loss resulting from damage to or a decline in the value of the property that was not caused by the seller is the responsibility of the buyer once ownership of the property has been transferred to him. As soon as the buyer takes ownership of the property and the seller relinquishes ownership, the buyer is responsible for any loss or damage to the property. 

The buyer is also entitled to a charge on the property, against the seller, for the sum of any purchase money paid by the buyer in advance of delivery, to how much ownership the seller has in the property. The buyer is entitled to receive their advance payment back along with an appropriate interest in the event that the seller defaults. He may also order the seller to carry out the contract exactly as agreed. 

Duties of the builders

As a builder in India, you compete in a market where there is a significant demand for homes across all market categories. However, a builder is required to carry out a number of obligations. There are some main duties of the builder provided below 

License: The first duty of a builder is to apply for a building permit from the municipal authority of the intended location. The builder must seek prior permission for any building that requires building approval. When building a house, the majority of builders hire separate bricklayers, carpenters, electricians, plumbers, etc. The contractor must confirm that all subcontractors are eligible for their positions. 

Safety precautions: Construction employees' safety must be guaranteed by the builder. Every safety risk must be carefully examined because any mishap during construction could result in the builder being held accountable. 

Safe guarding the property: The contractor ought to be insured. A builder's risk insurance policy, which guards the owner against subpar and flawed construction, is typically owned by contractors. Additionally, the builder must have liability insurance, which will guarantee that the construction quality has been upheld. Even if the problem is found up to 10 years after construction was completed, the builder may still be held accountable. 

Building regulations: whenever a builder gets sanctioned for the construction of a new property, then he is required to follow the building regulations. The rules vary depending on the type of construction—apartments, shopping centers, high skyscrapers, etc. The National Building Code contains the fundamental standards that a builder must adhere to when constructing a residential flat. Also, sometimes those builders also need to get the guidance of the Property Lawyers In Mumbai or from the city where they are constructing the property for the safety measures and best protection against any legal threats.

If you as a buyer are still not satisfied with the information provided above or as builder you want to know more about information about right and duties of the buyers and builders, then you can contact at lead India, we have a team of the Lawyers In Noida and every other leading city ready all time to provide you the best assistance and guidance. Feel free to reach out.  

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