Before purchasing dream flat

[Reyed Mia (Apprentice, DIU)]

Before purchasing dream flat

Purchasing a flat becomes a lifetime dream for many people because of high scarcity of land. Among them some are purchasing their residence by expensing their whole savings. On the contrary, who have land, they handover that to the developer to construct building.

However, before entering any contract with the constructor, the landlord should be informed about the profile of the builder to whom he is decided to transfer his property. In accordance with the Real Estate Development and Management Act 2010, every building construction company must be registered. In addition, no developer entity can advertise or make a contract to sell their flats before getting approval from the concerned city development authority i.e RAJUK.

The owner and the developer should execute a contract regarding the construction of the building. In that contract the portion of the property, any transaction between the parties, settlement procedure between the parties, share and distribution of the flats, period of work and other relevant matters should be determined. Moreover, the landlord will have to execute a power of attorney in favour of the developer to sell his part of the property.

Be aware before purchasing a flat

Before purchasing a flat, the purchaser should scrutiny all the necessary documents including title deed, proper approval from concerned authorities, detail design of the building and compliance with the national building code and building construction rule, ingredients of the construction etc. The developer will deliver a list of fittings and fixtures to be used in the proposed flat. Every land developer is bound to provide all these documents to the prospective customer. The structure of the house must be designed properly by an architect and the construction must be done under the direct supervision of skilled structure and civil engineers. Additionally, the soil upon which the construction will take place must also be tested by the experts.

Rights of the purchaser

The developer will have to deliver the chosen flat within the agreed time. Even, he cannot change the design without prior permission of the authority and the buyer is not obliged to pay more money beyond the agreement. Nevertheless, if both the parties want to vary the condition(s) of the contract, they can do so amicably and mutually. However, the developer is bound to maintain the building up to 1 year. Further, he will repair the flat till two years for any construction default.

Relief against grievance

If any discrepancy has been taken place between the seller and the buyer regarding the violation of the terms and conditions of the contract i.e. cancellation of allotment of flat without reasonable notice, construction beyond approved design, using of inferior standard materials to construct, creating encumbrances upon the property etc. then the parties will have to try to settle the matter amicably. Alternatively, the affected party can complain to the registering authority about such discrepancy.

http://www.thedailystar.net/before-purchasing-your-dream-flat-36716