The state and central government laws stipulate the formalities to be followed during the transfer of immovable properties. The sellers or builders are liable to comply with the stringent norms, which are more favorable towards the buyers. You can ascertain the credibility of a seller by observing the transparency of their dealings. Read this article prior to searching for apartments, villas, houses for sale in Kerala.
Knowing the rights and responsibilities of a property buyer will help you while considering the purchase of land, house, villa, or apartment. It will add to your strengths in negotiating the property deals in Kerala. Buying villas and houses in Kerala will become easier once you understand the previously mentioned matters.
What are the Rights of a Property Buyer in Kerala?
Before getting down to the responsibilities of a buyer, let us see the rights of the property buyer in Kerala. You must have a firm idea about your rights, which you can use in your favor during a discussion with the property developers. With the growing requirement of apartments, homes, and villas, and reducing the availability of land, you may tend to buy any property. However, you must avoid that and buy only property from genuine builders.
1. Right to Information about the Approvals from Competent Authority
The buyer can seek documents underscoring the legality of the property. It will include approvals from local authorities and agencies confirming that the property does not violate any environmental or other regulations. All the necessary approvals must be obtained before handing over the property to the buyer.
2. Rights to the Increase in Property Value/ Rent
You can claim the benefits of any rise in the value of the property once you become the owner of the same. The builder doesn’t have any claim whatsoever in the property you acquired. You have 100% right on the rent from the apartment, flat, or villa.
3. Legal Transfer of Property and Completion of Documentation
The documentation confirming the transfer of the property must be completed in all respects. The buyer can question the builder or developer in case you are not satisfied with the proceedings.
What are the Responsibilities of Property buyers in Kerala?
The buyer also has some responsibilities. You must be aware of the responsibilities before venturing out to buy a property in Kerala.
1. Losses Not Incurred Due to the Seller
The buyer must be ready to bear a percentage of the losses, which are not caused by the seller. A responsible buyer need not be educated on this aspect, as it is an understood fact.
2. Complete Payment towards the Property
You must transfer the complete payment on completion of the formalities. Keeping dues towards the seller is not an acceptable thing.
3. Discuss the Aspects that made you Choose the Property
It will be in the best interest of both parties to talk honestly and discuss the deal. You may have finalized the property owing to certain reasons. It is your responsibility to reveal that to the seller. Although many don’t follow this point, being a truthful individual you may consider talking to the seller without any hidden agendas.
Tips for Buying the Best property in Kerala
There have been several incidents, wherein, fraudulent sellers have cheated the buyers. By pursuing methods that aid you in identifying the best property and the right builder/developer, you can own a home, villa, or apartment at an ideal spot.
- The reputation of the Builder – The reputation of the builder created over a period of existence will indicate how reliable they are. Deal only with credible builders.
- Location of the Property – A property at an upscale locality will get you a better ROI.
- Connectivity – Connectivity of the location is important. A home at a well-connected location will be the best option.
- Amenities – The proximity of leading hospitals and top educational institutions is a necessary aspect. Thereby, your children can attend classes without the need to travel long distances, causing unnecessary tiredness and stress. Your family will be able to manage themselves, even if you are away on business trips or an official tour.
- Delivery Schedule of the property – Check the delivery schedule of the property if you are opting for an under-construction property. Go through the history of the developers to confirm that they have a record of meeting the promised delivery schedule.
Committed to ensuring that the customers get the best property at the right deal, we have been monitoring the real estate sector of Kerala. There are a handful of credible and trustworthy builders, who have been delivering whatever they promise. Choosing a reliable developer/ builder is the first step for getting an incredible deal.