When you are purchasing an apartment, you will have to check the documents sooner or later. It might be tough for a common man to find out the authenticity of legal documents. This is why it is smarter to hire a lawyer to check the clause and other factors mentioned in the documents before you sign them.

If a lawyer is not available at present, you can also do the primary checking all by yourself. There should be no loophole left for the developers to use. Here are some tips you can use regarding the verification of your new asset’s documents.

Experts tips to Check Purchase Documents

A buyer must have to understand the contents mentioned in a purchase document or a sale agreement. Here are the expert tips to help you check its authenticity.

1. Seller’s identification details

The agreement must contain the right information regarding the personal details of the seller. The information will include the seller’s father’s name, PAN, address, bank account details, etc. The documents will also contain land record number, property location, municipal tehsil details, etc. The documents will be signed in the presence of two different witnesses, one related to each party.

1. Authentic title documents

The seller is obligated to authenticate transfer ownership and title documents present in the agreement. The process will occur in a legal and full attestation way. In fact, the documents will also mention that the asset is free from all dues and liabilities. It will also describe that there are no disputes linked to the title.

1. Possession date

The purchases will need a proper possession date on the agreement documents. The date will signify that the asset has now transferred from the occupation of the developer to the new owner. If a proper date is not mentioned or the developer fails to meet the date, the purchaser has all the rights to sue him.

1. Schedule for payment

A separate clause will be mentioned that will depict the time span and frequency of the payment the purchaser will follow to pay the developer or owner. If an installment payment is mentioned in the clause, it should be done with the proper details of the amount and frequency with the complete details of all the payments made.

Read this also- What can you do when your property is not selling?

1. Termination of agreement

The clause, that will depict the termination when any or both the parties have deviated from following the code of conduct, must be mentioned.

1. Resolving disputes

This is a very important section of the agreement that depicts how both parties will resolve their disputes. The matters can be settled via litigation too.

1. Amenities

In this segment, the purchaser will find out the list of amenities he is entitled to. In fact, it will also mention the additional charges and maintenance cost he will have to pay when he owns the real estate property.

1. Penalty

This clause will define the punishment both parties will have to pay regarding a failure of milestones.

These are the tips that will enable a common purchaser to understand the clauses of a purchase agreement.