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Commandments
For Cracking The
Right Property
Deal
10
“
Buying real estate is not only the
best way, the quickest way, the
safest way, but the only way to
become wealthy
”
Marshall Field
Buying A Home
Is One
Of The
Most Important
Decisions Of Your Life
Make
The
Right
Decision
“
#1
Do your
research
well
Doing considerable background
research on the potential
property increases the chances
of a profitable purchase
Before making an agreement check
- The neighbourhood
- Crime rate
- The Age of the property
- Features of the property
#2 Get A Buyer’s Agent
If you are buying a property for
the first time, involve a
real estate agent rather than
going for private buying
The buyer’s agent should
- Have thorough knowledge about the area
- Should be considerate about the buyer’s
requirements
- Competent enough to negotiate on your behalf
with the seller or seller’s agent
“
#3 Think Long Term
Real estate is a long term investment
and be prepared to bear the expenses like
- Maintenance charges
- Property tax
- Mortgage burden
#4 Get all the information you need
Demand for the disclosure of the complete
information about the property.
This may include
- Information regarding electricity and water
supply
- Materials used for building construction
- Municipal rates
- Maintenance cost
#5 Compare market prices
Get the market price comparison analysis
report by a real estate appraiser before
making an offer.
This will help you in analysing the right price
of the property and negotiate well with the
seller.
#6
Have you got your
Agreement letter
and
Allotment letter ?
The Development agreement contains
details regarding the terms and
conditions on which the landowner has
permitted the builder to do the
development on his property
The allotment letter contains the clauses
regarding the builder’s liability in case
of problems after possession or delays in
construction situation, agreed price,
construction and payment schedule
10 commandments for cracking the right property deal
#7 Involve A Lawyer
Legal documents are quite difficult to
understand and sometimes have some
confusing clauses.
To avoid any surprises consult a lawyer of
your choice to secure the legitimate and
finance documents.
#8 Choose your banker
Ask the bank financer to provide the true
value of the loan and the full details
regarding the terms and conditions of the
loan and ensure there are no hidden
charges involved
#9 Check the Sale Agreement
Once you have decided on a property that
satisfies your requirements after inspection,
read the settlement statement thoroughly to
check if it holds any clause which dissatisfies
you prior to closing the deal
#10
Before
property
handover do
another final
check!
Before releasing the final payment to the
builder/seller you have full rights to inspect
the property yet again.
We advise you to hire an authorised personal
to do a thorough inspection of the property.
Check out the
10 Essential
Tips That Every
Home Buyer
Should know
Find
Your
Dream
Home
CommonFloor.com is India's leading property search portal.
On a mission to make property search hassle-free, transparent and fruitful;
CF has best of breed property search on maps, property search mobile apps and
an extensive section for knowledge resources and advice in real estate.

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10 commandments for cracking the right property deal

  • 2. “ Buying real estate is not only the best way, the quickest way, the safest way, but the only way to become wealthy ” Marshall Field
  • 3. Buying A Home Is One Of The Most Important Decisions Of Your Life
  • 6. Doing considerable background research on the potential property increases the chances of a profitable purchase
  • 7. Before making an agreement check - The neighbourhood - Crime rate - The Age of the property - Features of the property
  • 8. #2 Get A Buyer’s Agent
  • 9. If you are buying a property for the first time, involve a real estate agent rather than going for private buying
  • 10. The buyer’s agent should - Have thorough knowledge about the area - Should be considerate about the buyer’s requirements - Competent enough to negotiate on your behalf with the seller or seller’s agent
  • 12. Real estate is a long term investment and be prepared to bear the expenses like - Maintenance charges - Property tax - Mortgage burden
  • 13. #4 Get all the information you need
  • 14. Demand for the disclosure of the complete information about the property. This may include - Information regarding electricity and water supply - Materials used for building construction - Municipal rates - Maintenance cost
  • 16. Get the market price comparison analysis report by a real estate appraiser before making an offer. This will help you in analysing the right price of the property and negotiate well with the seller.
  • 17. #6 Have you got your Agreement letter and Allotment letter ?
  • 18. The Development agreement contains details regarding the terms and conditions on which the landowner has permitted the builder to do the development on his property
  • 19. The allotment letter contains the clauses regarding the builder’s liability in case of problems after possession or delays in construction situation, agreed price, construction and payment schedule
  • 21. #7 Involve A Lawyer
  • 22. Legal documents are quite difficult to understand and sometimes have some confusing clauses. To avoid any surprises consult a lawyer of your choice to secure the legitimate and finance documents.
  • 23. #8 Choose your banker
  • 24. Ask the bank financer to provide the true value of the loan and the full details regarding the terms and conditions of the loan and ensure there are no hidden charges involved
  • 25. #9 Check the Sale Agreement
  • 26. Once you have decided on a property that satisfies your requirements after inspection, read the settlement statement thoroughly to check if it holds any clause which dissatisfies you prior to closing the deal
  • 28. Before releasing the final payment to the builder/seller you have full rights to inspect the property yet again. We advise you to hire an authorised personal to do a thorough inspection of the property.
  • 29. Check out the 10 Essential Tips That Every Home Buyer Should know
  • 31. CommonFloor.com is India's leading property search portal. On a mission to make property search hassle-free, transparent and fruitful; CF has best of breed property search on maps, property search mobile apps and an extensive section for knowledge resources and advice in real estate.