Guide To Buy Real Estate Property “OFF PLAN”

MAKE DOCUMENTATION A PRIORITY

Do not accept a scanty offer letter from the developer. Have a proper contract caught up with clauses on delays, default in payment, obligations of the parties and even the quality of finishing within the buildings.

INVESTIGATE

First do a correct investigation on the integrity of the developer and their various projects. Search of land title documents and perusal of building plans and approvals should also be undertaken and not assumed

JOIN A GROUP

It would be useful to subscribe to developments of that majority of the homes are bought by a group of individuals, for instance a company’s cooperative. Developers are less likely to treat a group of customers in an offhand manner as compared with the individual purchaser.

DO NOT HEAD TO SLEEP

We would advise that you conjointly watch the development closely. Keep up to date with developments on the land and act promptly when there’s a breach or the probability of one. Getting the developer to issue a performance bond will facilitate and ensure that he keeps to the quality projected within the contract however we must warn that majority of developers are possible to refuse to get one.

GET BETTER FINANCING

Any purchaser who needs to guarantee that he’s not stuck half way into an off plan purchase ought to get alternative sources of finance in-situ so he can get the required finance if the going gets robust.