This archive report was first published on 1 August 2019.
Buying a house can be a daunting task, especially for first-time homebuyers. To avoid costly mistakes, it's essential to check certain things before making a purchase. According to a report published on August 1, 2019, there are several key factors to consider when buying a house.
One of the most critical things to check is whether the developer has a place to the property. Some developers collect cash from homebuyers to secure a property, only to leave them stranded when they fail to deliver. This is a common practice among developers of off-plan houses who avoid bank credits to keep costs low. To protect yourself, ensure that the contract includes a clause that secures your interest in case of any eventuality.
Another crucial aspect to consider is whether the property has been charged as security to procure a loan. Lawyers typically conduct due diligence to verify that the property has not been used as collateral, and they ensure that the contract protects the buyer in case of default.
When reviewing the payment plan, make sure it clearly outlines the timeline for installment, penalties for default, and any hidden charges. It's also essential to check the land use, as some developers may be building apartments on land intended for agricultural use.
Finally, ensure that the contract includes finer details from the brochures or showroom, such as the finishes and layout. If you see something in the show house that you want, demand that it be included in the contract. This will prevent any surprises when the house is completed.
It's also vital to avoid using the developer's lawyer, as they represent the developer's interests, not yours. Instead, hire an independent attorney to handle the deal. While it may be more expensive, it's better to pay for an attorney than to risk losing your property and engaging in a costly court battle.
