What Is Construction Agreement Registration

Depending on the case, registering a property under construction may or may not be beneficial. We will discuss this in a later part of the article. When using a home loan, the borrower has no choice but to commit to following the bank`s instructions. As a borrower, if you don`t feel comfortable registering properties under construction, you should discuss the same before taking out a home loan. Once you sign on the dotted line, there`s not much you can do. Let`s check who has to bear the stamp duty and registration fees while defying the construction agreement. I highlighted the critical points in my article “Property under construction – 7 imp points”. In one case, a buyer has registered the property, which is in the pre-launch phase. This means that not all approvals to start a project have been obtained, but the registration is complete. In this case, the builder and the bank have protected their financial interests, and all the risk rests on the shoulder of the buyer. When I proposed against such an agreement, the buyer argued that the bank would approve the home loan.

I mention this point in almost all my posts that the home loan is like any other personal loan. A property is pledged against a loan as a bank guarantee/guarantee. The approval of a home loan does not mean that the project is RISK-FREE. Let`s review the process of registering properties under construction. Let me make it clear in advance that there is no standard process in this regard. I only share what I believe is the right way to protect a buyer`s interests. (b) As a next step, you must pay the amount of the reservation of 1 lake / 2 lake to the builder. After that, you can sign 2 contracts with the builder, e.B.

purchase contract and construction contract. Usually, when it is decided in advance to register properties under construction, the value of the purchase contract corresponds to the circular rate / indicative value. The sales contract is concluded on UDS (Undivided Share) of a buyer on the property. .

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