Buying an apartment is not an easy job unless you are advised by an expert. And it is worth the hard work because owning a property strengthens your family’s safety and social status. But even if you find the dream apartment your business doesn’t finish there. To maintain and savor a long-lasting relationship with your builder you must know the rights entitled to you after buying an apartment. So this article explains why the special rights are as much as important as the comfort and beauty of your new apartment.
A written Agreement; the source of power
Every property dealings in the real estate sector are based on a written agreement. Because according to the custom a builder-client relation starts when you have a written agreement with mutual consent. But careful, a written agreement is not an ordinary document. It usually consists of many clauses and directions which depicts the right and responsibility of both builder and customer. An owner must read each line of such agreement because any clause in such an agreement is legally objective. A written agreement will provide;
- Proof of purchase
- Rental details
- Specification of accessories inside the property
- Conditions related to maintenance and other services
Land and rights
Owning an apartment is different from owning a plot. When you purchase an apartment you are becoming a part of any unit in a single project. Then what is the guarantee on apartment resale value when the building gets older? The answer is the apartment’s land. Contrary to popular belief buy owning an apartment you are owning a right on the land where the property stands. This is known as homebuyer’s undivided share in the land. So before you buy an apartment examine whether the land possesses value for future sake. Since you have a share in the property-related land you can demand clarification on any modification on that land by the builder. This land right associated with an apartment is important since the land share may become the criterion for a home loan or compensation in any manner.
Sharing the responsibility
Usually, apartment projects are a recreation of an ideal society. So both builders and owners have responsibility for their property and surroundings. If you have an apartment you can directly seek help regarding maintenance and supplies from the related management. Based on written agreement many builders guarantee free maintenance to your apartment within a time limit. Otherwise, there will be a monthly or yearly maintenance charge with a mutual agreement. And if you find serious flaws in design and interiors related to the apartment you can approach authorities and file the dispute.
Access to association
The most appreciated feature of an apartment project in the apartment association related to it. Because such association collectively addresses the concerns and demands of an owner. So when you own an apartment it is your right to get a direct membership to these welfare associations. A builder ought to present the profit-loss balance sheet and future project expansion whenever the association demands. Once you are a member of the apartment association you can express your complaints and feedback without any discrimination.
Prisunic Builders in Calicut always thrived by maintaining a healthy relationship with its customers. By giving an insight about the right of an owner related to his apartment we stick to our responsibility and readiness to serve your purpose.