Know your Rights as a Home Buyer
Taking the decision to buy a home is one of the best long-term investments you could ever make. Becoming a homeowner also brings with it immense feelings of joy and pride. However, buying a home isn’t just about liking a house, arranging finance and buying it. It does involve a lot of paperwork and legalities too, which you need to be aware of before signing on the dotted lines.
Some of the legal paperwork comes with uncommon set of terminologies and jargon that tell you about your legal rights as a home buyer. These rights give you the power to sell, rent out or use the property for profit as you wish – provided its not infringing on anyone’s rights. Here’s a look at some of your legal rights as a home buyer:
Purchase of Property
If you are buying an ‘under-construction’ home, it comes under the ambit of RERA. In case any discrepancies arise with the property or purchase, you can always seek recourse from the RERA body. The same doesn’t apply to ‘ready-to-move-in’ apartments however, in which case you will have to seek recourse from the district level redressal tribunal.
Right of possession
This refers to the ownership or title document received by you after paying for a home or arranging for a home loan for its purchase. However, true legal ownership of the house only comes into play after you have payed off all the dues, including taxes.
Property Registration
As per rules for property registration laid out in the Indian Stamps act in 1899, the buyer has to pay 2% of property value as registration charges. The buyer also has to pay 4-10% as Stamp Duty, depending on the Indian state where property is located. The buyer cannot be legally termed the owner until these charges have been paid in full.
Exclusion rights
As the owner of the property, you have the exclusive right to control entry of those who can access your home, including the law enforcement (unless they have a valid warrant).
Renting laws
Recent attempts to upgrade the archaic laws regarding renting have given privacy rights to the renters. The landlord (property owner) cannot enter the home without given prior 24 hours’ notice. At the same time, the landlord holds the rights to not renew the lease contract once it expires or gets terminated.
Selling rights
The owner has every right to sell their property as per their wish. However, any pending pending home loan will have to be cleared up first.
These rights are applicable to every home buyer and if you are planning on buying an apartment of villa in Thrissur or its surroundings, then you can arm yourselves beforehand with this information. Vishraam builders have delightful apartment and villa projects located in key areas of this heritage city. Every project is meticulously architected and built using eco-friendly practices, with amenities that focus on preserving natural resources. Do have a look at them!
