Legal rights of a homeowner
As citizens, we constantly exercise our rights, either willingly or unknowingly, on a daily basis. Freedoms provide protection, instill a sense of inclusion, and guarantee happiness. Additionally, your rights as an apartment owner are essential so that you enjoy your ownership to the fullest. The tendency is to buy a home which is worth it because for the great investment that is put in, multiple outputs are obtained which comes in terms of property value, snob factor, appreciation and satisfaction guarantee. To enjoy those rights, you need to understand what your rights are as an apartment owner and how do you use them. Your rights as a homeowner may appear insignificant and many may take it as common, however, knowing what’s due to you gives a level of security and helps you be at ease. Given that we know the main concerns that an apartment owner may have, we below highlights the most important rights of an apartment owner.
1. Contract Form
When meeting the builders for the first few times, it is not unusual for them to persuade you into making a deposit at the very beginning so as to ensure your commitment. Nevertheless you need to also understand the booking amount in the context of the booking amount law in your country. The booking amount has been regulated or capped across the country including Kerala by the RERA Act. The RERA Kerala regulations specifically state that a purchaser should not pay any sum or deposit in excess of 10 percent of the total cost of property without signing a sale agreement with the other party. In short, a transaction involving the purchasing of a property in Kerala is legally ineffective when there is no written sale agreement between the seller and the buyer. Other than the receipt of the initial payment, booking and allotment letters are legal documents which a builder can issue to you to authenticate the purchase or booking other than that.
2. Stage-wise Payment Schedules
Every new milestone, such as the foundation, roof, etc., earns for the home buyer the right to a payment schedule, supported by specific dates. The builder is likely to approve this schedule before signing the contract. Therefore, under progress, payment schedules must not be included in the agreement between the home buyer and the builder. This schedule gives comfort to buyers for planning future loan payments, this also enables the buyer to prepare with his loan officer for scheduled payments. The builder is with the buyer providing support and guidance throughout these stages with respect to bank processes.
3. Account Statements
Invoice update schedules are to be provided for all buyers on an interval of three months along with all the requests. Since the introduction of the GST Bill, it is the responsibility of the buyer to provide every agreed payment receipt for every building stage achieved.
4. Getting Help in the Purpose of Buying a House
The buyers of a house are to be assisted by the builder during their loan application processes. The approval for a loan often overwhelms first home buyers as it comes with several documents and procedure in applying for a loan. In case the buyer requires one in order to remove any hindrance during the loan application period, the builder is supposed to furnish a NOC and also enter into a tri party agreement.
5. Amenities Provided by a Builder
The concerns of the approved builders and home purchasers are placed under the purview of the RERA Act where both have to work in compliance with it, that is, home buyers are entitled to resident amenities as directed by the builder in the brochure and advertisement materials. Some of the common amenities specified by the RERA body include parking space, swimming pools, clubhouses, party halls, etc. On the off chance a builder does not carry out the list of amenities initially provided to the purchaser, the purchaser has the right to submit a complaint with the RERA tribunal against the builder.
6. Focus on the buyer
Builders or promoters are prohibited from modifying the design, plan or any fittings in homes built under their jurisdiction as per the building plan approved by the Kerala RERA agency. If the changes are approved, the changes may only occur when a minimum of two-third of the allottees consent to the changes in writing.
7. Work Performance Liabilities
If the builder fails to meet the timelines set out in the contract regarding when the property would be available, the builder is liable to pay interest on the property loan for the duration delayed.
8. Registration of flat owners association
RERA regulations allow the builder to encourage the group of buyers with more than fifty percent of bookings shelling out apartments to form legal groups such as societies, companies, federations etc in the first three months from the date when majority of them have booked the apartments. Thus, as a homeowner in the complex of apartments, you’re allowed and required to become a member of an apartment association formed for the residents’ benefit purposes. A flat owner is also termed as a member of the society or association and is entitled to participate in general assembly meetings and raise their complaints.
Conclusion: Choose the Right Builder for Your Dream Location
One rule of thumb, when buying a house or an apartment in kerala, is to Always buy from the top builders. Apart from meeting the highest standards of construction typical of the best builders in Kerala, these people ever place the client at the forefront and constantly seek to protect his rights and the development processes.
Author – Dream Location
At Dream Location, being the most trusted brand in real estate across the nation, our primary aim is to facilitate the home buying process in a constructive and hassle free manner with regard to any home buying assistance that the potential buyers may require. Our company hosts a variety of articles that cater useful information to its audience and spans several departments of the real estate industry.
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