================================================================ QUESTIONS TO ASK A BUILDER ================================================================ Property: ______________________ Date: ______________ THE PROJECT AND ITS APPROVALS ----------------------------- [ ] What is the RERA registration number, and may I photograph the certificate? [ ] What completion date is declared on RERA, and how does it compare to what you have quoted me? [ ] Is the commencement certificate issued, and for how many floors? [ ] Has the occupancy certificate been applied for, and what is the expected date? [ ] Which bank or banks have approved this project for home loans? [ ] Who owns the land, and is it a direct purchase or a joint development agreement? [ ] Are there any pending litigations or RERA complaints against this project? AREA AND PRICE -------------- [ ] What is the carpet area, in writing, for this specific unit? [ ] What loading percentage takes it to the super built-up figure you advertise? [ ] Is the rate quoted per square foot of carpet area or super built-up? [ ] What is on the cost sheet besides the base rate — floor rise, view premium, club, corpus? [ ] Are GST and stamp duty included in the figure you quoted, or added on top? [ ] What is the parking charged at, and is it one bay or two? [ ] Which charges are one-time and which recur after possession? PAYMENT AND FINANCE ------------------- [ ] Is the payment plan construction-linked or time-linked? [ ] What exactly triggers each instalment, and who certifies that the stage is complete? [ ] What is the booking amount, and under what circumstances is it refundable? [ ] If my home loan is declined, what happens to the amount already paid? [ ] Is there a subvention or pre-EMI scheme, and who pays the interest until possession? [ ] Which account does the money go to, and is it the RERA-designated project account? [ ] What is the penalty for a late instalment from me? DELAY, AND WHAT IT COSTS YOU ---------------------------- (This is the section sales teams answer most vaguely. Ask for the clause number.) [ ] What does the agreement pay me per month if possession is delayed? [ ] From which date is delay counted — the RERA date or a grace period after it? [ ] How long is the grace period, and what events extend it? [ ] Is the delay compensation paid in cash or adjusted against the final instalment? [ ] What is the penalty rate you charge me for late payment, and is it the same rate? [ ] If I want to exit because of delay, what do I get back and over what period? SPECIFICATION AND HANDOVER -------------------------- [ ] Is the sample flat the same specification I will receive, item by item? [ ] What brands are specified for sanitaryware, fittings, tiles and the lift? [ ] What is the defect liability period, and how do I raise a snag after possession? [ ] What is charged at possession beyond the last instalment — corpus, maintenance advance, legal? [ ] How many months of maintenance are collected in advance? [ ] Who maintains the building until the society is formed, and at what rate? [ ] When will the society be formed and the common areas handed to it? BEFORE YOU PAY ANYTHING ----------------------- [ ] May I take the allotment letter and agreement for sale home and read them first? [ ] Will you give me the cost sheet on letterhead, signed? [ ] Is the person I am dealing with an employee or a channel partner, and who is liable? [ ] What is the receipt going to state as the purpose of the payment? [ ] Can the booking be transferred to a family member later, and at what cost? ================================================================ NOTE ================================================================ This template is a general starting point, not legal or tax advice. Stamp duty, registration charges, tax thresholds and notice periods are set by each state and change from year to year, so no rate or limit is stated here. Confirm the current position with the sub-registrar for the property, your state revenue portal or a qualified professional before you sign, pay or serve anything. Template from My Property Pages — https://mypropertypages.com/documents