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Very outset you need to contact with a professional Real Estate consultant or adviser. Obviously you are aware that the Real Estate sector is involved in many issues as like verification of Land documents, mutation, due Tax, city survey, Approval of Plan, design and drawing, floor lay out, Installation of heavy and light equipments (elevator, generator, water pump, substation, intercom, fire extinguisher), national building code, RAJUK’s future plan and so on..So, it is impossible for anyone to get to know with aforesaid subjects matters within a short notice. A consultant acts as safe guard from wasting your valuable time and in savings by introducing all relevant procedure in real estate.In short, he would guide to purchase the best flat you deserve in pursuance of your given budget.
Often it is noticed that, any individual that decides to purchase a flat, at first, make contact to closest relatives or friends, who had bought a flat before. In this situation,the problem that takes place, the errors that have already been made in purchasing the flat by the previous owner, probably, you would end up doing the same errors. He would convey or make you under standup to the point that is he well aware of.Therefore, it would not be wise idea to consider a customer as a flat purchasing consultant.Many people consult a lawyer before buying a flat. To purchase flat, certainly, for document verification one ought to consult a land lawyer. Nonetheless, to purchase a flat, a lawyer can only assist in legal document verification. But, he is presumbly unable, to provide good counseling on various aspects of drawing & design ,carpet and common area calculation, layout details, electrical demand load calculation, plumbing soulation, market recharge, flat valuation, force value, fire safety system, developer reputation, RAJUK development plan etc. So, even a lawyer would not be able to provide good advice pertaining to all relavant issues. As such, an architect, engineer, banker or real estate job holder could be skilled in their own respective field but may not hold all relevant ideas concerning real esate matters. Unless, he has earned skilledin aforesaid matters. As a result, you must choose that person as consultant who is well equipped with all relevant infos regarding real estate. Because buying flat is one of the biggest investments in your life. And if it happens to be that you are acquiring flat for the very first time in your life, then, urgently you ought to meet a very good consultant. By contacting a real estate consultant or advicer, figure out all relevant issues concerning the flat and subsequently collect a checklist for the issues you should be aware of. Onwards, be familiar with the issues given in checklist by the consultant. A real estate consultant provide you advice based on your demand, budget, preferred location and others.There are also many issues apart from checklist, for those, you would be given a note by the consultant. After having basic ideas with regard to your flat, prepare a flat searching list with the help of consultant in pursuance of your budget and preferred location.This list would include every flat size, hand over date, the name of the developer or the name of the flat owner, the asking price, etc.Then be informed about flat’s construction costs and the current valuation through your consultant. Follow-up all steps that are required in purchasing flat by the guidance of your consultant. The area you have decided to buy a flat, be informed about the current flat price of that area and any future plan of RAJUK to be launched.Afterwards, according to the Consultant’s advice, verified your required documents (land’s deed, mutations, city survey, RAJUK plan approval, power of attorney) through a legal firm. In this case, you need to be very careful about the real estate company that you are going to have Deed of Agreement or from an indivual you are going to Purchase the flat, if they have any previous history or such bad record or other legal barrier,and also duly make investigation on their hand over projects. If necessary do contact with purchaser who previously bought the flat from them, before entering into any final Agreement take some more time in order to have clear picture of the company or individual that you are going to purchase the flat and proceed with trusted reference.
Afterwards, by your consultant do examine the Deed of Agreement that would enter between you and the developer company or owener of the flat. Mostly, how many square feet in which floor you are purchasing, price of per square-feet, how much land in Ajutangsho you would receive in proportion to per square of flat , common spaces and other things. There should also be included that, among others, if in any case you are unable to make the installment money due to uncertain reason, as it is stated in Real Estate Development and Management Act 2010, Section 17, upon deducting 10 % from the paid amount, the remaining portion would be refunded to the purchaser within three (3) months through a bank cheque or Pay Order. Another important thing to be concluded that , if company fails to hand over the concern flat within stipulated time, how much would be fined and given to you by the Company for extended duration.
Deed of Agreement bears great importance. After entering into Deed of Agreement with respective Developer Company, should visit the work site time to time in order to check out the advancement of the project. If possible, try to get in touch with other flat purchasers and land lord respectively.For the flat you have entered the Deed of Agreement, you could know, if developer company is entitled to sell the said flat through power of attorney or the RAJUK. Every single money receipt should be kept in reserve. If you intend to do any additional work before accomplishment of the flat work, it can be done by having discussion with the Developer Company. Need to be careful , if the developer company is using the tiles, marble, cp fittings and electrical purses according to Deed of Agreement and bushiar. Adding that, need to be informed about electricity load how much your flat demands and how much developer company are supplying. Before giving last installment pursuant to Deed of Agreement, should check out the measurement of carpet space and common space.If the carpet measurement do not match as agreed adjust the payment in last installment. Upon the finnal payment you must received all door keys for your flat. Again you need to recheck,if you have received all items duly pursuant to Deed of Agreement, through the consultant. At this point, you must collect the handover Certificate and Clearance Certificate from the respective developer Company. In many Countries, purchaser may use the flat after payment to the percentage of 30% or 40%. Lately, few companies are offering the same facility in our country. However, you need to be aware of the fact that what kind of advanatges that Company are taking in exchange of said facilty.
After due payment, the developer company must accomplishthe registration for flat within three (3) months of time, which is clearly stated in sub-section 1 of Article 9 of the Real Estate Development and Management Act 2010. Everyone, righ after purchasing the flat from the Developer Company go busy with their own flat, for which, the installation of all important heavy and light equipment in common space (elevators, generators, water pumps, substations, fire safety systems and intercom), remains unnoticed. Many people certainly assume that the landlord will follow up, when the landlord is not aware or reside outside the country,many developers company seems do not act in pursuance of to the Deed of Agreement. As a result, every flat owner gets deprived of their rights. Providing a scenerio, the Agreement with the landlord were for instullation of a (08 person)IGV band elevator made by Italy, but it turns out that the developer company installed an ordinary quality of a (06) persons elevator made by China. Generally, such irregularities have not seen being done by well-establishd Developers Companies. However, many small and medium developer companies have seen with such irreguraties in the past days. Therefore, the Purchaser who entered into deed of Agreement before installation of such heavy equipements and respective landlord should contact the person in charge of the company and acquire everything according to Deed of Agreement. Before hand over the project, each flat owner and landlord must receive the fire safety system from the developer company. For every high rise building, there must be a fire exit staircase and each floor must store two fire extinguisher in the staircase. There are two types of fire extinguisher namely ABC dry powder and Carbon dioxide (Co2). Fire exit door has to be such that one can exit from inside but one can not enter from outside. Often, it is noticed that many people who resides in the flat keep their abandoned furniture and unnecessary belongings in the stairs, which makes difficult to move for urgent need. Fire extinguisher should be refiledl at least once in a year, otherwise, it would not have any effect. High rise buiding should have fire hydraulen, hose pipe, smoke detectors, fire alarm and sprinkler system under the Nationa Building Code, the flat owner and indivuals involved in maintance should learn how to use them during their installation. Nearest fire station’s emergency number and National Emergency number (999) should be written on each Fire Hideen and Fire Extinguisher. When you purchase a new or second hand flat from an individual, often it is noticed that you make payment at once or by two installments. In this case, the registration should be made on the day you make the full payment. After making the full payment you would further need some money, for, sale permissions, registration, interior design and additional work. However, the interior design and additional work would depend on your needs. You would need to know about the cost that it would take for Sale permissions and Registration from your respective consultant. During the time of registration, some developer company charges relatively more than due service charge. Owning to that you should fix and added this clause that how much charges would be needed for the aforesaid registration, in your Deed of Agreement. After complated the registration, keep with yourself copy of money receipt and certified copy.Keeping certified copy you would get a copy of the original registration after period of one year. Many people by mistake or negligence do not keep it. All documents with regard to your flat should be keptin files having two set of photo copies. If necessary, you may keep all documents scanned and placed in Google drive as a backup. In future, these documents would be required for flat mutation, tax assessment, mortgage or sales. ©