At present, the real estate business is experiencing a boom as many people are engaging in this business. They find this business extremely productive as it returns them big on their investments. Naturally, they need to depend completely on their customers who reach them to buy their real estate properties either for residential or commercial purposes. Remember, this industry depends on and works well on certain factors. Among them, the relationship between the buyer and builder is the key. To smoothen the relationship, the practice of Builder-Buyer Agreements.
In the opinion of the most experienced property lawyers in Kolkata, the builder-buyer agreement is a legal document that helps both the entities of this business to settle various things that often develop as issues. The agreement is based on the recommendations of RERA which clearly says that it can take care of everything related to the overall project, from creating the layout of the project to handing over the property to the buyers. The agreement takes care of all the aspects of the deal and allows the builders and buyers to get the right outcomes from their viewpoints.
Are you eager to know more about Builder-Buyer Agreement? Here are a few questions and their answers:
What is a builder-buyer agreement?
The best property lawyers in Kolkata define the builder-buyer agreement as a legal declaration that both parties agree to. The agreement has multiple provisions that range from stipulations of the technical terms, especially related to the carpet area or super-built area of the homes. It also includes clear information on the building layout, tentative date of possession, cost of the home, and everything else related to it.
Is builder buyer agreement a contract?
To answer this question, one must understand the difference between a contract and an agreement. Keeping the basic ideas and other things, the veteran property lawyers agree on the fact that the builder-buyer agreement is not a contract. It lacks a few obligations that are mandatory to make an agreement become a contract.
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Can the builder cancel the agreement?
Yes, a builder has the legal right to cancel the builder-buyer agreement if the buyer fails to meet the promises that have been mentioned in the said agreement. In most cases, the failures include the inability to make payments once or multiple times.
So, you see how important it is for you to know everything bout the builder-buyer agreement. To get answers to more questions, you should do well to contact expert corporate lawyers in Kolkata. They are versatile in their domain and therefore, they have in-depth knowledge in this domain.