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Buying a home involves a large investment. Homebuyers need to be careful about the authenticity of the developers when they buy the property. You should do the necessary research before approaching them. This ensures that you are on the right track and the deal will not result in unnecessary complications. Delay in delivery of the projects is one of the hassles for the homeowners. Besides, you would not like to deal with corrupt real estate developers. Here are seven parameters which will help you to judge the authenticity of a real estate developer.
Check the background
Before you get across to a developer, you should check out the background of the company. When you come to know about the past projects and credibility of the developer in the industry, you can proceed to the next stage. Have a look at the stability, market presence and relationship with other clients of the company.
You need to check out the track record of the developer you are approaching. Make sure that the company delivers the projects on time. Delays in delivery results in further delays in possession of the property. Check out whether the developer delivered the previous projects within the deadline.
It is recommended to seek legal advice from a reputed body regarding the choice of the developer. These bodies can provide you with the necessary information about the developer after checking out their credentials. The concerned authorities should submit the government-approved documents before they sign the contract.
The financial position of the real estate developer reveals a lot about their projects. You should have detailed information on their sources of funds. The company should be able to manage their funds well during fluctuations in the market. Besides, they should not pool money from one project to develop another.
Check out the reviews from the previous customers when you approach a real estate company. The feedback of the existing customers can prove beneficial in assessing the authenticity of the company. You can have a look at the list of projects they have completed and seek their customer feedback and reviews.
You need to check out the bank records of the real estate developer in order to know their credibility. In case the banks approve loans for the developers, their profile should be impressive. Therefore, you should find out the desired information about the availability of loans of the developer.
Terms and conditions
You should go through the terms and conditions of the contract thoroughly before signing the deal. Note the terms of payment, date of possession, penalties in case of delays in possession and so on. You should have all the terms and conditions in writing.
When you approach a developer, you should check out the possible loopholes of the organization. The firm may have records of delays in the construction and delivery process. It is important to get the property in the stipulated timeframe. Check out these parameters to get a detailed view of the authenticity of the developers.
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