Agreement for Sale Format as per RERA: A Comprehensive Guide
The Real Estate (Regulation and Development) Act, also known as RERA, was introduced to regulate the real estate sector in India. The act aims to protect home buyers and ensure transparency and accountability in the real estate sector. One of the crucial aspects of RERA is the agreement for sale. In this article, we will provide a comprehensive guide on the agreement for sale format as per RERA.
What is an Agreement for Sale?
An agreement for sale is a legal document that outlines the terms and conditions of the sale of a property. It acts as a contract between the buyer and the seller and outlines the obligations and rights of both parties. In the context of RERA, an agreement for sale must adhere to certain guidelines and formats.
Agreement for Sale Format as per RERA
1. The agreement for sale should be in writing and in the prescribed format.
2. The agreement should contain details of the property, such as its location, area, and number of floors.
3. The agreement should also include details of the developer, such as their name, address, and contact information.
4. The agreement should have a clear and concise description of the project, including its estimated completion date and the number of units being developed.
5. The agreement should mention all the amenities and facilities that the developer is providing to the homebuyer.
6. The agreement should mention the carpet area, built-up area, and super built-up area of the unit being sold.
7. The agreement should mention the total cost of the unit, including the base price, parking charges, and maintenance charges.
8. The agreement should mention the payment schedule in detail, including the amount and timeline of each installment.
9. The agreement should mention the penalties for delayed payments by the homebuyer and the developer.
10. The agreement should contain a clause that states that the developer will provide possession of the unit on the agreed completion date.
11. The agreement should mention the dispute resolution mechanism agreed upon by both parties.
Conclusion
The agreement for sale is a critical document in the real estate sector and plays a crucial role in protecting the interests of homebuyers. A properly drafted agreement for sale as per RERA guidelines can provide clarity and transparency to the transaction and ensure smooth delivery of the property. As a homebuyer, it is essential to ensure that the agreement for sale adheres to RERA guidelines to avoid any legal hassles in the future.