Agreement for Sale Under RERA: A Buyer’s Reading Checklist
Key areas buyers should understand when reviewing an agreement for sale for a real estate purchase.
Key areas buyers should understand when reviewing an agreement for sale for a real estate purchase.
Treat the agreement as a central document
The agreement records the unit, consideration, payment obligations, possession framework and other contractual rights and duties.
Match project and unit details
Verify names, unit identification, area, plans/annexures, parking arrangements where applicable and the project information referenced.
Read payment and possession clauses
Understand milestones, due dates, interest/default provisions, possession timing and conditions rather than relying on a verbal summary.
Review changes, common areas and conveyance
Understand provisions dealing with permissible changes, common areas, society/association formation, conveyance and handover.
Use independent legal review where appropriate
A property agreement can have long-term financial consequences. Independent legal advice can help buyers understand transaction-specific risk.