Property contracts can be quite sensitive, and hence we greatly emphasis on the legal procedures/ information and documentation. (here, the property contracts). It is crucial that before you enter a deal, you know what your rights are. Also, make sure you get the right information when investing from the right place to avoid any loss in future. That is why we brought you the basics you need to know before you enter any contract and purchase your dream real estate.
Legal aspects for a Landlord
If you are a landlord and want a developer to construct your property, then pay attention. As a landlord, before you enter the contract, you have the legal right to know about the full profile of the developer. By the Real Estate Development and Management Act 2010, every building construction company must be registered. Therefore, as a landlord, the first thing you need to know about the authenticity of the developer.
Secondly, you have the right to know that whether the developers have permission from RAJUK regarding the advertisement/ sell of the property. Also, when you enter the contract, the contract must contain all the detailed information regarding the construction, delivery, construction period, distribution of the flats and other relevant matters. Lastly, as a landlord, you will have to execute a power of attorney before you wish to sell off your portion of the apartment(s). Without this document, developers will not have any right to sell your property on behalf of you.
If You are buying a property
When buying property, you have the right to know everything about it. Before you invest, you should get a list of materials used in the construction of the property. Moreover, you have the legal right to investigate the authenticity of all the information that the developers have provided you including the design, soil testing, power of attorney of the landlord and all relevant information.
Additionally, if you are a buyer, you should check that whether there are any claims against the property you are willing to purchase. If there are any, you should skip such properties. Note that, it is always better to buy a property directly from the person who bears the title. Other than that, you leave a little possibility of occurrence of unwanted situations in future.
Lastly, before entering the contract, both the parties must mutually agree to the detailed terms and conditions just like the landlord had to do. After sealing the deal, the seller cannot change the design, apartment size, floor number, etc. Also, the buyer is not bound to pay more than what is stated in the contract, and the seller cannot force/ manipulate the buyer. However, if both the parties agree to change specific terms and conditions, they can.
What If There Are Deviations?
Yes, either of the party can breach the contract. In that case, it would be wise to consult with a practicing lawyer to avoid any mistakes. Since it is a sensitive matter, you should take care of it from the very beginning of the process. Moreover, this is why some prefer to avoid all these hassles as they leave the responsibilities to property agents. If you prefer the same, then go with Bangladesh’s largest real estate marketplace, Bproperty.com.