Rights and responsibilities of a home buyer

Buying a home is a significant milestone, and understanding your rights and responsibilities as a home buyer is crucial for a smooth and successful transaction. At Maa Shakti, we aim to provide comprehensive guidance to ensure you’re well-informed throughout the process. Here’s what you need to know about your responsibilities as a home buyer, your rights as a buyer of property, and the essential possession documents for a home loan

Rights of the Buyer of Property

As a home buyer, you have several rights that protect your interests and ensure you make an informed decision:

1. Right to Accurate Information: You have the right to receive accurate and transparent information about the property you intend to purchase At Maa Shakti, we emphasize the importance of clarity and honesty in property transactions to avoid any surprises.

2. Right to Fair Treatment: You are entitled to fair treatment from sellers and real estate agents. This means that all aspects of the property sale should be conducted honestly and ethically. Maa Shakti ensures that all transactions are handled with integrity and fairness.

3. Right to a Written Agreement: Before finalizing the purchase, you have the right to a written agreement that outlines the terms and conditions of the sale. This document protects your interests and serves as a reference in case of any disputes.

Responsibilities of a Home Buyer

Along with your rights, you also have specific responsibilities as a home buyer that you need to fulfill:

1. Due Diligence: Conduct thorough research on the property and the surrounding area. This includes checking the property's title and verifying its legal status. At Maa Shakti, we guide you through this process to ensure you make an informed decision.

2. Financial Preparedness: Ensure you have the necessary funds for the down payment and other expenses associated with buying a home. This involves securing pre-approval for a home loan and understanding the terms. Maa Shakti provides assistance in managing your finances and obtaining the right home loan.

3. Compliance with Legal Requirements: Adhere to all legal requirements in purchasing a property. This includes submitting the necessary possession documents for a home loan, such as the sale deed and property tax receipts.

Possession Documents for a Home Loan

When applying for a home loan, providing the correct possession documents is crucial. These typically include:

1. Sale Deed: The primary document proving the sale of the property, which should be registered with local authorities.

2. Property Tax Receipts: Recent receipts or proof of payment for property taxes, indicating that the property is up-to-date with its tax obligations.

3. Proof of Identity: Valid identification documents such as Aadhar Card, Passport, or Driver’s License are needed to verify your identity.

4. No Objection Certificate (NOC): Required if the property is mortgaged with another lender, demonstrating that the previous lender has no objection to the new loan.

5. Possession Certificate: This document certifies that the property is in your possession and can be obtained from the seller or builder.

FAQs

1. What are the essential rights of a home buyer? 

You have the right to accurate information, fair treatment, and a written agreement outlining the sale terms.

2. What are the key responsibilities of a home buyer?

 Responsibilities include conducting due diligence, ensuring financial preparedness, and complying with legal requirements.

3. Why is due diligence important when buying a home?

It helps verify the property's condition, legal status, and potential issues, ensuring a smooth and risk-free purchase.

Conclusion

Understanding your rights and responsibilities is crucial for a successful home purchase. At Maa Shakti, we guide first-time buyers on finances, credit scores, and loan comparisons. Consulting a Mumbai real estate expert can streamline the process. With our support, you'll manage your home loan confidently