RealEstate some tips and tricks

DO'S AND DON'T ON OWNING FLATS

Are you the proud owner of a flat? Congratulations! But are you aware of your rights and duties?

• Read the Karnataka Ownership of Flats Act promulgated in 1972.
• Be sure about regulations regarding ownership of flats.
• Know your rights and duties with regard to construction, management and transfer of flats.

Rights of an apartment owner

• Apartment owners are entitled to the exclusive ownership and possession of their apartment.
• The owner should execute a declaration submitting his apartment to the provisions of the Flats Act.
• The percentage of the undivided interest of each apartment owner in the common areas and facilities as expressed in the Deed of Apartments will have a permanent character. It cannot be altered without the consent of all of the apartment owners.
• The Association of Apartment Owners has access to each apartment from time to time during reasonable hours as may be necessary for maintenance and repair.
• However, no apartment owner will do any work which would jeopardize the safety of the building. He is not authorized to add to or delete any portion of the structure without the unanimous consent of all the other apartment owners.

Contents of the Declaration

• Description of the land on which the building were to be located, stating the number of floors, materials involved in the construction, approximate area, number of rooms, etc.
• Value of the property and apartment, percentage of undivided interests in the common area and facilities.
• A certified copy of the declaration and Deed of Apartment will be sent to the registrar of the sub district registrar concerned.
• The administration of every property will be governed by byelaws, a copy of which should be annexed to the declaration. No amendment made to the byelaw will be valid unless set forth in an amendment to the declaration.

Transactions concerning a plot or flat

• Copies of the documents to be given to the purchaser.
• All documents of title relating to the land on which the flats have been constructed.
• Specifications of the building.
• List of fixtures, fittings and amenities.
• A certificate by an advocate to the effect that he has investigated the title of the said property and was convinced that the title of the vendor was clear and free from claims.

Agreement

• The promoter shall enter into a written agreement of sale with the intending purchaser before accepting any sum of money as advance.
• The agreement should mention the date of handing over the possession of the flat, the price of the flat, including the proportionate price of common areas and facilities, the intervals at which the instalments of prices have to be paid.
• Builders-cum-promoters should enclose copies of vital documents, like land records, encumbrance certificates, no objection certificates while signing construction agreements with buyers.
• The builders should register important documents like the Deed of Apartments essential for registration of an Apartment Owners' Association.