We can either sell or buy a property through an individual or an agent dealing in the real estate business. If it is a realtor through whom we are buying the property, a thorough background check should be done regarding his reputation, as he would impose legalities before putting in the money. If an individual is selling his property then ensure that the paperwork is done through a good lawyer before signing off the check.

Choose the Right Broker

There are no dearth of brokers and agents dealing with property matters. They are in the internet in swarms. A random choice could put you in trouble.

Real estate agencies help you in finding a property as well as sell one. A reputed agent knows how to market, evaluate and give you a better and profitable deal. While choosing a broker certain points are to be kept in mind, for example:

• The Real Estate Agent should hold a valid license.
•  They should be available full time and be able to cater to your need.
• Check and find out, before appointing an agent, from friends or family and seek their advice.
• Make sure that the agreement between you and your agent is in papers.
• Before buying or selling a property no monetary transaction should be done.

Brokerage

An authentic broker will charge you a .2percent-5 percent of the total deal value. In case of lease you pay a value of a month’s rental as brokerage or an 8.33 percent of the transaction value.

Knowing the Authenticity of a Real Estate Agent

CREDAI (Confederation of Real Estate Developers Associations of India) and NAREDCO (National Real Estate Development Council) are authorized associations for developers. These two organizations see that developers comply with the norms and maintain the ethics in the business. A developer who is not a member of either of the two associations may pose a risk you have to deal with as mandatory codes cannot be implemented on them. Your only home might be the consumer court or moving the court of law in that case.

The Right Agent Means the Right Builder

While buying an under construction property a reputed agent can cover the greater part of the risk factor. A completed property in a good complex would obviously mean a better buy. Say, if you want to buy a 1bhk flat in Lucknow from a builder with a good market record, it may cost you a little extra money but it will be worth the pay. A good real estate agent will help you find a good builder because as stakeholders they are responsible and their reputation largely depends on this. The checks on a builder is undoubtedly done by a good real estate agency, that includes the previous track records of the builder, financial background, the type of projects the builder has earlier done, etc. Therefore it is very essential that the builder in whose property you are about to invest has to be the right one, besides choosing the right property agent.

Things to Remember Before Buying a Property          

• Check the market rates in the area where the property is
•  Look for a public website where you can find out about the authenticity of the property
•  Register your property in four months of possession. Agreement should be thoroughly read where date of handover should be clearly mentioned.
•  Carefully check the clause for compensation in case there is a delay in the completion of the property.
•  Protect yourself by being aware and consulting the right people to keep away from frauds in real estate business.