By the time an agreement is in front of you, most buyers have stopped asking questions. That is exactly the wrong moment to stop. These fifteen are worth raising before you sign.
About possession
1. What is the possession date in the agreement, and does it match what I was told? Sales conversations and contract dates diverge more often than you would expect.
2. What compensation applies if possession is delayed? RERA provides for interest on delay. Check what the agreement says and whether it is less favourable.
3. Is there a grace period, and how long? Six months is common. Twelve is not unreasonable to question.
About the money
4. Is the payment schedule linked to construction milestones or to calendar dates? Milestone-linked protects you; date-linked does not.
5. What is the total all-in cost including every charge? Ask for one number.
6. What happens to my money if the project stalls? RERA requires a proportion of collections to sit in a designated account for that project. Ask which bank and confirm payments go there.
7. What are the cancellation terms, and what do I lose?
About what you are actually getting
8. What is the carpet area? In writing, per RERA.
9. Which specifications are guaranteed and which are "or equivalent"? The phrase "or equivalent" gives the developer latitude you may not like.
10. Is my parking allotted and identified, or merely a right to park?
11. What is included in the common area, and what am I paying maintenance on?
About what could change
12. Can the developer alter the layout, add floors, or change the common areas? Many agreements permit this. RERA restricts it, but you should know what the contract says.
13. What happens if approvals change or are challenged?
About afterwards
14. When does the society get formed, and when does the developer hand over the corpus?
15. What is the defect liability period? RERA provides five years for structural defects. Confirm the agreement does not attempt to reduce it.
The meta-question
Ask whether you can take the agreement away and have a lawyer read it before signing. The answer to that one question tells you a great deal. Any developer who resists is telling you something about the document.
What to do with the answers
Write them down with the date and the name of the person who answered. If an answer contradicts the written agreement, the written agreement governs — which is precisely why you want the discrepancy identified before you sign, not after.
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