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Seeking help of brokers to purchase property would be costly or reasonable ?

Date: 06 Sep 2016   Posted By: K Mohan     Group: Lawyers    Category: Indian Law   

Purchasing a property is the great risk and one has to know all the legal and technical details before deciding to purchase a home, or an apartment. It is easy to purchase a plot from a established venture or layout. But when comes to purchasing a plot or home or apartment space, we have to rely on local brokers. But invariably the brokers quote high rate over above the expectations of the real owners and thus gullible buyers are forced to shell out more than expected for a wanted property. So what do you feel on this issue ? Should we purchase directly with the owner through some leads available or through broker only ?

What are the risks associated with purchasing any new property, for example, a land plot or a house or an apartment? Is it wise to purchase a new property through a broker?

Author: Kailash Kumar    06 Sep 2016      Member Level: Platinum     Points : 5    Voting Score: 0

Regarding buying property , I have few tips to share which are based purely on my experience -

1. Apply for a bank loan even when no loan is required. Nobody will scrutinise the credentials of the property better than a bank as they have to give a loan. In case the banks find the property worthy of loans then it is likely to be a safe one to buy.

2. Reputed property dealers provide useful services as they are the one who knows many internal details which are not likely to be known by others. That is why they charge a fee also for their expert knowledge. However, unknown property dealers of dubious repute should be avoided at all cost.

3. In case a deal appears too lucrative or profitable, then one should be extra cautious. Greed should be controlled. Only greed lands the individual in a soup.

4. Nowadays, a number online portals are also leading with such matters. Few portals provide services of online buying of property also. All options should be explored before taking a final decision.

Author: Joyshree    08 Sep 2016      Member Level: Gold     Points : 0    Voting Score: 0

This thread is being moved to ask experts section.

Author: Venkiteswaran.    08 Sep 2016      Member Level: Diamond     Points : 3  (Rs 3)    Voting Score: 0

For brokers, it is earning on every deal that is made. They get a fixed percentage from the buyer and seller. So it will be their interest to make the deal amount higher.
But the buyer will try to negotiate the least price and the seller will try to get maximum. Between them they may not be able to clinch a deal realistically and even may break the deal due their lack of experience and negotiation skills.
A broker will have more number of saleable property in his knowledge. If directly enquired, we may not know. Similarly broker will have more clients with him in need of a property. So he can work as a platform for them to meet and deal.
But it is always a must that the buyer should also make his own enquiries and satisfy about the genuineness of the property, the nil encumbrances, the possibility of any hidden detrimental reason for sales of the property. Prospective buyer also should consult his own lawyer for verification of the documents to the property.

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