When a person buys an under-built property, a letter of attribution is made available to the potential buyer by the owner. It is issued as soon as the buyer pays 15% of the value of the real estate to the developer. An award letter is an important document in the real estate sector when buying real estate in India. When a person buys an under-built property, a letter of attribution is made available to the potential buyer by the owner. It is issued as soon as the buyer pays 15% of the value of the real estate to the developer. Meaning of attribution letter 1. This letter contains the facts and figures on the property and its various details. 2. This letter essentially explains the details and construction plans, architectural details, etc. and the down payment to the owner. 3.C is the only document for an unfinished property that serves as evidence of the property trade. 4. It is essential to use bank loans, as the letter mentions the amount that must be paid to the owner in order for the balance to be financed by the bank.
On the basis of this letter, the Bank finances the balance. 5. Even if the sales contract is the main sales document, a letter of award may be useful as evidence if the promised amenities have not been provided as indicated by the contractor. Note: an important judgment was recently issued by the maharera court, in which the Allottees had published an apartment in Winter Green of Rivali Park, Borivali East for 1,48.73,782 en. and a letter of award for the award organizer in November 2012. The organizer agreed to hand over the property in February 2016. But the developer did not provide ownership of the apartment in question and the project was delayed by nearly four years. Subsequently, the Allottees moved to MAHARERA to withdraw from the project and ask for a refund with 18% interest. Accordingly, the MAHARERA court found, taking this case into account, that the letter of award also allows homebuyers to ask the owner to reimburse the owner for the interest-only accommodation in accordance with Section 18 of the RERA ACT, 2016.
Read also: MAHARERA Amendment Rules, 2019 Content of the award letter: It contains the following information: 1. Payment Options 2. Details of apartment 3. Construction conditions, work schedule. 4. The amenities that are promised by the developer, such as the clubhouse, parks, gym, etc. 5. The final amount that goes to the buyer, including taxes.
5. Delivery date and owner`s liability in case of completion delay. Sale Agreement In accordance with Section 2 (c) of the RERA Act, 2016, „Sale Agreement“ means an agreement between the promoter and the Allottee. A sale agreement is an agreement to sell a property in the future. It contains the terms of a future sales contract. Violation of the terms of sale can only result in an action for damages. A contractor/buyer contract (buyer seller) is an important document as it transfers the purchase of a property.