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Go through the sale deed before signing it: Before signing the sale deed or any other legal document, it is crucial to carefully review and cross-check the terms, conditions, and clauses mentioned in the agreement. Pay attention to important details such as the property description, payment terms, possession date, penalties for cancellation, and refund provisions. If there are any ambiguities or concerns, seek clarification from the developer or consult a legal professional.
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Give a valid ground for cancellation of the deal: When communicating your decision to cancel the property deal, it is important to provide a valid reason for your exit. A valid reason may include issues such as project delays, non-compliance with agreed specifications, or any other breach of contract by the developer. Having a valid reason strengthens your position and may facilitate a smoother cancellation process.
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Try to shift the purchase to another property of the same builder: If you are facing issues with the specific property you intended to purchase, you can explore the possibility of shifting your investment to another property offered by the same developer. This option can help maintain a working relationship with the developer and ensure that your investment remains within the same project or development.
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Contact other buyers in similar situations to build pressure: If you find yourself facing challenges or disputes with the developer, connecting with other buyers who are in a similar situation can be beneficial. Forming a group or association of buyers allows you to collectively voice concerns, share information, and build pressure on the developer to address the issues and facilitate a fair resolution.
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Request for a cancellation agreement: Requesting a formal cancellation agreement is important to ensure that all parties involved are on the same page regarding the cancellation terms and conditions. The agreement should clearly outline the refund amount, the timeline for the refund, any deductions or penalties, and the mutual release of obligations. Having a cancellation agreement in place protects your rights and provides legal clarity.
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Never pay in cash: It is advisable to make all payments related to the property transaction through legitimate banking channels and avoid making any cash payments. This helps maintain a proper record of the transactions and ensures transparency. Paying through cheques, demand drafts, or online transfers provides a trail of documentation that can be useful in case of any disputes or refund claims.
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Ask for a receipt: Whenever you make a payment related to the property deal, always request a receipt from the developer or seller. The receipt should mention the payment amount, date, purpose, and other relevant details. These receipts serve as proof of payment and are crucial for tracking and documenting financial transactions.
