Once you decided to buy your dream house, it is most of the time hassle to actually look for different properties. However, if you hire real estate broker it will become much easier and hassle free as they have list of properties ready to go through and there are many various roles that they can play to give you the best choice for your dream house.
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- The real estate broker/agent has to search for a property of your choice in the vicinity or area you want and within your budget.
- He has to show you different alternative properties.
- He has to indicate you approximate market price of each property along with advances to be paid, terms & conditions of payment, agreement.
- Status regarding title of the property and buy objectionable matters related to the property.
Also Read: What is a Completion Certificate?
- Once you select the property he has to arrange meetings between buyer and seller and for making the deal through he has to make both the buyer and seller agree on one price alongwith terms and conditions of payment, advance to be given, procedure for agreement, registration and terms and conditions of giving possession etc.
- To arrange for drafting of the conveyance deed through a competent advocate.
- Getting approval of draft of the agreement from both the parties.
- On full payment he has to arrange signing and registration of the documents.
- Once the documents are registered he has to obtain a copy of index from the registrar’s office and to give it both buyer and seller.
- If the registration is done at the right stamp duty, he has to obtain the copy of conveyance deed after registration and give set of documents including old documents pertaining to the property to the buyer.
- He will also see that all the documents related to the property are handed over to the buyer. If agreed during the deal he will also help the buyer for transfer of names at the office of City survey, Talati, Municipality / Panchayat, Power supply company etc.
- It is for this scope of work, the broker is paid handsome fees of @ 1 to 2% of the cost of property and not for just pointing the property.
One has to be very careful while deciding the terms and conditions with real estate agent as unlike USA, there are no regulatory authorities in India, who govern the working of real estate agents. When you enter into any dispute with the agent, you don’t have any authority to whom you can approach for resolution of disputes. From common man’s perspective, the real estate agent are many times rough and tough people and for a common man it would not be possible for him to counter his pressure techniques.