6 certain Areas where you could have Problems with Real Estate Companies

6 certain Areas where you could have Problems with Real Estate Companies

6 certain Areas where you could have Problems with Real Estate Companies

I once wrote a piece about 10 Reason Why You Should Buy Land from a Real Estate Company. You can click to read

I gave reasons why you need to buy land from a real estate company which makes it safe and secure when you are thinking of real estate investment or to build.

These real estate companies have FAQ and company policies which you are entitled to know. So ask questions when uncertain about a particular thing you are not sure of.

Today on this blog, I am sharing with you the most notable issues that arise when you buy land from real estate companies.

6 certain Areas where you could have Problems with Real Estate Companies

  1. Installment payment Policy

Before you probably sign the dotted lines in the form, it is good you ask questions about their payment plans, like if I default for a certain month would I be charged on a certain percentage for defaulting for some months?

Some real estate companies will explain the penalty charge while some will waive it if you don’t pay for some months. If in doubt ask more deep questions, you have the right to know more about them.

  1. Allocation

Depending on some of the real estate company policy, once you make an initial deposit you are entitled to be allocated your plot. But most real estate companies will want you to at least pay 80 – 90% of your plot money before being allocated your land.

If you didn’t comply with the real estate company’s terms and conditions, issues could arise here.

  1. Site or Estate Updates

Here is another area where clients get worried about is site and estate updates. After paying fully for the plot, they expect to see updates and promises set by the real estate company. Not seeing any update raises questions about all what they promised didn’t work out and from here on some client will refuse to pay their monthly money.

  1. Survey and Legal Documentation Fee

This part is also essential and compulsory for both parties. When you buy a land, you definitely need to do a survey on your land. This survey will carry out the land details you bought and your names.

While some real estate companies charge more for a survey and a legal fee there’s nothing bad talking terms with them on how you want to pay.

This is not a hidden fee charge at all.

  1. Developmental Levy fee

Some people argue on these as hidden charges. But no it is not hidden at all.

When you buy land from land grabbers there are hidden charges which you will be surprised when they begin to read them out to you or start your house foundation.

Your estate needs development and these real estate companies have estate development plans in place.

Even if you didn’t buy land from a real estate company, you bought somewhere else which is not an estate you will still pay for development in your attended CDA meetings.

The developmental fee is not a hidden charge and as a customer, you have the right to know how much you will be paying.

This can also be negotiated depending on the real estate company

  1. Refund

You are no longer interested in buying that said plot due to some personal reasons. No problem at all.

Just write a letter to the company for a refund.

I want you to know that some real estate companies charge administration fees but on percentage for refund. You will get you to refund also on installment just like the way you paid for the land.

Let’s Wrap up here

So these are key areas you could have issues or disputes with real estate companies. If you think there’s more to this, you can add it to the comment box below and let’s discuss.

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