Are you planning on viewing a property before making a purchase or rental decision? If so, you may come across a document called a Property Viewing Agreement (PVA) that complies with the Real Estate Regulatory Authority (RERA) guidelines.
RERA is a regulatory body established by the Indian government to protect the interests of homebuyers and establish transparency in the real estate sector. PVAs are a mandatory requirement for property viewing, as they protect the interests of both parties involved – the buyer/tenant and the seller/landlord.
What is a Property Viewing Agreement?
A PVA is a legal document that outlines the terms and conditions of the property viewing process. It serves as a mutual agreement between the buyer and seller or tenant and landlord, ensuring that both parties are aware of their responsibilities and obligations during the property viewing.
The PVA is a binding legal document that should be signed by both parties before the viewing takes place. It outlines the details of the property, the date and time of the viewing, and any other specific terms and conditions that both parties agree to.
Why is a Property Viewing Agreement important?
PVAs are important for several reasons. Firstly, they help establish transparency between the buyer/tenant and seller/landlord. By signing the agreement, both parties acknowledge that they understand and agree to the terms and conditions of the viewing process.
Secondly, a PVA can help protect the buyer/tenant from any potential fraud or misrepresentation by the seller/landlord. The document ensures that the buyer/tenant has the opportunity to view the property, ask questions, and clarify any doubts before making a decision.
Lastly, a PVA can help settle any disputes that may arise during the viewing process. If either party fails to adhere to the terms and conditions outlined in the document, the other party can take legal action to resolve the issue.
What should be included in a Property Viewing Agreement?
A PVA should include the following information:
1. Details of the property, including its address, size, and any special features.
2. Date and time of the viewing.
3. Duration of the viewing.
4. Responsibilities of both parties during the viewing process.
5. Any specific terms or conditions that the parties agree to.
6. Signatures of both parties.
In conclusion, a Property Viewing Agreement is a crucial legal document that must be signed by both parties before the viewing process. It establishes transparency, protects both parties from potential fraud, and helps settle any disputes that may arise. Ensure that you read and understand the terms and conditions outlined in the PVA before signing. It is always better to be safe than sorry.