Documentation is one of the hardest parts when it comes to buying a property. It is of utmost importance to have the right information and legal documents with you before finalizing the deal and spending your lifetime of savings. One of the most important documents is an allotment letter. If you want to know what is allotment letter, then this answer is for you. Read on.
What is house allotment letter?An allotment letter is a document which is issued by the builder once you pay the booking amount for the property. The allotment letter is issued to the first owner of the property. In case of resale of the property, the further owners get a copy of allotment letter from the seller.
Information enclosed in the allotment letter of propertyThe information enclosed in the allotment letter of the property is as follows:
Timeline of the construction of the property
Payment terms and conditions
Amenities offered in the property
The final payment due to the builder from owners’ end
Delivery schedule
Compensation module in case of delay from builder’s end
A house allotment letter is an important document which must be acquired by the owner post payment of a token amount as it is a promise from the builder. It has the information about amenities which have been promised and if builder fails to deliver them, the owner can throw a claim. Besides, an allotment letter is important if you are applying for a home loan as the amount payable for the property is mentioned in the document.
I hope now you understand what is allotment letter, why is it important and what information is included in an allotment letter.
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What is Allotment Letter?
Hitesh
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4 Year
2021-07-28T18:03:08+00:00 2021-07-28T18:36:49+00:00Comment
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