REAL estate has to be the hottest word in town among the iPod generation.

I know so many 20-something aspiring land owners. They are willing to pay home loan interest because they know that the value of their investment will cross the cost of interest in a few years.

But not so fast, kiddos! There are a few things to be kept in mind so that you don't lose your shirt or, worse, end up in debt prison.

Property is tricky business. There is no dearth of crooked builders waiting to trap you with smooth lies and complex paperwork. It is absolutely essential to start with a competent lawyer by your side.

Here are seven things you need to look out for:

1. Title deeds
Get this tedious stuff out of the way first. This process is cumbersome but critical.

i. First, check relevant documents which establish that the builder has proper legal rights to the property. No matter what he may claim, it is vital to look at the property card which shows the owner of the property.

iii. Verify whether the building plans have been legally sanctioned by the municipal authorities.

iv. Refer to the Intimation of Disapproval and Commencement certificate.

If these documents are not in place, chances are your builder is dodgy. But if you still want to go ahead, ask for the document which states he has bought this property with the intention of selling it.

2. Description and area
Now these are choppy waters. Yes, you must insist on a proper description of the flat in the agreement; but with terms such as built-up, super built-up and the like floating around, which one do you insist on?

The answer is simple: the saleable area, which is more than the carpet area or the built-up area, is the correct one to use.

Do insist that the floor plan of the flat be attached with the agreement.

3. Amenities and specifications
This area has maximum scope for foul play. The brochure may be glossy and inviting, but deliberately vague on details of the facilities -- lifts and flooring -- and their quality.

You might walk into your new flat expecting a jacuzzi only to find a leaking drainpipe and wet cement.

Make sure the amenities are annexed to the agreement, so that you know what kind and quality of construction to expect once the building is completed.

Photograph courtesy Vipurva Parikh