Is your Property Free from Financial and Legal Burden?
Apr 14, 2017 Legal Guidance
Before buying a property it is important and necessary to search for its title and ownership. If you are buying a resale property, it is necessary to make sure that it does not have any pending loan or utility charges from the previous owner. If not checked thoroughly, it can cause a serious burden later.
It is essential to be informed about the judgments by various courts and tribunals. Some landmark judgments provide a thorough investigation of various acts and laws and a way to comply with them. It is wise to consider these judgments to draft your transactional documents carefully.
Also, the buyer should check the seller’s capacity to sell the property.
If the seller is one of the heirs or a nominee of the property then the property cannot be sold without the consent of the other heirs.
If the seller has received the property through the will, then it has to be examined to check whether the probate is necessary for the property or not.
If the property is government owned, then it is necessary to get all the required permissions from the associated authorities.
The entire legal process of searching the title of the property, leave and licensing, redevelopment of the property is quiet complex. The laws regarding the same are different from state to state. The provision related to moving the title of the immovable property is scattered in different laws including Transfer of property act, FEMA, registration act, stamp acts, succession acts, income tax acts, partnership act and public trust act, along with the government regulations.
Compliance with various government acts and rules are required which are not mentioned in books. The ability of the laws for the application depends on the nature of property, type of property, type of rights nature of the transaction and legal status of the concerned parties.
With the growing need and dependence on the real estate agents to complete the transaction of the property, the agents have drafted the format of the agreement in which they only have to replace the name of buyer and seller, the address and the condition of the property, to minimize their workload. Any mistake in the agreement document can land the buyer in serious trouble.
There isn’t any checklist to look for while researching through the title of the property. It will be wise to hire an experienced lawyer for the same.
It is essential to be informed about the judgments by various courts and tribunals. Some landmark judgments provide a thorough investigation of various acts and laws and a way to comply with them. It is wise to consider these judgments to draft your transactional documents carefully.
Also, the buyer should check the seller’s capacity to sell the property.
If the seller is one of the heirs or a nominee of the property then the property cannot be sold without the consent of the other heirs.
If the seller has received the property through the will, then it has to be examined to check whether the probate is necessary for the property or not.
If the property is government owned, then it is necessary to get all the required permissions from the associated authorities.
The entire legal process of searching the title of the property, leave and licensing, redevelopment of the property is quiet complex. The laws regarding the same are different from state to state. The provision related to moving the title of the immovable property is scattered in different laws including Transfer of property act, FEMA, registration act, stamp acts, succession acts, income tax acts, partnership act and public trust act, along with the government regulations.
Compliance with various government acts and rules are required which are not mentioned in books. The ability of the laws for the application depends on the nature of property, type of property, type of rights nature of the transaction and legal status of the concerned parties.
With the growing need and dependence on the real estate agents to complete the transaction of the property, the agents have drafted the format of the agreement in which they only have to replace the name of buyer and seller, the address and the condition of the property, to minimize their workload. Any mistake in the agreement document can land the buyer in serious trouble.
There isn’t any checklist to look for while researching through the title of the property. It will be wise to hire an experienced lawyer for the same.
Looking for property portal?
Related Articles
-
-
Ways to Improve Your Credit Score
Mar 28, 2017 -
-
See comments (0)
Write a comment
