Are you intending to get some legal advice for any real estate property case? If yes, then have a look at the article that we have come up with for you.
Real property (Patta Chitta) and personal property are governed by the field of law known as property law. Legally recognised claims to resources, including real estate and personal property, including intellectual property, are referred to as property. Contract law allows for the exchange of property, and tort law protects the property in case of a violation.
Trust Law
A trust is a legal arrangement in which the owner of a right transfers it to a third party, who is obligated to keep it and use it only for the other party’s benefit. The party who entrusts the right is known as a Settlor, and the party for whose benefit the property is entrusted is the Beneficiary.
The entrusted property itself is known as the Trust Property. Individuals can ensure that their children, grandchildren, or other designated beneficiaries can fully benefit from the inheritance they want them to receive by strategically and legally using trusts.
Real Estate Appraisal
The process of forming an opinion of value for real property is known as real estate appraisal. Because real estate transactions happen infrequently and each property is unique, compared to corporate stocks, which are traded daily and are all the same, appraisals are frequently required. Another important factor in valuation is the location.
However, since real estate cannot be moved, its value is frequently affected by renovations or improvements made to the house. Appraisal reports form the basis for mortgage loans, settling estates and divorces, taxation, etc.
Real Estate Agent
A real estate agent or broker represents buyers and sellers of real estate or property. While a broker may work independently, an agent usually works under a licensed broker to represent clients; the states license brokers and agents to negotiate sales agreements and manage the documentation required for closing the real estate transaction.
Services that a broker can provide
There are some services they provide-
- Exposure- Marketing the real property to prospective buyers.
- Broker’s price opinion- Estimate of a property’s value or potential selling price
- Home selling kits- Guides advise how to market and sell a property.
- Facilitating a sale- Guiding a seller throughout the selling process.
Brokerage commission
A broker anticipates receiving a commission for the services provided if the brokerage finds a buyer for the property. The commission paid to the brokerage is contingent upon finding a buyer for the Property Registration, the successful negotiation of a purchase contract between the buyer and seller, or the transaction’s settlement and the exchange of money between buyer and seller.
Easement
An easement is a non-possessory right to use or enter onto the real Property Consultancy services of another without possessing it. Real covenants and equitable servitudes are similar to easements.
Easements are useful for allowing individuals to access other properties or resources by providing access across two or more pieces of property. Get the best Online Legal advice on Property from the Real Estate Experts.
- Easement of way
- Easement of support
- Easement of light and air
- Easement of artificial waterways
Proper Consultation
- Real estate law is complex, and there are many different types of legal issues that can arise in a real estate transaction.
- It is important to consult with an experienced real estate attorney to ensure that your rights are protected and that the transaction is handled properly.
- An experienced real estate attorney can advise you on other aspects of the transaction, such as financing, zoning, and tax issues (BBMP online tax payment).
- A lawyer can also help resolve any disputes arising during or after the transaction.
- File a lawsuit in your local court if the other party does not respond to your case or resolve the issue.
Written Agreement
For the protection of the broker and the client, it is critical to have clear written legal documentation for an agreement between them. If the parties only have an oral agreement, a dispute over the agreement to represent clients and how real estate is sold is more likely.
Conveyancing
Conveyancing is transferring legal title to real property from one person to another or granting an encumbrance such as a mortgage or a lien. A typical conveyancing transaction has two major phases: contract exchange and completion.
Real Estate Report
The Real Estate Report is the most important document before you buy real estate. An expert property lawyer examines all the legal aspects of your Real Estate. They examine the government records and available property paper chain to determine and confirm a Real Estate’s legal ownership and any claims on the property. It reveals any mortgages, liens, judgments, or unpaid taxes that will have to be cleared before the property can be sold or purchased; and details of any existing easements, restrictions, or leasing affecting the property.
When Should I get the Real Estate papers verified?
Real Estate papers are generally verified under two circumstances, one during purchase and the other during the lease of the property.
Estate paper verification is done to ensure that fraudulent acts or misrepresentation of the property has not happened, and it also helps in peaceful possession of the property.
When you decide to buy or lease a commercial property, the first step is to have the property papers verified by a property legal expert.
You should also know: Chennai Property Tax Online Payment
Stamp duty and its importance
Stamp duty is a tax levied by governments on legal documents, most of which involve the transfer of real estate or other assets. The government can impose stamp duties, also known as stamp taxes, on documents needed to record those transactions legally and on documents recording marriages, military commissions, copyrights, patents, etc.
The stamp duty is calculated as a property sale price percentage. In some states, it varies from 5% to 7% of the property’s sale value. Stamp duty can be paid in cash, check, demand draught, pay order, or NEFT transfer.
Is there a limit for registering a property?
It will be necessary to re-submit the document and pay a fine. The amount of the fine is determined by the authority based on the document type. Documents that require quick registration will have a higher fine, and documents that are expected to take time will have a lower fine. If you need to get some more assistance about legal advice in the real estate property: https://www.rera.tn.gov.in/ case, get in touch with Vakilsearch.
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