A Real Estate purchase decision is often derived from the buyers' emotion, favourable
market economics and strong appreciation of property values, among other things. From the time the ownership of the property passes to the purchaser, the buyer is entitled to the benefit of any improvement or increase in value of the property and to the rents and profits thereof.
A Real Estate transaction involves two parties, a buyer and a seller and the parties are free to agree to any rights and liabilities in respect of each other under a valid contract. To safeguard his interest, money and energy, the onus of ensuring a valid deal/transaction lies on the buyer. Recently, Real Estate transactions in India have seen a swell in the sales figure and it would be interesting to see how many of these are valid and abide by the property laws in place.
Questions/issues that merit attention:
Purchase of immovable property comprises various steps. Intricacies of a real estate transaction start from deciding where and what to buy to going through the complex maze of formalizing the deal. Hence, budget, choice of property, plausibility of buying and scrutiny of documents pertaining to the transaction at the buyer's end is crucial to a effecting a good deal.
Some of the vital queries that may emerge during a transaction would be/relate to:
- Whether the seller selling his property is legally authorized to do so?
- Is the title of the property marketable? Is the property "free" from any legal obligations?
- Whether all property laws have been followed in the transaction. Is the property in accordance with permitted land use?
- Has any litigation/injunction/attachment of property been passed by any Court?
- Has the Sale Deed has been duly executed? Has the property been legally transferred in the buyer's name?
Buying Procedure:
- The property to be purchased is finalized.
- Buyer requests for the original documentations from the seller.
- Terms of the contract are finalized amongst both the parties, preferably with a lawyer between them.
- The legal documentations submitted are verified by the lawyer for their authenticity and reliability.
- Subsequently, necessary permissions and approvals are taken from the concerned authorities.
- Legal contracts are exchanged between the contracting parties
and they execute the Sale Deed by affixing full signature
along with witnesses, at the Sub -Registrar Office.
- The buyer takes possession of the property along with documents
of title in original from the Vendor of the property.
We at IndianRealtyLaws.Com offer excellent, structured and informative legal services to help you sail through the legal formalities with a forthcoming and an experienced team of property lawyers on board.
Apart from the legal services, you can also arm yourself with some first hand knowledge on tips on buying, documents required in it and related facts compiled by our team. Get tips on buying :
- From a Builder
- From a Real Estate Agent
- In a Co-operative Society
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