Apart from discussing the Real Estate Laws in India, this article will also educate you on the lines of Immovable property and the legal procedure for selling land area or property in our country. You will also acquire knowledge in regards to the duties of an attorney concerned with framing a legal document for trade and commerce in the realty sector.
Introduction to Real Estate Properties:
Investments made for owning or sharing a part in the real estate grounds are often termed as investments made on immovable property. This is because, even if you own the land area, you cannot carry the property home. The only way it is identified as your property is on paper.
Therefore, legalizing the procedure of owning an immovable property is vital to avoid complications shortly. Before investing in immovable properties, your aim should not only be acquiring it through legal ways but also to properly educate yourself on the grounds of carrying out a Legal Framework of Real Estate. For this, you would require help from an educated and experienced person in this field such as an attorney. We will later discuss briefly the duties of an attorney in regards to real estate properties.
Role of the Real Estate Laws in India
Real Estate Laws are concerned with the buying and selling of real estate properties which are usually land area or any structure erected upon it. Real Estate properties are also referred to as “immovable property” since it is fixed in stature and cannot be moved or replaced with another. Real Estate Laws are passed to ensure smooth functioning and operation of the buying and selling procedures of properties under legal surveillance so that there are no dispute or fraud activities later on. Listed below are names of such laws passed over the years to deal with legal issues related to real estate properties.
- Transfer of Property Act, 1882
- Registration Act, 1908
- The Scheduled Tribes and Other Traditional Forest Dwellers (Recognition of Forest Rights) Act, 2006
- Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013
- The Real Estate (Regulation and Development) Act, 2016 (RERA)
Enacted by the Parliament of India in the year 2016, the Real Estate Act of 2016 is said to be one of the excellent laws proposed to safeguard the interests of both buyers and sellers of real estate properties.
With the enactment of this law, the realty sector not just witnessed a boost in the construction and development of real estate projects but also there is an increase in demand for legalized properties both in the residential and commercial zones.
Moreover, many NRIs and foreign investors have also expressed much appreciation and proposed purchase and untaken projects for giving the realty market rise in the columns.
The legal process to sell property in India
As discussed earlier, much of the property in India is always found to be disputed or under fraudulent activities which makes it extremely difficult for both buyer and sellers of property to find are the liable party for trade. Besides passing of regulation bills and act, many properties in India are still illegally traded and many buyers cheated on the face of providing a developed estate. Therefore, if you are concerned with the legal process to sell property in India, take a closer look at the pointers listed below.
- Check for proper valuation of the property by assessing the property yourself.
- You can also hire a real estate agent to carefully determine and assess the property value in terms of market trends.
- Properties can be sold by yourself but it is always better to hire an agent who is well-acknowledged on the grounds of the market dynamics.
- You can put up advertisements on the digital market or the interest regarding your sale deed with proper information.
- Get NOCs (No Objection Certificates from various authorities such as the municipal corporation, society in which the property is located, the income tax authority, etc.
- In case of dispute or any confusion, you can always seek expert advice, such as a Real Estate Attorney, who can not only provide with valuable legal information but guide you through the entire procedure.
Duties of a Real Estate Attorney
Lawyers who specialize in the field of paperwork regarding real estate properties are termed as Real Estate Attorneys. The major concern is to deal with the legalization procedures of the buying and selling of realty properties for its clients. On purchasing or selling of land deeds, you can expect the following chores of the procedure covered by your attorney on behalf of you.
- Preparation and reviewing various documents related to real estate property.
- Check on purchase agreements and transfer of documents.
- Will bear witness to your transaction deeds, thus ensuring the transfer is done in a legalized manner with proper binding and closure.
- In case of a dispute, the attorney acts as a legal representative, thus resolving issues and matter related to the handover of properties.
- Insurance policy for the property, transfer of funds and title along with mortgage agreements are also looked after the attorney concerned.
Q1. What are the rights of a property owner?
Ans. -An absolute owner of a property is one who has the right to ownership stated in the title document of the concerned property.
- The owner possesses exclusive rights to share the benefits which the property brings about.
- He or she can use the property for serving any purpose (provided it is legalized) such as on rent, or sale, or for any commercial, personal or public service.
Q2. What are the legal documents to check for a sale deed in real estate?
Ans. – Letter of allotment
- Previous sale deeds (if any)
- A sanctioned plan
- Encumbrance certificate
- Sale deed or Agreement.