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We all carry many dreams in our pockets every day. One of them is to buy the house of choice. Buying a house is not only a big investment but also a huge commitment. It is very important to protect the interest of potential buyers. And here comes the RERA in the picture. The real estate (Regulation and Protection) Act, 2016 aims at not only protecting the interest of homebuyers but also encouraging investment. This act helps in establishing fairness between the buyers and sellers in terms of transactions. The flow of information between the parties gets more transparent with the implementation of RERA.
A rent agreement is a contract, usually written, between the owner of a property and a renter who desires to have temporary possession of the property as distinguished from a lease which is more typical for a fixed term. As a minimum, the agreement identifies the parties, the property, the term of the rental, and the amount of rent for the term. The owner of the property may be referred to as the lessor and the renter as the lessee.
Lease Agreement And Registration
An agreement, usually written, between the lessor and the lessee, which allows for the conveyance of property to the tenant under a contract, and confers usage and control rights to the tenant for the duration of lease. Lease agreement is for long term usually 12 months, although 6 and 18-month contracts are also common.
According to the Registration Act, 1908, the registration of a lease agreement is mandatory if the leasing period is more than 12 months. If an agreement is registered, stamp duty and registration fee needs to be paid for it.
Transfer Of Ownership Agreement
A conveyance deed is executed to transfer title from one person to another. Generally, an owner can transfer his property unless there is a legal restriction barring such transfer. Under the law, any person who owns a property and is competent to contract can transfer it in favour of another. If the owner gives another individual a power of attorney (POA), that person can sell it under this authority. A POA gives another person the power to act on behalf of the owner. However, if the POA only grants a person the authority to manage the property, he cannot sell it.
Registration Of Property
Registration of the property is a full and final agreement signed between two parties. Once a property is registered, it means that the property buyer in whose favor the property is registered is the lawful owner of the premises and is fully responsible for it in all respects. The law does not recognize unregistered owners and does not give them any rights over the property. Therefore, Registration of Property is Compulsory to prevent fraud or future litigation.
Benami Property Disputes
The word benami means “without a name”. In simple terms, a benami transaction refers to any transaction made by a person without using his name or by using the name of another person.
A succession certificate, under the Indian Succession Act, is a document that gives authority to the person who obtains it, to represent the deceased for the purpose of collecting debts and securities due to him or payable in his name. Usually, a succession certificate is the key in the absence of a will, a succession certificate will be the primary document through which the heirs can stake a claim to the assets of a deceased relative
Verification Of Property Documents
It is the process of checking if the title deeds of the property are in the name of the seller at the time of sale. ‘Title deeds’ refer to those documents which clarify the ownership of a property. They include documents such as sale deeds, transfer deeds and gift deeds. A title verification should trace and verify the title documents of a property for the last 30 years.