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How to select from amongst the best property lawye...

IntroductionPurchasing property is the latest fad and indeed the preferred investment tool if one is looking to park one’s money. Real estate sells like hot cake these days and people are buying into the idea of investing in real estate as the returns are extremely lucrative and therefore feasible. Numerous reforms to the real estate laws over the years necessitate consulting a property lawyer. These resourceful lawyers know the ins and outs of making property papers accessible to their clients and also provide clarity on what the papers might be representing. The legal parlance is not a layman’s parlance and therefore its all gobbledygook for the layman and as a result, a property lawyer in Bangalore ought to be consulted for the right advice and execute the entire procedure of purchasing a property seamlessly.Property verification lawyers aren’t necessarily required while purchasing a property only. They are equally in demand while renting and transfer resale and similar property-related deals.When is the right time for approaching a property lawyer in Bangalore?What is the Requirement?While planning on purchasing any type of property; whether constructed, semi-constructed or land, registration of the property is essential. Few documents need to be verified so that the registration process can be carried out seamlessly. A property lawyer in Bangalore would scrutinize all the documents and proofs and only then would permit its client to sign.Purchasing the propertyThe options for a client while purchasing a property are purchasing against total payment or in installments or the client could avail bank loans. As the mode of payment is agreed upon by both parties all supporting documents of the client ought to be scrutinized and verified by the property lawyer. The timescale for the frequency of loan installment payment distribution and the last installment payment date ought to be clearly mentioned and discussed between all those who are involved. The bank details and other formalities ensuring approval of the loan needs to be fully accessible to a property lawyer in Bangalore so that the process comes to fruition seamlessly. The best property lawyer may provide advice on the best loan terms and condition ensuring the client gets the best deal. A lawyer is the mouthpiece of their client and always represents clients in all legal matters and hopes clients get the best deal possible. Property SaleThe sale of the property can be a great deal of hassle particularly if the property lawyer has not meticulously collated and compiled the papers and documents belonging to the client. The purchaser may require any document on demand, and if the seller is unable to provide the required document however inconsequential it may seem, the buyer may assume that the seller is a fraud.  Property on rentalIf the property is rented out or is a rental property, in both cases it is necessary to heed the advice of a property lawyer in Bangalore. They can prepare a strong case for their clients who may want to put their property on rent as well for clients who intend to remain in rent for a refund of the deposit money and the rent itself yet to be paid. There are instances of the client not receiving the deposit money in a timely fashion or may be asked to leave prior to the completion of the probationary period. Conversely, the tenant too can be a nuisance for the renter, and there’s nothing that the renter can do about it. Consulting a property lawyer in Bangalore the rights of both the renter and the tenant would be protected. Transferring the propertyTransferring property to children or spouse or to someone else, without any monetary consideration is typical in a hierarchical family. At-will transfer of property is a tedious and complex process but eventually it may come to fruition. New papers may need to be created along with court filing and registration. 

Posted By

Avik Chakravorty

1 day ago

Property Is The Root Cause of Family Dispute - Set...

Movable and immovable properties constitute wealth and the root cause of family disputes across the spectrum of households at every stratum from subsistence or marginal to opulent families invariably get embroiled in disputes over property matters and that makes occurrences of property disputes quite common in India. The natural solution for the vast majority of disputing families is dragging the issue to courts rather than opting for an out-of-court settlement. What the vast majority of people fail to realize is that given the fact that the process is long-drawn and expensive, the courts cannot provide assurances of a favorable outcome eventually. Therefore, for a quick resolution of the matter, opting for an out-of-court settlement amongst the family members is far more advisable and in fact, recommended. What exactly is Family Settlement?Briefly, a family settlement is essentially an agreement between family members mutually working out the distribution of the sale proceeds amongst each other. All parties to the out-of-court settlement ought to be relations and claimants to the wrangled property’s share. Claims aren’t restricted to real estate or immovable property and can go beyond real estate to movable properties including jewelry or cash/cheque deposits in bank accounts. A family settlement ideally is for settling common or jointly-owned property that belongs to the family rather than individually inherited property or property acquired by oneself.Family Settlement Agreement for Partitioning of Property Any written agreement amongst family members is referred to as a family settlement, usually made to avoid taking property issues to court and partitioning the family property amicably with mutual consent. The format for family settlement agreement is the same as a partition deed. Furthermore, registration and stamping aren’t required for a family settlement agreement. All family members ought to voluntarily and of their free will sign a family settlement agreement without instances of fraud perpetrated, coercion or any family member pressurizing. Besides, it's unnecessary to draft a family settlement agreement in writing as executing the agreement is possible either through a compromise or by family members settling mutually.  Unique Selling PointsAnyone can avoid long-drawn, public and tedious court wrangles Faster, and far more amicable way of resolving court disputes ProcedureA family settlement is a conciliatory process involving a third person, who is a property lawyer or a senior family member, aiding and abetting the family to find a mutually acceptable solution to the property wrangle.A family settlement may not be the one and only legal document with the distribution of the property also mentioned; in fact, it could be one of many in a series of documents throwing light so to speak on each and every family member’s property rights. According to the provisions of the Income Tax Act, a family settlement is neither a gift nor a transfer of property. Hence, the exclusive transfer of property documents would need to be prepared besides the family agreement in making a real transfer of property. The property tax aspect must be considered while making a decision on the transfer of property. Partition/Settlement Suit In Family Disputes In IndiaPrior to filing a partition suit in court for the partition of property, a legal notice ought to be sent to the other co-owners of the property intimating them about the impending partition or settlement of the family property. Stating the shares of each co-owner can be found on the legal notice along with the details of the disputed property in its entirety as well as the required action to be taken. Not replying at all to the legal notice or the co-owners sending inadequate replies would result in filing a partition suit in the court.A partition suit is essentially the filing of a court case in instances of disagreements amongst co-owners about the terms and conditions of division of property, and co-owner(s) intend on partitioning the property based on their shares. A partition suit is filed in the court with jurisdiction over the location area of the property.The court has to first establish as to whether the person filing the partition suit can stake a claim on the property or not. As soon as the claimant establishes his/her share without any further inquiries required, individual right to ownership of the property may be assigned to the co-owners.If it's impossible to partition the property merely based on the partition suit, the court’s order, in that case, would be conducting an inquiry into the matter and making a preliminary decision of appointing a Commissioner who would be evaluating the property and submitting a report. Thereafter the court establishes each co owner’s share according to the report and partitions the property based on the share of each co-owner.Can Self-Acquired Property go for Family Settlement?Executing settlement of self-acquired property during the lifetime of the acquirer is impossible. However, simultaneously, the self-acquired property automatically devolves as a part and parcel of the ancestral property after the property owner's death. Nonetheless, the person may assign the self-acquired property through his/ her will to any the person he desires. Legal RequirementsEven if there is a consensus, it's not enough; as there are quite a few legal formalities that need to be completed to ensure that there is a valid agreement.All family members involved must sign the settlement document. If a signature is missing then that could easily be the cause for throwing a challenge in a court of law; at future date.To be safe, attestation of the document by two witnesses is essential although it's not mandatory. RegistrationThe next step is registering the agreement. According to Section- 17 of the Indian Registration Act, a family settlement that aims to assign immovable property must be registered as a mandatory requirement or else the deed would be invalid. Applying Stamp duty to such deeds is the norm and the amount of stamp duty varies based on the value of the said property. Binding FactorWhile a family settlement that has been duly executed is irrevocable, the only exception being through a decree from the court, it can be challenged though, based on specific circumstances that may exist.The fruition of an agreement through fraud or coercionTweaking of vital facts regarding the disputed property’s title as well may result in inviting trouble.Faulty execution.Heeding these commonly occurring tripwires while drafting an agreement would result in a flawless, amicable and mandatory family settlement, benefiting one and all.

Posted By

Avik Chakravorty

2 days ago

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