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Real Estate

What should we keep in mind before buying a property?
Real Estate

What should we keep in mind before buying a property?

Buying a new Property is one of the most important decisions in life. It really is like a dream come true of yours. Young people start trying to buy their dream home from the very beginning of the job. After years of saving and planning, it should be your endeavour that you take the right decision, so that you do not have any regrets later. We are telling you some important things here, by taking care of which you can take the right decision. Along with your savings in buying a home, a lot of money is also invested in the form of a home loan, so you need to be extra careful. While buying a new house or flat, you must keep some things in mind like the location of the area, the date of possession of the flat or house and the carpet and covered area. Here we are telling you what things yo...
Benami (Anonymous) property, Are you at risk?
Real Estate

Benami (Anonymous) property, Are you at risk?

After demonetisation, Prime Minister Narendra Modi and the Government of India may tighten the noose on benami property holders. Any citizen is unsure if they themselves come under benami property. What is a benami property?Benami essentially means property without a name. In such a transaction, the person who pays for the property does not buy it in his own name. The person in whose name the property is purchased is called benamidar and the property purchased is called benami property. The person making the deal is the real owner. ‘ The property is held for profit—directly or indirectly—of the person paying the amount. What is not a benami transaction?I. Property held in the name of spouse or child, for which amount is being paid through known source of income.II. A joint property ...
Property Disputes Due to Demonetisation
Real Estate

Property Disputes Due to Demonetisation

Property prices have come down recently after the current demonetisation plans announced by the government. In the wake of this, several property deals also took place, which mainly had cash as the payment option. Many people have a misconception that even though they have paid their money completely in cash, the demonetisation news means that their money is no longer valid. A common myth is that the seller will not accept the old notes and the buyer will have to get the exchanged notes to carry on the property transaction. If the payment is made before midnight on 8th November 2016, the money should be accepted by the buyer and in any case, can the seller refuse to accept your cash and ask you to replace it. It is his duty to replace the cash as they are no longer legal tender. ...
Law relating to co-ownership of joint property
Real Estate

Law relating to co-ownership of joint property

What is meant by co-ownership of property?Co-ownership or joint ownership means that two or more persons hold title to the same property. What are the types of co-ownership?Tenant in Common: When two or more people buy a property but do not specifically mention each’s share in the property, ‘tenancy-in-common’ exists. All co-owners can use the entire property and each co-owner is considered to have an equal share in the property.Joint Tenancy: Joint tenancy is a form of co-ownership where equal shares of property are owned by two or more persons at the same time. This type of tenancy provides property ownership rights for co-owners that outlive the other co-owners.Tenancy by whole: This is a special form of joint tenancy when there are joint tenants i.e. husband and wife – each having a ...
Can grandson claim right in grandfather’s property
Real Estate

Can grandson claim right in grandfather’s property

A grandson’s right over his grandfather’s property depends on the nature of the property. i.e. is the property an ancestral property or it is a self acquired property. What is an ancestral property? A property which is inherited by a father from his father, father’s father or father’s father’s father’s father is ancestral property. The right to share in such property is acquired by birth, unlike other forms of inheritance, where the heir right opens only on the death of the owner. The right in ancestral property is determined on a per land basis, not per person. Therefore, the share of each generation is determined first and in turn the next generation of the subdivision which is inherited by their predecessors. If the property is an ancestral property, the grandchildren have an equal s...
Issue of division of property between brothers after father’s death
Real Estate

Issue of division of property between brothers after father’s death

In India inheritance is governed by two processes – 1. By Will 2. By Personal Law Inheritance under a will A will or testament is a legal declaration expressing the wishes of a person, containing the names of one or more persons who are managing the assets of the testator and providing for the transfer of the deceased’s property upon death. If a father (testator) leaves behind a will, the property will be distributed among the brothers. An executor is appointed by the testator as distinct from a court-appointed administrator. Inheritance according to personal law In India the inheritance and the manner in which the property of the deceased person is to be distributed is determined by the law of succession, where there are no equivalent documents declaring the intention of such person or...
Property Disputes and Family Settlements | division
Real Estate

Property Disputes and Family Settlements | division

Wars over wealth take place at every level, from low-income families to ultra-rich families, making property disputes a common occurrence in India. Property disputes are a common occurrence in India. The obvious solution for most is to drag the courts rather than resolve the matter. What most people don’t realize, however, is that in addition to being a difficult and costly process, courts in no way guarantee a satisfactory resolution. Hence, it is advisable to opt for a family settlement. Here are some points that will help you understand the concept of settlement better. Unique selling proposition: For those who want to avoid the long, public and messy court battles with a quicker, more cohesive way to resolve disputes. Process: A family settlement is a settlement process where a third ...