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Tuesday, 5 May 2015

The legal issues while dealing with real estate

The city of Jaipur is renowned for its historical monuments, traditional legacy, cuisine, arts, crafts, culture and its rich Rajput history. It is regarded as one of the best places to live, not only in Rajasthan but in the entire country. The infrastructure in the city is world class and is very well connected to neighboring cities and states of India by all modes of transportation. It is also well connected to major centers of the world through Jaipur international airport.

The presence of a wide range of educational institutes, commercial centers and healthcare facilities has meant that the people here have a comfortable life. They have easy access to all essential amenities required for comfortable living making the real estate in Jaipur as one of the most preferred realty destinations in India. Also, the city enjoys cost advantage over its peers and thus buying or investing in flat in Jaipur offers dual advantage of lower input cost and higher price appreciation. The complete information on all kinds of realty assets in this ‘Pink City’ of India is readily available on Housing.com, the only online real estate platform in India with more than 5 lakh 58 thousand verified properties. Additionally, Housing.com features thousands of property to invest in Jaipur, all of which are 100% genuine and substantiated.

However, real estate does not involve only buying or selling of an asset. There is one other important aspect in realty deals and that is the legal issue. In fact, knowing the legal framework well is what ultimately dictates terms in property transactions. There are 3 kinds of legal issues that a common man must be aware of. This includes –

Pre sales

The presale legalities comprises mainly of the requisite permissions associated with a property. For a new apartment, this would include commencement certificate, blue print of the project, development agreement, approvals for electricity, water and sewage, completion and occupancy certificate. For resale flats, it consists of encumbrance certificate, no objection certificate from the builder / society, receipts of the latest light, water, property tax and society maintenance, etc.

On Sales

This is the 2nd most critical process in terms of property laws and comprises mainly of allotment letter, memorandum of understanding and registration of sale deed. In general, when buying a new home, the entire concentration goesin arranging the finance and getting the deal executed, rather than concentrating on legal clauses embedded in the draft agreement of sale deed. And this is exactly where people get trapped. Most times, the draft contracts are abruptly biased towards the seller and all sections related to cancellation, refund, possession, etc. are in favor of the owner. Hence, the prospective home purchasers must carefully verify each clause of the agreement before proceeding with the transaction.

Post Sales

These are property laws that home buyers are compelled to exercise in case of unfortunate circumstances or after being cheated by the sellers. These have to be implemented if there is:
  • A delay in possession
  • Registration is not done even after paying the down payment money
  • One flat is sold to multiple people Promised amenities are not delivered, etc.
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Item Reviewed: The legal issues while dealing with real estate Rating: 5 Reviewed By: Trung Thanh Le