THE PURCHASE AND SALE AGREEMENT

The paper first given to a prospective buyer by a real estate broker is the purchase and sale contract. Few people realize that this paper is the most important step in purchasing a home.the details of this agreement determine what you buy and how you buy it. Before signing, read the agreement carefully and discuss with your family lawyer such items as the following:
Exactly what land, buildings and furnishings are included in your offer? Are stove, refrigerator and the like included?

-What details regarding payments should be stated?
-When can you take possession?
-Is the seller to furnish you with a good, marketable title?
-Which kind of deed should the seller give?
-Who pays for the examination of the title to the property in the event the offer is accepted?
-Have utilities been installed and paid for?
-Should a surveyor be employed to determine whether the improvements are actually located on the property?
-Who should pay for the cost of the survey?
-If a mortgage is to be given, who will pay the intangible tax on the mortgage?
-If a loan is to be obtained from an outside lender, who will pay the loan closing costs?
-If termite damage is found, shall the seller pay the cost of repairs?
-What are the zoning regulations, or restrictions, on the use of the property?
-What is the time within which the purchase should be accepted or refused?
-Is the date of such acceptance to be vital to the offer?
-If your offer is accepted, what steps should be taken with respect to insuring the improvements to protect you, the prospective purchaser, pending the final closing?
-What persons (husbands and wives) should be required to sign and accept the offer?
-Who pays for the abstract of title or title insurance?
-Are boundary lines properly specified?
-Are timber, mineral and water rights, if any, properly covered?
-Who is responsible for paying of taxes?
-How should the agreement be executed to make it binding?
-What are the remedies if the buyer or seller defaults?
-Should the purchase be contingent on any outside matters such as the availability of financing on acceptable terms or the sale of the house which you presently own?
-Whose responsibility is it to pay for the broker?
-Whose responsibility is it to pay for governmental special assessments that arise prior to closing?

Lawyer may not be able to answer some of these questions until examining many public records, including court and governmental files.It is desirable that your purchase agreement be prepared by your own lawyer or reviewed by him or her before you sign. Only then will you know the agreement covers your requirements.

Federal Laws governing real estate

Hi
I would like to introduce you with some federal laws of India. The federal laws governing real estate include:

Indian transfer of Property Act.
Indian Registration Act, 1908.
Indian Urban Land (Ceiling and Regulation) Act, 1976.
Stamp Duty.
Rent Control Acts.
Property Tax.
Foreign Funds Investor in India.

Sales, mortgages (other than by way of deposit of title deeds) and exchanges of immovable property are required to be registered by virtue of the Transfer of Property Act. The purpose of Indian Registration Act,1908 is the conservation of evidence, assurances, title, publication of documents and prevention of fraud. It details the formalities for registering an instrument. Indian Urbal Land legislation fixed a ceiling on the vacant urban land that a 'person' in urban agglomerations can acquire and hold. A person is defined to include an individual, a family, a firm, a company, or an association or body of individuals, whether incorporated or not. This ceiling limit ranges from 500-2,000 square meters. Excess vacant land is either to be surrendered to the Competent Authority appointed under the Act for a small compensation, or to be developed by its holder only for specified purposes.

Stamp duty is required to be paid on all documents which are registered and the rate varies from state to state.Rent legislation provides payment of fair rent to landlords and protection of tenants against eviction. Besides, it effectively allows the tenant to alienate rented property.
Property tax is a levy charged by the municipal authorities for the upkeep of basic civic services in the city. In India it is the owners of property who are liable for the payment of municipal taxes.

Finding a Real Estate Advocate

Hi,

Today, I will brief about the tips and tricks to find a real estate advocate.

Planning to buy a property? or Sell a property? Doing any transaction or leasing or renting your property? or God forbidden, fallen prey to any lawsuits; What to do next?

The very first thing you should look for is to find a real estate attorney. He is the only saviour in all of the situations listed above. A well drafted legal documentation and well presented facts come to rescue at such crucial points of time and the craftsman behind these documents is the real estate advocate. Read on to learn more....

The advocates do not carry expertise in earning money through real estate transactions but, they have an expertise to protect us from legal hassles. A good advocte will be one who can suggest of various risks involved in the transactions thought, of course in lieu of an handsome fee depending upon his qualification, expertise and not to forget his own experience and skill set. Now, how to search for advocates?

To start with your hunt for real estate advocates, ask other investors, your friends, collegues, relatives if they know any well qualified real estate advocate, or if they know if any of the known person was not qualified enough. Ask for referrals, if any. Real estate agents can prove to be a beneficial source. Never ever just contact anyone, by seeing listings or advertisements in magazines, newspapers and on internet.

Once you manage to make a contact with any of the concerned advocate, think of questions, you shud ask him. You can ask for the following questions:

what is his experience? Has he litigated any of the real estate related transactions till date?
what is his success ratio? can he provide you with the contact details for the parties he has represented or has he any feedback from the parties he has worked for? Look for that can he explain you with the basic procedures involved in any transactions? Does he knows about contracts to be used in real estate transactions?

After listening to his responses, just try to get a feel of his experience, knowledge, skill, smartness and his own personality. A good attorney is worth gold. Happy hunting..........................

Introduction

Hi,

I am Praveen Jagtyani, a law student. I have a keen interest in Laws and hence, selected the law my profession.

The Indian Laws especially, the Indian Realty Laws have always fascinated me a lot.I am further planning to become a property lawyer. Property Laws have been inherited from the then prevailing engligh laws and practised by the britishers. Since independence and till date many laws have been reformed and new ones passed, collating different needs of different sections of the society.

Indian Property law information is an untapped potential. If people will be enriched with their basic rights related to property, then I am sure, half of the cases, standing pending in the Indian courts will be vanished in sky. Through this blog I will be bringing the legal facts of the Indian Constitution, its legislature and fascinating facts about the indian property laws.

Check back this blog on weekly basis for enriching your knowledge about indian property laws.