Wednesday, 22 May 2013

Legal Terms used in Mumbai Ongoing Construction Projects Dealings

Last year, real estate sector had witnessed an average 12% annual growth rate resulting from the hype and boom of BPO sector. Mumbai Ongoing Construction Projects No wonder Ongoing Projects Mumbai are considered to be the safest investment field since the risk is lower than mutual funds, stocks or debentures. Mumbai Ongoing Construction Projects have increased employment opportunities in the ancillary sector like consultant, realtor, property inspectors etc. but ordinary people are still wary of the term and fail to fathom its utility value due to their ignorance of law. It is true that real estate deals involve lot of incomprehensible legal jargons but under the iron veil of law, these terms are useful and user friendly. The first and foremost thing one must understand whether the property is Leasehold or Freehold. In case of a Leasehold plot, a sanction is granted from the Title Paramount, here the President of India, in favor of the Lessee. Ongoing Projects Mumbai The lease conditions may be perpetual or annually renewable. The charge is payable to Land Development Authority. It is not easily transferable and prior permission from Land Department is required. In cases of Freehold properties, like Ongoing Projects Mumbai, the Title Paramount conveys the ownership of the property in favor of the purchaser by a simple execution of title deed. There is no restriction on the right to transfer the property but each time it is transferred, stamp duty is payable. The record of ownership for a Freehold property can be taken from Sub-registrar. A Freehold property has a better marketability and liquidity. Another term that often baffles the potential buyers is called ‘Title’. It is nothing but the Right to Ownership and Possession. In most cases, the veracity of the Title could not be established due to truncated deeds. Be aware of this while examiningMumbai Ongoing Construction Projects. Good Title and Marketable Title are not synonymous though often used interchangeably. A Good Title is free from any defect or litigations and easily transferable to another party. A Marketable Title is free from reasonable doubts and would not compel the buyer to face any litigation. Thus a Marketable Title is not perfect but its antecedents are easily found. Ongoing Residential Projects In Mumbai Title Due Diligence means to check circumstantial evidence to ensure no litigations or improper documentation is involved to the title of the property. Without checking Title due diligence while buying property may end up in legal disputes and in India the settlement process is very slow.