You have been eyeing a property in the city. You have saved enough to afford the house, but once you set about the process of actually buying it, you realise that it is quite a complicated procedure. So where does the layperson start ? How do you go about buying and selling? Who will help you negotiate, liaise with the developer/buyer, value the property, check title-deeds, draft the agreement, register, and get the best deal ? A good lawyer, of course.
Many buyers and sellers go about their transactions without professional help. But in fact, this can lead to complications and misinterpretations.Hiring an able lawyer will help smoothen real estate dealings. Real estate is not simply about locating what you want and plumping down the cash. You may inspect a plot or building and say, “That looks fantastic.” But don’t take the plunge yet.
Behind the beautiful façade there may be snags aplenty - spurious or no title deeds, illegal permits, pending litigation, defective land use classification, encroachments, encumbrances and a host of critical concerns that do not catch the unwary, unknowing eye.
Title is vital
A good title is the foundation stone for a valid real estate transaction. For those of you who wish to become genuine trouble-free land owners, and have no clue how to go about it, here’s a quick guide to what a real estate attorney will do for you.
• Assist in negotiations between parties, property inspection, valuation and fair agreements.
• Due Diligence: Going through the gamut of the real estate transaction processes with an eagle eye.
• Title confirmation of current land owners, including verification of sale deeds and other title deeds pertaining to previous transactions to check proper flow of title.
• Ensuring that there is no pending litigation.
• Zoning/Land Use/Acquisition: To ensure proper classification regarding urban, commercial and check if any acquisition action is pending.
• Checking if Open Space Reservation (OSR) will be applicable to the property.
• Verifying statutory obligations: Up to date payments of Property/ Corporation Tax, Water and Sewage charges payment receipts.
• Physical Verification of Tital Deeds : It is not enough to check the title flow. Authentication with the originals, is an absolute must.
• Document Preparations
Another crucial part of the proceedings. Only a lawyer wellversed in documentation, can guarantee that things are legally foolproof, or rather litigation-proof.
• Registration of documents
The legal sealing and stamping of the deal at the Registrar’s Office. Registration is done after valuation of the property and calculation of the stamp duty and other dues.This is only a broad outline of the due diligence process and all that needs to be done legally. Specialised assistance is invaluable, to steer you through the real estate contracts.