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23 May 2024
An encumbrance is a claim made against a property by someone other than the current title holder. The term encumbrance covers a wide variety of financial and non-financial claims that may or may not affect the value of the property. It is important, from a buyer’s perspective, to be aware of any encumbrances on a property, as these will often transfer to them along with the ownership of the property.
22 May 2024
A legal title report is a written analysis of the status of the title of the property, including a description of the said property, names of titleholders and how the title is held (e.g. joint tenancy). It also includes applicable taxes and encumbrances for the same.
21 May 2024
Title is a legal term that refers to the ownership right to a property. Every property has a title which is created in accordance with the laws relating to immovable property such as Transfer of Properties Act, India Registration Act and Indian Stamp Act. Titles can depict ownership of both personal and real property. Personal Property is anything that does not include real estate such as appliances, furniture, antiques, artwork, etc whereas Real Property includes the physical property of real estate as well as bundle of ownership and usage rights.
20 May 2024
Agricultural land is land that is used for the purpose of agriculture which includes the cultivation of crops, fruits, vegetables, grass, trees, horticulture, poultry farming, breeding of livestock, breeding of fish, bee keeping, etc. It also includes land used for any purpose which is ancillary to its cultivation, e.g. land used for grazing cattle.
17 May 2024
Leasehold refers to the legal right given to an individual or entity, by the owner, to live in or use a building or piece of land for an agreed period of time. In India, leasehold land most commonly have tenures ranging between 30 to 99 years.
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16 May 2024
Collector’s Land refers to land belonging to the government that falls under the control of the revenue department and is therefore owned by the City Collector. Collector’s Land is leased out to individuals and / or entities for the purpose of development. Prior permission must be sought from the state to rent, gift, transfer and / or sell properties built on Collector’s Land.
15 May 2024
Free Hold land is one which is “free from hold” of any entity besides the owner. The owner owns the building and the land upon which it has been built in perpetuity.
14 May 2024
Land constitutes of all things permanently attached to the surface of the earth such as ground, trees, wells, rivers. etc. It is a natural resource that is the centre of all economic activities. Therefore, land is classified on the basis of its economic use, i.e., agricultural land, non-agricultural land and forest land.
13 May 2024
Parquet flooring refers to a particular type of wooden flooring that consists of a geometric pattern formed by placing tiny wooden slats together. It’s texture and durability is similar to hardwood floor as the strips are made of hardwood. This form of flooring was first introduced in the 17th century in France as a cheaper substitute to marble. Today it is a popular choice due to its aesthetic appeal.
10 May 2024
A junction box, also known as a J-box is a wall-mounted unit that contains all the electrical connections in a house. It serves as the communal meeting spot for electrical wires, where they connect before moving on throughout the house. These boxes protect the electrical connections from external forces and inhabitants of the house from accidental electric shocks. A J-box is usually made up of plastic or metal, wall mounted and concealed behind an access panel.
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