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22 Jul 2024
A Resident Welfare Association (RWAs) is a non-government entity responsible for overseeing the upkeep and interest of a residential society in a colony or city. RWAs also organise events, collect monthly maintenance from members and safeguard the interest and rights of its members. The Societies Registration Act 1860 governs RWAs in India.
19 Jul 2024
A co-operative housing society is a legal entity that can own one or more residential buildings. Membership is granted by way of a share purchase and share-holders are given the legal right to occupy a housing unit within the society.
18 Jul 2024
Foreclosure is a legal process that allows lenders to recover the amount owed on a defaulted loan by taking ownership of and selling the mortgaged property.
17 Jul 2024
Eviction is the civil process wherein a landlord legally removes a tenant from their rental property. This usually occurs when the terms of the rental agreement have been breached or in other situations as permitted by law.
16 Jul 2024
An easement refers to a party's right to use or improve portions of another party's property, or to prevent the owner from using or improving the property in certain ways. The first type is referred to as affirmative easement, e.g. A utility company may have the right to run a gas line through a person's property or pedestrians may have the right to use a footpath that passes through that property. A negative easement restricts the title-holder from doing something, e.g. An owner may not be allowed to build a structure in his garden that would block his neighbour's light.
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15 Jul 2024
A restrictive covenant is an agreement that a seller writes into a buyer's deed of property that restricts how the buyer may use that property. For example, the seller may want the buyer to leave a building's original facade intact. As long as they don't break the law, restrictive covenants can be as specific and arbitrary as the parties are willing to agree to.
12 Jul 2024
The registration fee is calculated at the rate of 1% of the agreement value of the property with a maximum cap of Rs. 30,000/-.
11 Jul 2024
A sale is a complete out-and-out transfer of ownership of a property (with all its rights and liabilities) from one person (or more) to another (or more) in exchange for a consideration, i.e. money. As per Section (17) of the Registration Act 1908 registration of a sale is mandatory when the value of the immoveable property exceeds INR 100/-. If a property is transferred for something other than money, the transaction is referred to as an exchange and not a sale.
10 Jul 2024
A contract of sale or an agreement to sell is a document prepared by both parties which entails the mutually agreed upon terms by which the sale will take place. As per the Transfer of Property Act 1882, a contract of sale or an agreement to sell in itself does not created any interest in or charge on the property mentioned in the contract. Therefore, an actual sale and an agreement to sell are two distinct concepts.
09 Jul 2024
The Transfer of Property Act 1882 is an Indian legislation which regulates the transfer of property in India. It contains specific provisions regarding what constitutes a transfer and the conditions attached to it.
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