For a property buyer, the Property Developer or Builder is the most important person in the life till the sale deed is signed. In most of the cases, the property developer occupies almost 100% mind share during the buying process. He may throw a lot of surprises and unexpected events in your life. Based on my experience with property buyers, i can conclude that hardly 5% property buyers are HAPPY with their interaction with the property developer. In this post, i am using the term property developer instead of the builder. The reason being, anyone, and everyone claims to be a builder. The ... Read More
Being a Joint Owner – 5 Clauses You Should Include In Sale Deed
Being a Joint Owner of a property is a casual affair in India. The potential joint owner of a property doesn't understand the future implications. In my previous post, i highlighted why it is important to mention the type of joint property ownership in agreement. Though the inclusion of Joint Tenants or Tenants in Common is more relevant in case one of the joint owner is deceased. There are certain other clauses that should be included in sale deed to safeguard your interest as a joint owner. Before we proceed, i would like to clarify one of the biggest misconceptions of joint property ... Read More
Why you should mention Type of Joint Property Ownership in Agreement
Joint Property ownership is very common in India, especially with a spouse. Personally, I don't suggest joint property ownership with parents because of inheritance and other hassles/issues. With the increasing marital and family disputes, sometimes joint property ownership becomes a major pain point. During happy times, we don't think of future repercussions. If the potential buyer comes to know about a dispute between joint owners then it might be difficult to dispose of the property. Such sales are distress as i shared in my post, Beware of Heavily Discounted Property. In the case of joint ... Read More
Property Purchase – Five Blunders to Avoid
A property purchase is a mixed feeling for the buyers. Normally, the buyers are super excited at the time of first property purchase. They just want to close the deal asap. Therefore, the probability of blunder is high during first property purchase. Recently, i asked one of my clients to share some property related documents. He emailed me 2 documents. He told me that he received only these 2 documents besides a copy of sale deed and couple of other documents submitted for a home loan. Now he is struggling to sell the property as he bought it 8 years back. I casually asked him, was this his ... Read More
Imp points on Power of Attorney by NRI
A property transaction through Power of Attorney executed by NRI calls for extra checks/scrutiny. A sale deed can be declared NULL and VOID because of a small mistake or error in the execution of Power of Attorney by NRI. Sometimes these errors/mistakes are intentional and most of the times unintentional. In recent past, i came across multiple cases wherein a property transaction was challenged based on error/mistake in the execution of Power of Attorney (POA) by NRI. In many cases, the status of NRI is being concealed by his lawyer/CA in POA to avoid TDS. An NRI executing POA in India cannot ... Read More
Property Transaction – 5 Risks of a Seller
In a Property Transaction, what are the risks of a seller? is asked by many of my readers. As i always maintained a stand that, predominantly property transaction risk is of a buyer. Therefore, most of my posts on real estate are dedicated to the buyers. For the benefit of sellers, in this post we will discuss 5 risks of a seller in a property transaction. From a seller's perspective, the risk is more or less hedged but still it is advisable to take care of certain points. Most of the sellers prefer property transaction through brokers/agents. Obviously brokers have vested interest in the ... Read More