REAL ESTATE

The Real Estate (Regulation and Development) Act, 2016 is an Act of the Parliament of India which seeks to protect home-buyers as well as help boost investments in the real estate industry. The Act establishes Real Estate Regulatory Authority (RERA) in each state for regulation of the real estate sector and also acts as an adjudicating body for speedy dispute redressal. The bill was passed by the Rajya Sabha on 10 March 2016 and by the Lok Sabha on 15 March 2016. The Act came into force on 1 May 2016 with 59 of 92 sections notified. Remaining provisions came into force on 1 May 2017. The Central and state governments are liable to notify the Rules under the Act within a statutory period of six months.

 

Due Diligence

  • Verification of original documents for authenticity
  • Checking Title
  • Confirming the Schedule of properties
  • Looking for Encumbrance

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Registration of properties

  • Drafting, vetting and Printing of necessary documents
  • Getting appointment with the Sub Registrar’s office
  • Taking the registration process through

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What is Encumbrance?
An encumbrance is a right to, interest in, or legal liability on real property that does not prohibit passing title to the property but that diminishes its value. Encumbrances can be classified in several ways. They may be financial (for example, liens) or non-financial (for example, easements, private restrictions). Alternatively, they may be divided into those that affect title (for example, lien, legal or equitable charge) or those that affect the use or physical condition of the encumbered property (for example, restrictions, easements, encroachments). Encumbrances include security interests, liens, servitudes (for example, easements, wayleaves, real covenants, profits a prendre), leases, restrictions, encroachments, and air and subsurface rights. Also, those considered as potentially making the title defeasible are encumbrances, for example, charging orders, building orders and structure alteration. Encumbrance: charge upon or claim against land arising out of private grant or a contract.

Encumbrance” by Wikipedia is licensed under CC BY 2.0
What are some of the important property documents?
  1. Sale Deed/Title deed /Mother deed/Conveyance Deed
  2. RTC Extracts
  3. Katha Certificate and Extracts
  4. General Power of Attorney
  5. Sale Agreement between Builder and 1st Owner
  6. Construction Agreement between Builder & 1st Owner
  7. Sale agreement with the Seller

Ref : “Property Documents

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