Why you must hire a Lawyer for your property deal?

For most of the people, buying property isa “once in a life time” kind of a thing. People spend their entire life savings to buy their dream home. However, there are instances during the dealings where some information and documents might slip right underneath their nose. Hiring a lawyer helps to overcome such situations.

Who are Property Lawyers?

Property law is the area of law that administers the various forms of ownership and tenancy in real property and personal property with in the common law legal system. A property lawyer is a civil lawyer who is an expert in matters of real estate.

 When do you need a property lawyer?

There are several cases where a property lawyer will assist you. Property lawyers oversee any contracts, address liens and filings.

In thecase of a property dispute during or after the transaction, hiring a property lawyer will ensure you get maximum protection within the legal frame work. The lawyer will fulfill all your legal requirements and is well-versed with the new property laws.

Here are few legal disputes where hiring a lawyer is imperative

Illegal Possession of Property – Disputes arising from the unlawful possession of property. If a person in possession of the property is not authorized to possess the same, they can be sued by the lawyer in the court of law.

Title Disputes

If a person may challenge the registration of a property in the name of some one else.

Rental Disputes

A conflict between the landlord and tenant regarding the possession of the building, rent dues, or breach of the terms and conditions of thelease agreement.

Contractual Dispute

Conflicts between two parties who entered into an agreement or signed a contract for use, sale, transfer, or development.

Ancestral Property Dispute

In thecase of ancestral property, the number of coparceners and their shares should be ascertained. Minors and the monies due to them should be represented in their share or to the head of the family for legal necessity. Any dispute arising from the same must be either resolved amongst the family or the court of law. Daughter, their married status and the date of marriage must be recognized as the law has been amendedwhich gives equal shares to the daughters in an ancestral property.

Why must yoube prepared before meeting the lawyer?

Meeting a lawyer can be a tedioustask, and most people think they are probably going to get scammed or taken for a ride. There are certain things you need to gather before seeing a property lawyer for the first time. Most of the information pertains to your property transaction, and you must have everything lined up. A lawyer will provide due diligence of documents and ease out the process for your transaction.

Documents and Information required before meeting a lawyer

• Address Proof
• Contact Details
• Proof of Identification for all people involved on your side
• Names of everyone involved in the case; both parties
• Date the dispute began
• Type of Dispute
• Key events (who, what, where, when, and why narrative)
• Current Status
• Correspondence (letters, emails, text messages between you and the other party)
• Any accidents or police reports
• Witness, if any

Since there are several types of property transactions, the required documents may vary according to the case at hand.

When Buying

Mandatory Documents in case of Direct Allotment from Development Authority or Builder –

• Allotment Letter – It is an important document for the buyer as it includes all the details regarding the property, payment, construction schedule, house plans, delivery date, and builder’s liability in case of unforeseen problems with construction. This letter is vital in availing loan from the bank as it mentions the breakup cost, and the bank can finance the unpaid amount.
• Possession Letter – A vital document issued by the developer to the buyer stating the date of possession of property.
• Payment Receipts
• Conveyance Deed – A conveyance deed is one wherein the seller transfers all rights to legally own and keep the property. It transfers ownership and authority from seller to buyer.
• Title Opinion by developer’s lawyer

Mandatory Documents in case of Direct Allotment from a Group Housing Society –

• Membership Certificate or Share Certificate
• List of Members
• Society Registration Certificate
• Allotment Letter
• Payment Receipts
• Possession Letter
• Conveyance Deed

Mandatory Documents when purchasing freehold residential plot or house –

• Copy of Sale Deed through which seller got his title to the property including earlier sale deeds
• Registration details of sale deed
• Purchase agreement
• Payment Receipts

Mandatory Documents when purchasing property from Power of Attorney holder of original allottee of any government development authority

• All the above
• Mortgage permission
• Authorization letter
• General Power of Attorney
• Special Power of Attorney
• Agreement of Will to sell the property

When Selling

Mandatory Documents in case of Resale of Property Under Construction

• All the above
• NOC from Builder, Society or Development Authority that the allottee can nominate another person in his place and the allotment can be transferred to the said person.

Importance of Documentation

Any property transaction involves several types of documents, and the whole procedure can be perplexing to understand for a layperson. Checklist of property documents is a crucial step in every property transaction. Most buyers and sellers are not aware of the requirements and often fall short in providing the same. Since property dealings in India are complex, the documentation varies from transaction to transaction and state to state. Violating provisions by the government can have dire consequences. It is imperative to be represented by a property lawyer to minimize errors and to ensure a proper legal transaction.