We may come across such situation in which seller want to sell his property but said property is mortgage with a bank or any financial institution as collateral security towards loan(s) availed in past. Seller may not able to pay of outstanding balance of loan before execution of sale deed in favour of buyer as […]
The concept of POA has been discussed under two laws in India – the Powers of Attorney Act, 1882 and the Indian Stamp Act, 1899. These legislations defined POA as an instrument empowering a specified person to act on behalf of the person executing the transaction. Basically, a person gives another person the legal right […]
The registration of property in Gujarat, governed by the Registration Act, 1908, mandates that transactions involving any immovable property must be registered with the governing body concerned so that a clear and well-defined transfer of title to the owner of the rightful property. Registration of assets becomes a public record on a permanent basis and […]
Mutation means transfer or change of title in the records of the local municipal body for the concerned property. The change in title ownership may occur due to a number of reasons like death of the original owner and subsequent transfer of the ownership due to inheritance or succession. Below is the list of reasons […]
The duly stamped registered sale deed along with other original property documents are critical evidence of property ownership. No transaction concerning the property can take place unless the original papers are furnished. A person cannot buy or sell the property without original property documents. Also, loan cannot be taken on the property without having all […]
The provisions of SARFAESI Act apply to outstanding loans (above Rs. 1 lakh), which are classified as Non-Performing Assets(NPA). NPA loan accounts amounting to less than 20% of the principal and interest are not covered under this Act. The most Important section of SARFAESI Act is section 13(2), which provides that if a borrower who […]
Owning extra houses and earning rental income from those houses is considered a good source of passive income. However, if proper steps are not taken, this easy source of income can turn into a nightmare. Especially if you happened to deal with irresponsible tenants. What is an Eviction? Generally, an Eviction is a process whereby […]
The word probate is derived from the Latin phrase ‘probare’, which means to have proven. Probate is a certified copy of the Will which is the official proof. The executor issues it with a seal of the court that authorises him to execute or implement the bill. Will Probate adds a legal character to the […]
A will or testament is a legal document by which a person, the testator, expresses their wishes as to how their property is to be distributed after death, and names one or more persons, the executor, to manage the estate until its final distribution. DEFINITION As per Section 2(h) of Indian Succession Act, 1925 provides that […]
Model Tenancy Act has been approved by the Union cabinet on Wednesday, June 2, 2021. The main trigger for this is the 1.1 crore vacant houses that were found to be locked and empty in the 2011 census. Chances are that this number must have risen in the past 10 years. This model law now […]
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