Property Laws to Buy and Sell you home

Property Laws Every Homebuyers Should Know Before Buying a Home

April 18th, 2021

 

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Buying a home is not as complicated as it sounds to be and all the main laws that you need to know while buying a home are put across in this article.

The first step towards buying a property is to understand that all project details are available on the website of the RERAof the state under the Real Estate (Regulation & Development) Act, 2016. Information regarding the title, facilities and possession agenda of the project are available on this website, together with details of building construction progress, clubhouse, gym, park, etc. as updated by the developer.

RERA ensures that your payments to your developer are in the deed monitored by the Authority and that the developer is allowed to withdraw from this account only upon providing proof of construction and use of the amounts by submission of an architect, engineer and CA certificate.

In case of any delay, the developer has to pay compensation as per RERA guidelines. Otherwise, you can withdraw your booking and seek refund with compensation. Also, once the plans for the property are approved by the authority, the developer cannot rectify it without two-third consent of all the consumers in the project.

After you have selected the property, you have to get execution and registration of the agreement for sale for the property by paying stamp duty as per the Indian Stamp Act, as per the State laws and registration fees as per the Registration Act. This is aslo called title document for your property. Instead of a sale, you may consider a lease, exchangeof a property as per the Transfer of Property Act.

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You have to ensure that the payment of consideration for the property is being made by the person whose name the agreement/ sale deed is being registered so that there is no violation under The Benami Transactions Amendment Act, 2016.

Benami transactions means when a person’s own name is not used and instead, the name of another person or a imaginary person is used to buy a property; or where the proprietor of the property has no idea of his/her ownership; or where the person paying the consideration is unrecognizable.

Permissible exceptions include property held by a member of the HUF (Hindu Undivided Family), or a person holding property in a trustee capacity; or any individual holding property in the name of his spouse or child; or an individual holding property jointly with a lineal ascendant.

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