Ownership of real estate is often regarded as a major step in terms of future security and financial stability. For any person, securing the family financially is essential. Yet, there are several aspects that have to be taken into account while dealing with property. From the formalities involved in purchasing and selling a property to regsitering the same, there are several legal aspects that have to be dealt with. Simultaneously, there are numerous issues such as succession, inheritance, and other conditions that may lead to complications from a legal perspective. Hence, buyers and sellers of property should have a clear understanding of their property rights in India for navigating the entire realty market landscape and bypassing any potential legal problems.
The right to property is regarded as a fundamental one from the time of the passing of the Indian Constitution back in the year 1950. Yet, in the year 1978, there was the introduction of the 44th Amendment Act which completely changed this right into a legal one. Alongside, multiple exceptions and provisions came into play for securing these property rights of sellers or buyers.
Property rights in India are majorly governed as per these official legislations:
In India, the Transfer of Property Act 1882 governs property transfers. This act clearly defines the various types of transfers and outlines the formalities that must be followed to ensure that a property transfer is lawful. It is essential to adhere to these guidelines to avoid any legal complications in the future.
Various papers, such as leases, mortgages, and sale deeds, must be registered following the rules of The Registration Act of 1908. Registration of documents gives them legal sanctity.
This law regulates how property is transferred after a person dies, including intestate succession, wills, and inheritance laws.
This law explains the steps that must be taken for the government to purchase private property for public use.
There are several kinds of property ownership in the country. Each type has its own accompanying responsiblities and legal rights. A freehold owner is one who has unlimited legal rights over the property without any restrictions or limitations. He/she will have full authority over the property and the land in question. Leasehold owners are those who have taken the property for usage for a certain period from any authority or the actual owner. They do not have as many rights.
Cooperative society models are also used for property ownership where all members have ownership shares and maintenance responsibilities. At the same time, there is a system of joint ownership where two or more people are the property owners with equal rights and responsibilities over their respective portions.
Understanding property rights also involves recognising the associated rights and responsibilities:
They hold responsibilities for making payments of property taxes to the Government and other local authorities. They also have responsibilities petaining to maintaining the property suitably along with conducting necessary repairs and maintenance. They also have to adhere to necessary local zoning guidelines while taking measures for safeguarding the tenants of the building, if it is applicable.
Legal property rights are the key cornerstones for deals in the real estate market. Gaining a better understanding of the whole system and how it works is vital. Owners should also know more about the ownership categories and their rights and responsibilities. This knowledge also enables superior decision-making for both sellers and buyers alike.
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