Property Matter

What is the Transfer of Property Act?

The Transfer of Property Act 1882 is a law made by the Government of India, which came into force on 1 July 1882. The Act deals with all aspects of property transfer between living beings. According to the Act, transfer of property means the transfer of property from one person to one or more persons or himself. The transfer may also involve a company or body or association of persons. This Act of transfer of assets (of existing assets) may be done at present or may be decided to be used in the future.

Properties under the Indian legal system are broadly divided into two categories: immovable and movable property. The law on the transfer of property includes rules for the transfer of movable and immovable property. The term 'transfer' in the Act consists of a transfer through a mortgage, exchange, gift, sale, actionable claim, or lease.

•    Movable Property: It refers to property that can be moved from one place to another without any change in its quality, capacity, or quantity.
•    Immovable Property: It refers to property that cannot be transferred; It can be moved only after changing or destroying it. 

More than the mere delivery of immovable property is required for the transfer of immovable property. It has to be registered in the name of the transferee. It is mandatory to register the immovable property under the Indian Registration Act 1908, provided the property's value exceeds one hundred rupees.

What is the scope of the TP Act?

•    According to TP Act, the transfer of property can take place in two ways: by operation of law or by an act of two or more parties. The Transfer of Property Act primarily applies to the transfer of immovable property.
•    However, the Act does not cover the transfer of property by operation of law, i.e., transfer by way of forfeiture, sale by execution of an order, inheritance, or insolvency. The Act also does not apply to the disposal of property in the case of a will or inheritance of property.

Why do we need a lawyer when buying a house?

•    A real estate attorney will thoroughly investigate the title and approvals of the land.
•    A real estate attorney will make sure the contract is not unfair.
•    That will help you identify any contingencies that you may have overlooked.
•    The more complex the transaction, the more likely you will benefit from a lawyer's expertise.
•    Even with a self-help window like RERA, a lawyer can effectively counter the builder's legal team.
•    They are making the builder legally liable if the project is delayed or commitments are not met.
•    In most cases, legal, due diligence beforehand will protect you from future lawsuits.

Importance of a real estate attorney: A buyer requires a real estate lawyer at three stages: 

•    Pre–purchase: At the pre-purchase stage, the buyer must know whether the builder has the required approvals.
•    During purchase: During procurement, due diligence is done regarding the documents signed by the buyer. "You need to know what papers you are signing. In all likelihood, you will be signing an allotment letter, which may also be called a booking form or an agreement to sell, which is on stamp paper. If you sign those papers, you have given your consent; hence, taking them back is difficult. Even during the purchase, you should be careful about signing those papers and the payment made to the builder or broker. The delayed timelines after purchase and till you get the property handover and ensure that the layout is as per approval, etc., need to be checked.
•    Even after purchase: After purchase, want to sell to someone, then also need advocate.
Possession of property is a legal right of its owner. Any property owner has the right not to be occupied against his will. No person can be dispossessed from his property against his will. Today, day by day, crimes are increasing in society. Habitual criminals directly occupy the land houses of ordinary civilized citizens at knife and gunpoint and evict them from the property.

You must have got the answer to why it is important to hire a property lawyer. Apart from this, a property lawyer also solves your more specific problems like eviction of illegal possession from your property, ancestral property settlement, and partition of property among siblings, etc.

What are Intellectual Property Rights?

The rights granted to individuals in the context of their intellectual creation are called intellectual property rights. It is understood that if a person does any intellectual creation (such as the creation of a literary work, research, invention, etc.), that person should have exclusive rights over it. Since this right is only for intellectual creation, it is called intellectual property right. If you are looking for an Intellectual Property Lawyer, then contact Vakilkaro.

Why choose Vakilkaro?

Behind every successful law firm are the hard work of its advocate team and the trust of its clients. Advocates at Vakilkaro are well-experienced in property disputes and have vast knowledge about every legal matter. Only the best property dispute lawyer can help you to register your property or take your part from the ancestral property; if your brother is not giving you property, then Vakilkaro provides a conveyancing lawyer, and if still not convinced then help you in filing a suit against him, a Vakilkaro advocate will help you in each step. Only India's top lawyer can do this, and Vakilkaro has India's leading best property lawyer.

Contact the best Property Advocate in Vakilkaro today. You can give us a call at 9828123489 or may write an Email also at help@vakilkaro.co.in. We are here to serve you 24/7.

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