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- Sale deeds
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Sale defined. Sale is a transfer of ownership in exchange for a price paid or promised or part-paid and part-promised.
How is sale made. Such transfer, in the case of tangible immovable property of the value of one hundred rupees and upward, or in the case of a reversion or other intangible thing, can be made only by a registered instrument. In the case of tangible immovable property, of a value less than one hundred rupees, such transfer may be made either by a registered instrument or by delivery of the property. Delivery of tangible immovable property takes place when the seller places the buyer or such person as he directs, in possession of the property.
Contract for Sale. A contract for the sale of immovable property is a contract that a sale of such property shall take place on the terms settled between the parties. It does not, of itself, create any interest in or charge on such property.
Stamp Duty: Stamp duty on the Sale deed differs from State to State. Stamp duty being a state subject , can be ascertained from the Sub-Registrar of the State, Region where the document has to be registered.
Registration: All the documents to be registered, have to be accompanied by a prescribed registration fee as per the State, Region where it has to be registered. - LEASE/RENTAL-DEED
- Lease defined. A lease of immovable property is a transfer of a right to enjoy such property, made for a certain time, express or implied, or in perpetuity, in consideration of a price paid or promised, or of money, a share of crops, service, or any other thing of value, to be rendered periodically or on specified occasions, to the transferor by the transferee, who accepts the transfer on such terms.
Lessor, lessee, premium and rent defined. The transferor is called the lessor, the transferee is called the lessee, the price is called the premium and the money, share, service, or other thing to be so rendered is called the rent.
Essentials of Lease. An instrument of lease must contain the duration of the lease, the time of commencement, the amount of rent or premium, if any, the time of payment and the covenants between the lessor and the lessee upon which the lease should be granted.
Period of Lease. A lease may be from year to year, or month to month, or in perpetuity.
Leases how made. A lease of immovable property from year to year, or for any term exceeding one year, or reserving a yearly rent, can be made only by a registered instrument.
All other leases of immovable property may be made either by a registered instrument or by an oral agreement accompanied by delivery of possession.
Where a lease of immovable property is made by a registered instrument, such instrument, or where there are more instruments than one, each such instrument, shall be executed by both the lessor and the lessee.
Stamp Duty: Stamp duty on the Sale deed differs from State to State. Stamp duty being a state subject , can be ascertained from the Sub-Registrar of the State, Region where the document has to be registered.
Registration: All the documents to be registered, have to be accompanied by a prescribed registration fee as per the State, Region where it has to be registered. - PARTITION DEED
- A partition deed is a settlement between the family members, members of a Joint Family property can enter into an partition deed to divide the property among themselves by executing a Deed. This deed can be registered before a Sub-Registrar’s Office.The Stamp Duty on this deed varies from State to State and registration fee of the document should also be borne by the executants.
Stamp Duty: Stamp duty on the Sale deed differs from State to State. Stamp duty being a state subject , can be ascertained from the Sub-Registrar of the State, Region where the document has to be registered.
Registration: All the documents to be registered, have to be accompanied by a prescribed registration fee as per the State, Region where it has to be registered. - WILL
- A Will or Testament is defined as declaration, made in accordance with the formalities required by statute, of the intention of the person making it with regard to the matters, which he wishes to take effect upon or after his death. Until then it is a inchoate or ambulatory document which can be revoked, modified or substituted by another such document.
Will is defined in Section 2(1) of the Indian Succession Act, 1925 as the legal declaration of the intention of a testator with respect to his property, which he desires to be carried into effect after his death. Testamentary document is of two types;
(1) A Testament or Will and
(2) A codicil (Section 2(b) of the Indian Succession Act, 1925) is an instrument made in relation to a Will and explaining, altering or adding to its disposition and shall be deemed to form part of the Will. A codicil unlike a Will is not an independent document but is an appendage to the main document that is the Will. Person capable of making Wills:
- Every person sound mind not being a minor, may dispose of his property by Will.
A married woman may dispose of by Will any property, which she could alienate by her own act during her life.
No person can make a Will while he is in such a state of mind, whether arising from intoxication or from illness of from any other cause, that he does not know what he is doing.
Will obtained by fraud, coercion or importunity: - A Will or any part of a Will that making of which has been caused by fraud or coercion or by such importunity as takes away the free agency of the testator, void (Section 61 of the Indian Succession Act, 1925) At least two witnesses should attest the execution of the will .
- GIFT DEED
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Definition of Gift. Gift is the transfer of certain existing movable or immovable property made voluntarily and without consideration, by one person called the donor, to another, called the donee, and accepted by or on behalf of the donee.
Acceptance when to be made Such acceptance may be made during the lifetime of the donor, and while he is still capable of giving.
If the donee dies before acceptance, the gift is void.
Transfer how effected. For the purpose of making a gift of immovable property, the transfer must be effected by a registered instrument signed by or on behalf of the donor, and attested by at least two witnesses.
For the purpose of making a gift of movable property, the transfer may be effected either by a registered instrument signed as aforesaid or by delivery.
Such delivery may be made in the same way as goods sold may be delivered.
Gift of existing and future property. A gift comprising both existing and future property is void as to the latter.
Gift to several, of whom one does not accept. A gift of a thing to two or more donees of whom one does not accept it is void as to the interest which he would have taken had he accepted.
When gift may be suspended or revoked. The donor and donee may agree that on the happening of any specified extent, which does not depend on the will of the donor, a gift may be suspended or revoked; but a gift which the parties agree shall be revocable wholly or in part, at the mere will of the donor, is void wholly or in part, as the case may be.
A gift may also be revoked in any of the cases (save want or failure of consideration) in which, if it were a contract, it might be rescinded.
Save as aforesaid, a gift cannot be revoked.
Nothing herein contained shall be deemed to affect the rights of transferees for consideration without notice.
Stamp Duty: Stamp duty on the Sale deed differs from State to State. Stamp duty being a state subject , can be ascertained from the Sub-Registrar of the State, Region where the document has to be registered.
Registration: All the documents to be registered, have to be accompanied by a prescribed registration fee as per the State, Region where it has to be registered.
- Property Dispute:
- Legal Advice on all property related litigation like filing of suits, settlement, etc.,
- Inheritence
- Legal Advice on matters relating to inheritance of property.
- Transfer of Property
- Title search of a property and subsequent opinions for buying & selling of a property.
- Property registration
- Drafting of deeds & registration of a property before Sub-Registrar’s office
- Basic Valuation
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- Basic property details like address, type of property, layout
- Locality information
- LSimple Base property description from valuators
- LMarket pricing data
- LApplicable market price for the property
- LSample transaction data in and around the property locality
- LConstruction prices (applicable for constructed properties)
- LDetailed computation for valuation
- LFinal valuation and certificate of valuation as an valuator opinion
- Detailed Valuation
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- Basic property details like address, type of property, layout, current and past usage of the property
- Locality information
- Detailed property description from valuators including boundaries, taxes, amentias, distances, type of building, construction type etc.
- Current resident/ occupancy details
- Assets at the location in addition to land, list of add on with the moving or stationary assets
- Market sale pricing data with rental pricing
- Applicable market price for the property
- Sample transaction data in and around the property locality
- Construction prices (applicable for constructed properties)
- Detailed computation for valuation
- Final valuation and certificate of valuation as an valuator opinion
- 360 Degree Valuation
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- Basic property details like address, type of property, layout, current and past usage of the property
- Locality information
- Detailed property description from valuators including boundaries, taxes, amentias, distances, type of building, construction type, topographics details, property characteristics, electricity, water system etc.
- Current resident/ occupancy details
- Assets at the location in addition to land, list of add on with the moving or stationary assets
- Market sale pricing data with rental pricing
- Govt valuation of the locality and the property
- FAR and other govt data applicable to the property
- Applicable market price for the property
- Sample transaction data in and around the property locality
- Construction prices (applicable for constructed properties)
- Detailed computation for valuation with 3 parts – total valuation, Govt valuation, Legal valuation (includes only legal construed parts)
- Property price forecasts upto 3 years
- Final valuation and certificate of valuation as an valuator opinion
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