At the time of selling or purchasing a property, either Commercial,
Industrial, Residential or Agriculture Land , all the Parties to the
transaction should ensure that legal rights are recognized and
obligations are carried out. Certain proactive steps can save Parties
from disputes and losses.
Some of the legal tips before going in for a sale/purchase transaction are:
1. Caveat Emptor:
The term means "Buyer Be Aware". It is expected from buyer that he/she be careful while investing money in a property purchase deal.
2. Legitimate possession:
A buyer should make sure that the intended use of the new property is legal under the laws of the land as well as Buyer gets Legal and peaceful possession. Make sure that the purchased property is legal as per the provisions laid out under property laws prevailing to the area where the property is located.
3. Clauses in Agreement:
The property purchase price, payment terms or mode, how possession is to be handed over, fittings and fixtures if any left by the vendor, exact area of the property in previous documentation, property records and actual measurement, transfer charges as applicable should be discussed in the Agreement.
4. Price paid:
As a seller, ensure that you are getting the right price for your property. Also keep in mind the correct time to go for selling the property so that you stand a chance to clinch the perfect deal.
5. Taxation Issues:
Before selling/ buying the property, taxation planning must be done with respect to sale consideration, time period, and further investment to be undertaken.
6. Legal Assistance:
You may seek professional legal help for the following purposes:
a.To verify the title of the property.
b.To confirm its validity in all other legal aspects associated with the property.
c.To draft contract(s) and other related legal documents as per your personal needs.
Some of the legal tips before going in for a sale/purchase transaction are:
1. Caveat Emptor:
The term means "Buyer Be Aware". It is expected from buyer that he/she be careful while investing money in a property purchase deal.
2. Legitimate possession:
A buyer should make sure that the intended use of the new property is legal under the laws of the land as well as Buyer gets Legal and peaceful possession. Make sure that the purchased property is legal as per the provisions laid out under property laws prevailing to the area where the property is located.
3. Clauses in Agreement:
The property purchase price, payment terms or mode, how possession is to be handed over, fittings and fixtures if any left by the vendor, exact area of the property in previous documentation, property records and actual measurement, transfer charges as applicable should be discussed in the Agreement.
4. Price paid:
As a seller, ensure that you are getting the right price for your property. Also keep in mind the correct time to go for selling the property so that you stand a chance to clinch the perfect deal.
5. Taxation Issues:
Before selling/ buying the property, taxation planning must be done with respect to sale consideration, time period, and further investment to be undertaken.
6. Legal Assistance:
You may seek professional legal help for the following purposes:
a.To verify the title of the property.
b.To confirm its validity in all other legal aspects associated with the property.
c.To draft contract(s) and other related legal documents as per your personal needs.
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