advocateselvakumar

Property Developers and Builders

conveyancing

Property Registration

Property transfer advisor

Wednesday 30 March 2016

ADJUDICATION AS TO STAMPS

The provisions of The Karnataka Stamp Act, 1957 regarding Adjudication as to stamps are as below;

Adjudication as to proper stamps

Section 31(1) When any instrument, whether executed or not and whether previously stamped or not is brought to the Deputy Commissioner, and the person bringing it applies to have the opinion of that officer as to the duty (if any) with which it is chargeable, and pays a fee of (one hundred rupees) the Deputy commissioner shall determine the duty (if any) with which, in his judgement, the instrument is chargeable.

(2) For this purpose the Deputy commissioner may require to be furnished with an abstract of the instrument, and also with such affidavit or other evidence as he may deem necessary to prove that all the facts and circumstances affecting the changeability of the instrument with duty or the amount of the duty with which it is chargeable are fully and truly set forth therein, and may refuse to proceed upon any such application, until such abstract and evidence have been furnished accordingly:

Provided that –

a)No evidence furnished in pursuance of this section shall be used against any person in any civil proceeding except in any enquiry as to the duty with which the instrument to which it relates is chargeable; and

b)Every person by whom any such evidence is furnished, shall on payment of the full duty with which the instrument to which it relates, is chargeable, be relieved from any penalty which he may have incurred under this Act by reason of the omission to state truly in such instrument any of the facts or circumstances aforesaid.

Certificate by Deputy Commissioner.

Section 32(1) When an instrument brought to the Deputy Commissioner under section 31, is in his opinion, one of a description chargeable with duty, and

a)The Deputy commissioner determines that it is already fully stamped

b)The duty determined by the Deputy Commissioner under section 31, or such a sum as, with the duty already paid in respect of the instrument, is equal to the duty so determined, has been paid, the Deputy Commissioner shall certify by endorsement on such instrument that the full duty (stating the amount) with which it is chargeable has been paid.

(2)When such instrument is, in his opinion, not chargeable with duty, the Deputy Commissioner shall certify in manner aforesaid that such instrument is not so chargeable.

(3) Subject to any orders made under Chapter VI, any instrument upon which an endorsement has been made under this section shall be deemed to be duly stamped or not chargeable with duty, as the case may be; and, if chargeable with duty, shall be receivable in evidence or otherwise, and may be acted upon and registered as if it had been originally stamped:

Provided that nothing in this section shall authorise the Deputy Commissioner to endorse-

a)Any instrument executed or first executed in India and brought to him after the expiration of one month from the date of its execution, or first execution, as the case may be;

b)Any instrument executed or first executed out of India and brought to him after the expiration of three months after it has been first received in the State of Karnataka; or

c)Any instrument chargeable with a duty not exceeding fifteen paise or a mortgage of crop (Article 35 (a) of the Schedule) chargeable under clause (a) or (b) of section 3 with a duty of twenty-five paise, when brought to him, after the execution thereof, on paper not duly stamped.

c)Any instrument chargeable with a duty not exceeding fifteen paisa or a mortgage of crop chargeable under clause of section 3 with a duty of twenty five paise,when brought to him, after the execution thereof on paper not duly stamped

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Tuesday 29 March 2016

ADDITIONS,ALTERATIONS AND CANCELLATIONS TO PROPERTY DOCUMENTS

Documents are the record of assorted transactions; they contain sure terms, conditions, thought quantity, and names of the parties to the dealing, date of the dealing, clear and complete description of the topic of dealing, thus on build them simply known. For example; Sale Deed of a property contains the origin, flow of the title, gift standing, names of marketer and buyer, thought quantity, easementary right and temporary description of the property with construction and limits. They’re the permanent records that are relied on for generations. Such documents should be clear, readable, and freed from error and will not produce any doubts or disputes. They replicate the terms of dealing that each the parties have freely consented.

At times, some additions, alterations, cancellations are inevitable, that are noticed at the time of execution. Any such alterations, cancellations, additions ought to be done before presenting the document for registration. All such modifications ought to be attested by full signature of all the parties to the documents. But, signature of witness isn't necessary for such modifications. Solely full signatures and not initials or short signature ought to be insisted. For cancellations, the initial words ought to be showing neatness stricken off; it ought to be signed by parties to the document.

Erasing with fluid shouldn't be used. Registering Authority records such additions, alterations, cancellations page wise on the document itself. This validates the additions, alterations, cancellation etc. Any modifications done once the registration aren't valid and don't kind a part of the document. Moreover, the document itself becomes invalid. Copies of the registered documents are maintained at registering Offices and authorized copies issued by such Authorities additionally record on certified copies the amount of cancellations, additions and alterations done before registration. They are doing not contain something supplemental, deleted, changed once registration. So, correct care should be taken so all the modifications are done before registration below the complete signatures of all the parties to the transactions. If something should be modified once registration a separate Rectification Deed should be dead.

Filling up the blanks

Some documents could have blanks because the needed info are going to be out there solely at the time of execution. Typically date of execution is left blank, till the date is finalized. The small print of demand drafts, cheques like range, name of Bank, branches are all left blank. All such blanks ought to be crammed up before presenting the document for registration and will be attested by all the parties to the document or executor below full signature.

Attestation

Attestation means that witnessing the documents. Sure documents like can, Agreement to Sale, Sale Deed need attestation. Execution of the documents ought to be witnessed by 2 Persons, who are Major and of Sound mind. Each the witnesses ought to affix their full signature and will furnish their address. Attestation isn't necessary just in case of sure documents.

Thumb Impression

There are many folks who cannot sign. Thumb impression of such folks is taken for execution of documents rather than signature. Left hand Thumb impression (LTM) in case of males and right hand Thumb Impressions (RTM) in case of females ought to be obtained on documents for execution. Temporary description “LTM or RTM of Sri/Smt………………… “Has to be written at once below the thumb impression. Because the persons, who affix thumb impression are illiterate, who cannot browse or write, the whole contents of the documents ought to be browse over and explained to them and a separate note thereto result should be annexed to the document ideally signed by an Advocate.

Thus, the transfer or assignment of right, title and interest over the properly, no matter the character of transfer, entirely depends upon the Deed of Conveyance. Any ambiguity, inadvertent addition or deletion within the Deed could create to disputes. Therefore, to avoid any unsavory things care ought to be taken whereas drafting the property documents.

Possession of property

It is important that, the transferrer transfers possession of the property in favor of the Transferee. It’s not necessary that actual physical possession should be bimanual over to the Transferee, however even grant of ownership can transfer and make right and interest over the property in favor of the Transferee.

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Monday 28 March 2016

ACTIONABLE CLAIM

Actionable claim is defined in Section 3 of the Transfer of Property Act as a ‘claim to any debt other than a debt secured by mortgage of immovable property or by hypothecation or pledge of moveable property or to any beneficial interest in the moveable property not in the possession, either actual or constructive of the claimant which the civil courts recognize as affording grounds for relief, whether such debt, or beneficial interest be existent, accruing, conditional or contingent.

Accordingly, this mean, it excludes not only a claim to any immovable property for a debt but also a debt secured or any moveable property in possession of the claimant. It follows, therefore that it is a claim for a simple debt or liability and which can be realized by a legal action.

An actionable claim is called, in English Law, a chose in action or a thing in action as against a chose or money in possession. It denotes incorporeal personal property of all disciplines and an interest in corporeal personal property not in possession of the owner which accordingly can only be claimed or enforced in action. Therefore, while the different types of moveable property governed by the Sale of Goods Act can be called as chose in possession, an actionable claim is also a type of moveable property called chose in action. It is also a moveable property because a debt is a property and anything which is not immoveable property is moveable property.

Actionable claim as defined in Section 3 of the Transfer of Property Act, as a chose in action is different from two other such chooses in action namely the right or property by way of copyright, trade-mark, patent, or design, and also to stocks and shares or debentures of a limited Company or the negotiable instruments under the Negotiable Instruments Act, which also evidence a debt and which are recoverable by legal action.

Section 137 of the Transfer of Property Act clearly provides that sections 130 to 136 will not apply to stocks and shares or debentures or to instruments which are negotiable or to mercantile documents of title to goods. Marine Insurance claim is also excluded by Section 135 A of that Act and is dealt with in the Marine Insurance Act, XI of 1933. They are also governed by independent separate statutes passed in respect thereof and are not, therefore, governed by the Transfer of Property Act. That Act in Section 130 only provides for transfer of actionable claims as defined and circumscribed by the Transfer of Property Act. As to transfer of the earlier mentioned actionable claims separate provisions are made for transfer thereof by the statutes governing them.

Actionable claims within the meaning of Section 3 of the Transfer of Property Act, therefore, cover (i) claims to unsecured debts and (ii) claims to beneficial interest in moveable property not in possession actual or constructive whether present or future., conditional or contingent. Such actionable claims could be (a) a right to claim maintenance (b) a right to arrears of rent (c) a right to annuities (d) moneys payable under a contract for price or advance (e) a right to claim benefit of a contract (f) a partner’s claim for accounts and his share therein (g) insurance claim, other than marine insurance (h) salary in arrears (i) book debts (j) a fixed deposit receipt, etc. However, a mere right to sue is not assignable. Similarly, a decree is not assignable under this section, as no legal action is required to be taken to recover the claim. The decree itself can be executed. Similarly any other property which is not transferable, under Section 6 of the Transfer of Property Act is not assignable under Section 130 of the Transfer of Property Act. Marine Insurance Policy, negotiable instrument and documents of title to goods are specifically excluded by Section 135 A and Section 137 of the Transfer of Property Act as stated above.

Assignment:

Every actionable claim or chose in action is assignable except in four cases:

(1) where the assignment is prohibited by law,

(2) where the terms of the contract under which the claim accrues prohibit such assignment,

(3) where the contract is of a personal nature, and

(4) where the assignment would increase the burden on the other party.

An actionable claim can be recovered by a legal action by the person who is the claimant or creditor. Section 130 of the Transfer of Property Act provides that a transfer of an actionable claim shall be effected by execution of an instrument in writing, signed by the transferor or his duly authorized agent in favour of the transferee and in that case all the rights and remedies of the transferor, whether by way of damages or otherwise shall vest in the transferee, whether notice of such transfer is given to the debtor or not. But when no such notice of transfer is given to the debtor and the debtor in ignorance of such transfer repays the debt or claim to the original creditor or claimant, he would be discharged from the liability. On such transfer the Transferee would get all the rights of the creditor including the right independently to recover the debt without the original claimant’s consent or co-operation. The deed of transfer need not be signed by the transferee and also does not require attestation or registration.

The written instrument assigning a debt can be in any form, if the intention to transfer is clear. A mere letter to the assignee by the claimant that he has assigned the debt to him is sufficient.

An assignment of a debt may be absolute or by way of security or even as a gift. The words with or without consideration in the definition of actionable claims are used to cover even a gift.

An assignment becomes effective from the date of writing, unlike English Law under which it becomes effective from the date of notice to the debtor.

The provision in the Transfer of Property Act regarding assignment of actionable claim does not apply to claims under Marine Insurance Policy or Fire Insurance Policy or affect any provisions of the Insurance Aft, 1938.

Section 134 of the Transfer of Property Act also shows that assignment of the actionable claim by way of charge is also possible to secure the debt due by the transferor to the transferee and provides how the debt assigned when recovered is to be applied viz., first in payment of costs of recovery, secondly, in satisfaction of the amount secured and thirdly, in payment of the balance if any to the transferor or other person entitled thereto. Section 136 if the Transfer of Property Act above quoted does not apply to assignment by a charge or security, though such assignment is also recognized in English Law as equitable assignment.

An actionable claim would include

(a) any debt due to or moneys recoverable by the transferor (except the moneys payable under a negotiable instrument)

(b) any moveable property belonging to the transferor and not in his possession or power and which he has a right to recover or receive and

An Assignment can be made either by a formal document or even by a letter to the debtor of the transferor but not orally. An irrevocable Power of Attorney to recover a debt and to adjust it towards the amount due to the done is held as an assignment. An actionable claim can be assigned even as a gift that is without consideration as Section 130 of the Transfer of Property Act in terms so provides.

Apart from what is stated above, the following are held to be actionable claims:

(1)a debt due or to become due, or whether conditional or contingent

(2) future rents

(3) amounts payable under a deed

(4) amount due under a policy of life insurance

(5) a letter of credit

(6) right under a contract

(7) beneficial interest in moveable property

(8) confirmed sale price

(9) earnest money becoming repayable

(10) deposit receipt

(11) dividend due on shares, etc.

But a mere right to sue or claim for damages or mesne profits are not assignable.As regards transfer of shares, stock and debentures, the provision in respect thereof is made in the Companies Act.

As regards actionable claims in the nature of negotiable instruments, the Negotiable Instruments Act, makes special provision for the transfer thereof by endorsement. It may however be stated that a promissory note whether negotiable or not or other such instruments can be transferred by a separate instrument of transfer instead of by mere endorsement.

An assignment of an actionable claim is not required to be registered under the Registration Act.It is desirable that the document of assignment is executed both by the Assignor and the Assignee and in duplicate, one copy remaining with the Assignor and other with the Assignee.

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Saturday 26 March 2016

ABOUT A SALE DEED

Sale Deed is also known as conveyance deed. This is the document by which the seller transfers his right to the purchaser, who, in turn, acquires an absolute ownership of the property. This document is executed subsequent to the execution of the sale agreement and after compliance of various terms and conditions detailed in the sale agreement.

Before the execution of the sale deed the title of the seller is to be established beyond doubt. Copies of the documents of title must be scrutinized by an advocate, well versed and experienced in property dealings.

If there is any encumbrance on the property, such encumbrance is to be cleared by the seller at his cost.All statutory payments like property tax, water and power charges and any other payments due on the property should be cleared before the execution of the Sale Deed. Any previous charges or mortgage should be clear before execution of the Sale Deed.

Clearances, and permissions required to be obtained by the seller should be obtained prior to execution of the sale deed.Latest encumbrance certificate of the property, subsequent to the date of the sale agreement up to the proximate date of sale deed should be obtained, and such certificate should be of nil encumbrance.All the persons having interest in the property should be made parties to the deed. Particular attention needs to be paid in case of purchase of properties from a Limited Company, Partnership Firm, Hindu Undivided Family, Trust, Power of Attorney Holder and Minor.

Draft Sale Deed

A draft Sale Deed, containing full details of the parties, advance amount paid, mode of balance amount payable, receipt of the balance amount by the seller, handing over the original documents of the property, handing over the possession of the property, handing over the authorization letter to transfer power and water meters, signing of the application for transfer of khatha, title of the seller of the property, indemnifying the purchaser in case of defect in the title, easement rights, will be prepared by the purchaser’s advocate. Such draft Sale Deed should be captioned as draft Sale Deed and shall be signed by the purchaser’s advocate.

A copy of the draft Sale Deed will be given to the seller for his approval. The seller and his advocate will verify the draft sale deed and approve it, or may suggest suitable deletions, additions or amendments. The purpose is to bring forth the correct intention of the parties to the Sale Deed.

On approval of the draft Sale Deed, the same has to be prepared on a quality or a document paper. In Karnataka it may be prepared on good quality paper like bond paper or green paper and the stamp duty may be paid by way of demand draft or pay order or cash. The exact amount of stamp duty should be ascertained from the Sub Registrar office. Purchaser is liable to pay the Stamp duty as per value stated in the documents or as per the Sub- Registrar office value whichever is higher.

Execution

After the Sale Deed is prepared all the parties to the deed shall execute it by affixing full signatures. Each page should be signed by all the sellers. Any overwriting, cancellations, erasures and additions have to be authenticated by full signatures of the parties.The execution of the Sale Deed requires to be witnessed by two witnesses. The witnesses shall give their full particulars and addresses.

Sale Deed of immovable property of value more than Rupees one hundred needs compulsory registration. The duly executed sale deed should be presented at the jurisdictional sub-registrar office. All the parties, including the confirmation witnesses shall be present at the time of registration and admit the execution. Purchaser also has to be presented for the execution of the documents at the Sub Registrars office. In case the purchaser is not in position to be present before Sub Registrar, he can give Power of Attorney to any of his persons to sign and present the documents on his behalf. In case seller signs the Sale Deed, it is compulsory that through the registered Power of Attorney holder only can represent for him to present the documents before the Sub-Registrar.

Registration

In Karnataka, the Sub-Registrars office, take the photos of purchaser, vendors, witness and also their thumb impressions and print the same on the Sale Deed.The vendors has to produce all the original documents pertaining to the property to the purchaser. If the property is divided into one or more portions, the seller has to give certified copy or Xerox copy of the documents to the purchaser and has to give declaration to that effect. Generally, the larger portion holder should get the original documents.

There is a time limit for presenting the documents for registration. The time limit is four months from the date of execution. Thereafter a grace period of another four months is allowed on payment of penalty. The maximum penalty is ten times of registration charges.

At times, the registering authorities may dispute the stamp duty paid. In such cases, the purchaser has an option of paying the additional stamp duty by way of cash or payorder. The purchaser may contest it in which case the Sub Registrar will do the pending registrations and send it to the Registrar of Under Valuation to arrive at proper Stamp Duty.

Parties have to quote their Income Tax Permanent Account Number in case the transactions are done in cash for the property which values more than Rs 5,00,000. Parties, who have not yet been allotted Permanent Account Number, will have to file Form No.60 or Form No. 61 in case of Agriculturists.

The purchaser’s advocate has to take all precautions while preparing Sale Deed. It is a most important document and decides the fate of the purchaser. The purchaser has to preserve the Sale Deed very safely.

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Advocate Selvakumar

Senior Advocates

Property Law

Intellectual Properties

NRI Matters

FDI

Friday 25 March 2016

A NEW LOOK FOR YOUR HOUSE

When you decide on a makeover for your home, you should have a plan for it. You need to decide what to remove or move around, what to paint, change or refresh. Perhaps, you may require fresh plants, fabrics or flowers for the purpose. Make a long list of all you have to do or purchase and plan a budget for decorating your home.

For a start remove the crowded things in your home and have an atmosphere of spaciousness and airiness. Floor mats, rugs, quilts, heavy wool blankets and woolen carpets etc should all be put away. Buy some jute mats that are easy to find in various colors to suit your interiors.

You can really welcome the summer in along with its warmth and color!Let your home be a lovely place this summer to fight against the rising temperature.

During the winter it is good to have heavy drapes for insulation but in the summer they would only serve to trap the air and heat up the rooms.To cool down your home go for light, translucent cotton drapes that would allow light and air to enter the room. Plain or light fabrics in solid colors with simple symmetrical designs can be the focus.Textured cotton, striped linen, silks in a combinations of whites, pastels, citrus and earthy hues will all do very well.

You could get light, cotton bedding after removing the heavy blankets and quilts. Your table cloth and napkins could be round an Indian theme or other theme.For a feel of the garden choose floral chintz along with floral prints for cushion covers in contrast to the sofa or natural shades of the couch.

You could select the soothing white color as the shade for the season.In the bedroom and dining area white linen with some blue or yellow prints would be suitable. Through color you can bring about a transformation in your home.

The color of the linen, walls and accessories will make the rooms fresh. In color families such as blues, oranges, yellows and reds you can vary the shades. When you pick a theme for the particular part of the house you can also decide its color. A theme of flowers, fruits or nautical will look snappy and will bring in a focus.

If you place candles in colored glass or upon a flat platter of porcelain with a few colored pebbles scattered around it will surely brighten the home. Fruit such as green apples, pears and oranges kept in a glass bowl look delectable as a center-piece.Sweet limes or plain lemons will do just as well.When there is a sale of home accessories in the market it would be a good idea to check it out.

Accessories are good for effecting quick changes in the living space.Fresh flowers such as stems of orchids or carnations in pink, red or peach colors will refresh the ambience.Long-stemmed flowers can be kept in tall vases on the center table. An indoor plant or some fragrant pot pouri in a bowl will give a feel of summer to the bathrooms too.Another idea is to frame a set of botanical prints and hang it.

If you really desire to enjoy this summer, make these easy alterations to usher a refreshing look into your home.

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Thursday 24 March 2016

10 THINGS YOUR REAL ESTATE BROKER WILL NOT TELL YOU

1. "Your open house is really a party for me."Hire a real estate broker to sell your home and one of the first things he'll likely suggest is hosting an open house, so potential buyers can casually check out your property on a weekend afternoon. While open houses are promoted as a great way of finding a buyer.

Having an open house serves another important purpose - for the broker. It gives him a database of clients, At open houses, you get all kinds of people walking in. Some are [trying] to see how much they should sell their own places for; others just want to get a look at what's out there. All are perfect pickings for a broker looking to increase his roster of buyers and sellers. The broker is devoting a couple hours of a weekend. He won't do that unless it helps him in a big way.

2. "My fees are negotiable."Brokers like to make it sound as if their fees are engraved in stone, but that's rarely the case - especially in a brisk market, when brokers fiercely compete for properties they can unload fast. Sometimes the brokers lowered their fee by a full percentage point because there was so much demand for good properties that he needed leverage. The sellers should shop around for broker's fees. It suggests their negotiating tactics: If somebody's willing to commit to sell one place and buying another, they give a discount. If you're in a particularly desirable neighbourhood with a house that will bring a lot of traffic that can be used, because the broker will use the flow of people to get potential customers. And with some brokers, all you need to do is ask and they'll lower the commission.

3. "Think you've had no offers? Actually, there've been several."Legally, the broker you hire to sell your home is obligated to tell you about all offers that come in. In reality, some don't. Perhaps he thinks the offer is insultingly low for you, but more likely, the broker thinks it's too low for his own purposes. He wants to hold out for a bigger commission, Or else there's an outside broker (or "co-broker") circling your house, and the primary broker is waiting for one of his own clients to make an offer so that he can keep his full commission..

You must be clear with your broker that you want to be informed of all offers, otherwise, you may be leaving him to make decisions that you should be making. Check the listing agreement drawn up when you hire the broker; if the promise to disclose all offers isn't listed explicitly, insist that it be added.

4. "I talk about you behind your back."You spot your dream house as you're driving through a neighbourhood and call the broker listed on the For Sale sign. That's how a lot of buyers stumble on a broker - who, in turn, happily shows you other houses, asking about your needs, laughing at your jokes. It's easy to get loose-lipped and forget whom you're dealing with: someone else's agent. Brokers are obligated to provide their sellers with any information that can help them to get the best prices for their homes, If you tell the broker that you're willing to pay Rs.5,00,000 but want to offer Rs.4,50,000, they'll pass that on to the seller. They have to.

Also, some brokerage companies encourage prospective buyers to get pre approved for loans. While that can make a buyer more attractive to a lender, it also tells a broker whether a buyer can afford a Rs.6,00,000 house when he's trying to haggle on a Rs.4,00,000 property. When somebody asks for a pre approval, find out who they're representing. Such details can short-circuit your negotiating leverage. If they represent a seller - or someone in their office does - they shouldn't have it. The broker may tell you that he will be impartial, but how can he be?

5. "Sometimes I forget whose side I'm on."The past 10 years have seen the proliferation of the buyer broker; agents who are supposed to work strictly in the buyer's interest, helping him get a fair price on a home as well as avoid pitfalls along the way. Unfortunately, things don't always unfold so nicely. While buyers may think they're getting a broker who isn't commission-hungry, many buyer agents are just that: They usually get about 3%, the same amount any broker typically earns when he gets involved with another agent's listing. Buyer brokers are sometimes too focused on closing the sale and getting that commission, so it's often in their best interest to see you pay as high a price as possible.

Even worse, some brokers who call themselves buyer advocates are actually working for companies that also represent sellers. Brokerages offer bonuses to buyer agents if they sell an in-house listing.. A good way to get a broker who has no such conflicts of interest.

6. "I know zilch about zoning."Real estate agents love to suggest big ideas to prospective buyers - say, removing trees to enhance a view, or even squeezing a rental unit out of a roomy garage - meant to happen once the deal is done and they're out of the picture. We had a client who bought a dilapidated house with a beautiful piece of property. The broker told him that he could fix the house up however he wanted, insisting that this was a sleepy little town where nobody would care what he did. He put up a Rs.75,000 shed in his backyard, pulled down trees, filled in some of the marshland. Now the town is making him put things back because of environmental zoning regulations. The lesson: Before you buy into your broker's creative thinking, check with your local zoning commission.

7. "I won't let termites - or pesky inspectors - kill a deal."If a broker is selling a house, you figure he knows the place pretty intimately - after all, he talks a good game about the new kitchen, the big closets, the heated garage. What you need to worry about, though, are the home's features that he keeps to himself. We have had cases where brokers have been deceptive about termites and flood damage.

You'd figure that the home inspector, who comes to check out the place before you close the sale, might notice those things. And he will - if he's not in cahoots with the broker. Realtors give potential homebuyers lists of home inspectors. Those are people who will rubber-stamp the house in return for repeat business. As one who works outside those lists, says that he sometimes butts heads with overly controlling brokers. One time I had a broker tell me that unless I told him the results of my inspection - which is confidential between myself and my client - he wouldn't let me get up on the roof. I got out my ladder and told him that unless he was big enough to stop me, I was going up there. He wasn't big enough.

8. "I'm not a lawyer, but I play one in your house."Most states strictly regulate the contracts used in real estate transactions, stipulating the use of boilerplate agreements that offer little room for creativity - but some brokers can't keep their clause-adding instincts in check. I see brokers pushing the envelope all the time with amendments and addenda. They draft language that can have consequences without really understanding it - but they want to keep the sale going.

For example, it's fairly common for a transaction to close on one day but possession doesn't happen until a later date, in which case the buyer rents the house back to the seller for those days. The issues of responsibility for the house require more than a couple lines from the broker's pen. If a clause is worded improperly, you as the buyer could end up liable for damage done by your "rental tenant." Same goes for purchases of non-real-estate items (such as patio furniture) and owner carry back (in which the seller provides some of the financing). In both cases payment terms might not get spelled out clearly, and can result in one party taking advantage of the other. Whether you're the buyer or the seller, it's worth the legal fees to get the offer contract reviewed by your lawyer before you sign.

9. "My Web site is a dead end."Considering that over 50% of house hunters look on the Web, according to the National Association of Realtors, sellers might assume that using a broker with a site can help make a sale happen. But some brokers' sites are better than others, and you need to look beyond a well-designed home page to figure that out.

One common flaw: posting houses that sold long ago. While the mistake can be simple negligence, others think that it's a bait-and-switch-style ploy. It brings people in, but it gets them upset when they find out that the property's gone. If a broker has to advertise properties that are already sold, it tells you that he doesn't have enough inventory to keep his roster of houses full.

Aside from checking up on a site's prominently placed listings, prospective sellers should also make sure that a site is easy to navigate. You want to use a broker who keeps himself relatively high on the search engines, he pays a Web master to make sure this happens for his site, which is linked with Realtor.com, Yahoo! and the Re/max site. One of the big things a broker should have on his site is community information, which attracts people who are thinking of moving to the community.

10. "You may not need me at all."Brokers like to create a lot of mystique about selling homes, insisting that the process is complicated and best left to professionals with multiple listings and loads of house hunters. Not so, say homeowners who have sold their homes themselves about 20 to 30% do so each year. The properly priced and advertised, a house sells itself, adding that sellers should plant a yard sign and post online ads with local sites aligned with print publications (call current advertisers to see if the given site is effective). After all, when it comes to the inevitable negotiations between buyers and sellers, Supple figures that brokers and their commissions get in the way: Usually, the haggling occurs over a petty difference, and that is, more or less, the broker's cut of the sale price. You don't need him.

Just be sure you price your home well. The way most self-sellers hurt themselves, is in setting either an unreasonably high or tragically low asking price. Hire an independent appraiser, and he will tell you the parameters of what to charge. In a strong market with low interest rates, the asking price can be 10 or 15% above what the appraiser thinks it will go for; in a weak market it might be wise to price at or below the appraisal.

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Wednesday 23 March 2016

5LAKHS RESIDENTS OF FOREST LAND GETS RELIEF THROUGH SUPREME COURT

5LAKHS RESIDENTS OF FOREST LAND GETS RELIEF THROUGH SUPREME COURT

The Supreme Court has provided major relief to almost 5 Lakhs residents of the Bhandup - Mulund- Thane and the Borivali - Kandivali and the Sanjay Gandhi National Park, through a historic judgment. The SC set aside the High Court Judgment stating that their homes were built on forest land.

The SC bench comprised three justices – R.M. Loddha, Madan B Lokur and Kurien Joseph. In its judgment the bench observed that a tertiary question that arises assuming the disputed lands are forests lands, can the state be allowed to demolish the massive constructions made thereon over the last half century. Going by the facts and circumstances of the appeals the bench said that their answer to this question is also in the negative. In its appeal the BMC had claimed that the flats are constructed on a land with an extent of 3000 acres which comes under the Forest Conservation Act.

The bench further observed that looking at the entire case over the decades there were lot of ups and downs in the judgment passed. While looking at the issue from the residents point of view, the bench of justice said the companies and the residents residing there cannot be punished for complete inaction of the State. The bench also said the entire problem cannot be looked from the State's perspective. Slamming the state government the court underlined it that it was state responsibility to ensure laws were implemented with reasonable dispatch.

Godrej & Boyce owns approximately 133 acres of land in Vikhroli that will be unlocked for potential development in partnership with Godrej Properties. We already have exciting plans for development in Vikhroli and this will further enhance the scale of development." Adi Godrej, Chairman, Godrej Group said, "We are happy to note the favorable judgment of the Supreme Court in the Mumbai forest land matter.

The Apex Court the order also cleared the decks for developers and residents to go ahead with their stalled residential, industrial and commercial projects in the area.

The bench judgment ended by saying "basic principal of good governance must be followed by every member of the Executive Branch of the state all times.

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