OWNERSHIP OF IMMOVABLE PROPERTY
Before understanding the terminology of ‘Ownership of Immovable Property’ it is necessary to understand what an immovable property is. In common parlance immovable property means land, buildings and things which are permanently attached to the land.
According to Section 2(gg) of the Karnataka Stamp Act,1957 “immovable property” includes land, buildings, right to ways, air rights, development rights, whether transferable or not, benefits to arise out of land and things attached to the earth or permanently fastened to anything attached to the earth. The Transfer of Property Act, 1882, does not define the word ‘immovable property’ in detail, but only mentions that immovable property does not include standing timber, growing crops or grass. According to The Karnataka General Clauses Act, 1899 immovable property shall include land, benefits to arise out of the land and things attached to the earth or permanently fastened to anything attached to the earth. The words “attached to the earth” has been elaborately described in Sec.3 of the Transfer of Property Act. According to this section, attached to the earth means --
1. Rooted in the earth as in case of trees and shrubs;
2. Imbedded in the earth as in case of walls or buildings or
3. Attached to what is so imbedded for permanent beneficial enjoyment of that to which it is attached.
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OWNERSHIP
Let us now understand something about ownership. Ownership can be broadly classified into two – absolute ownership and restrictive ownership. The ownership is an amalgam of rights, interest and title which is recognised under law. The word absolute ownership is a bundle of rights connected to some specified property. The word right has a wide meaning. It gives powers to the person said to have rights to do something or act, or not to do such thing or act, in relation to his property. Rights are of different types such as Right in Rem, Right in Personam etc. “Right in Rem”. is available against the whole world while the “Right in Personam”, is available against a specified person, or group or group of persons. The owner of any property has a legal right which is recognised under the laws of the land. It consists of following rights which are only illustrative and not exhaustive:
1. Right of Possession and occupation.
2. Right to use and enjoy his property without undue interference from outsiders.
3. Right of alienation of his property as provided under law in favour of any person/s without any restrictions by way of sale, gift, transfer by Will, and by creation of trust..
4. Right to make alteration to the property/structure, consume, destroy, repair, reconstruct, hypothecate, mortgage, lease and to use the property as security to borrow funds.
These rights are rights in rem available against the whole world subject to the restrictions imposed under various laws like Land Reforms Act, Land Revenue Act, Town Planning Act etc.
RESTRICTIVE OWNERSHIP
Apart from absolute ownership, there are other types of ownerships which are restrictive in nature. In restrictive ownership, certain rights detailed under absolute ownership are restricted or not available for certain specified period.
CO-OWNERSHIP
Under co-ownership, there will be more than one person who jointly own the same property. Both the persons have equal or certain percentage of rights to possess and enjoy the property as agreed to between them. In the case of co-ownership, the owners own the whole property jointly and thereby their respective shares are not physically ascertainable with definite measurement and boundaries. The shares are undivided. For example, in case four persons own a property of 1200 sft, each of them would be entitled to 300 sft.of undivided share in this property. This 300 sft of undivided share of property could be any part of the building/property and cannot be confined to a specific part. Share of the co-owners in the property need not necessarily be equal. It depends on their investment in the property as detailed in the purchase document. In the absence of any such details as to the share of investment made for acquisition of property it is presumed in law, that all the co-owners have equal undivided share of interest, right and title in the property as per section 45 of Transfer of Property Act. It is always advisable to clearly mention the share of investment of each co-owner in the property and their undivided share in right, interest, title in the property for the purpose of alienation, inheritance and taxation.The Co-owners share in the property is inheritable and transferable. The concept of this co-ownership is often termed as “Tenants in common” in legal parlance. Practically, it is not possible to identify or divide a property held jointly by metes and bounds. Thus, the co-owners possess and enjoy the property in unison.
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Before understanding the terminology of ‘Ownership of Immovable Property’ it is necessary to understand what an immovable property is. In common parlance immovable property means land, buildings and things which are permanently attached to the land.
According to Section 2(gg) of the Karnataka Stamp Act,1957 “immovable property” includes land, buildings, right to ways, air rights, development rights, whether transferable or not, benefits to arise out of land and things attached to the earth or permanently fastened to anything attached to the earth. The Transfer of Property Act, 1882, does not define the word ‘immovable property’ in detail, but only mentions that immovable property does not include standing timber, growing crops or grass. According to The Karnataka General Clauses Act, 1899 immovable property shall include land, benefits to arise out of the land and things attached to the earth or permanently fastened to anything attached to the earth. The words “attached to the earth” has been elaborately described in Sec.3 of the Transfer of Property Act. According to this section, attached to the earth means --
1. Rooted in the earth as in case of trees and shrubs;
2. Imbedded in the earth as in case of walls or buildings or
3. Attached to what is so imbedded for permanent beneficial enjoyment of that to which it is attached.
business lawyers
senior advocates
property lawyers in Bangalore
property advocates in Bangalore
Property transfer advisor
OWNERSHIP
Let us now understand something about ownership. Ownership can be broadly classified into two – absolute ownership and restrictive ownership. The ownership is an amalgam of rights, interest and title which is recognised under law. The word absolute ownership is a bundle of rights connected to some specified property. The word right has a wide meaning. It gives powers to the person said to have rights to do something or act, or not to do such thing or act, in relation to his property. Rights are of different types such as Right in Rem, Right in Personam etc. “Right in Rem”. is available against the whole world while the “Right in Personam”, is available against a specified person, or group or group of persons. The owner of any property has a legal right which is recognised under the laws of the land. It consists of following rights which are only illustrative and not exhaustive:
1. Right of Possession and occupation.
2. Right to use and enjoy his property without undue interference from outsiders.
3. Right of alienation of his property as provided under law in favour of any person/s without any restrictions by way of sale, gift, transfer by Will, and by creation of trust..
4. Right to make alteration to the property/structure, consume, destroy, repair, reconstruct, hypothecate, mortgage, lease and to use the property as security to borrow funds.
These rights are rights in rem available against the whole world subject to the restrictions imposed under various laws like Land Reforms Act, Land Revenue Act, Town Planning Act etc.
RESTRICTIVE OWNERSHIP
Apart from absolute ownership, there are other types of ownerships which are restrictive in nature. In restrictive ownership, certain rights detailed under absolute ownership are restricted or not available for certain specified period.
CO-OWNERSHIP
Under co-ownership, there will be more than one person who jointly own the same property. Both the persons have equal or certain percentage of rights to possess and enjoy the property as agreed to between them. In the case of co-ownership, the owners own the whole property jointly and thereby their respective shares are not physically ascertainable with definite measurement and boundaries. The shares are undivided. For example, in case four persons own a property of 1200 sft, each of them would be entitled to 300 sft.of undivided share in this property. This 300 sft of undivided share of property could be any part of the building/property and cannot be confined to a specific part. Share of the co-owners in the property need not necessarily be equal. It depends on their investment in the property as detailed in the purchase document. In the absence of any such details as to the share of investment made for acquisition of property it is presumed in law, that all the co-owners have equal undivided share of interest, right and title in the property as per section 45 of Transfer of Property Act. It is always advisable to clearly mention the share of investment of each co-owner in the property and their undivided share in right, interest, title in the property for the purpose of alienation, inheritance and taxation.The Co-owners share in the property is inheritable and transferable. The concept of this co-ownership is often termed as “Tenants in common” in legal parlance. Practically, it is not possible to identify or divide a property held jointly by metes and bounds. Thus, the co-owners possess and enjoy the property in unison.
For any Real Estate Property Issues Please Click here.....
Advocates in Bangalore
property lawyers in Bangalore
property advocates in Bangalore
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