Property Agents

Real estate property attorney: A real estate attorney is someone who is licensed to practice real estate law, meaning they have the knowledge and experience to advise parties involved in a real estate transaction, such as a home sale. What does the estate attorney do? A real estate attorney is equipped to prepare and review documents relating to purchase agreements, mortgage documents, title documents, and transfer documents. A real estate attorney hired to handle a transaction will always attend the closing with the buyer. Do you need a real estate attorney? Except in states where it's mandated, an ordinary real estate transaction doesn't require an attorney's help. By now, real estate transactions are so standardized that most people in your state wil use the exact same purchase contract, just filling in a few blanks.

v     Power of Attorney for Property: A Power of Attorney (POA) is an authorisation given by a property owner in writing to another person to carry out property-related transactions on their behalf. i.e. the owner, is referred to as the grantor, donor or principal, and the person who acts on another's behalf is the attorney or the agent. v   What is Power of Attorney for property India? A power of attorney is a person who takes on full liability for the home-buyer they represent and is held accountable for the actions and deeds of the principal person. In India, the power of attorney is used by many property buyers to assist them with transactions involved in buying a home. v   Does Power of Attorney means ownership of property? Ownership means a person has a right over a property, and owns it. If the owner gives another individual a power of attorney (POA), that person can sell it under this authority. A POA gives another person the power to act on behalf of the owner. 

Ø     NRI buying property in india: Under the RBI's general permission, an NRI cannot purchase any agricultural land or plantation property in India. So, if an NRI wants to purchase a farmhouse or plantation, s/he will have to approach the RBI for a specific permission and the RBI will consider this on a case-to-case basis. Ø     Can NRI buy property in India without Aadhar card? As per rule 114C, it is not compulsory for an NRI/PIO to have an Aadhar card for buying/selling his/her property in India. Ø     Do NRI pay property tax in India? When an NRI sells property , the buyer is liable to deduct TDS @ 20%. In case the property has been sold before 2 years(reduced from the date of purchase) a TDS of 30% shall be applicable.

Ø     Cost of buying property in India: Stamp duty rates vary from 4% to 10%, depending on the location of the property . Registration fees are around 1% of the property value. Registration fees vary. depending on the location of the property. Legal fees are typically around 1.5% of the property value.  Registration Fees: 1% Costs paid by buyer: 7.625% - 12.75% Ø     How much does it cost to buy property in India? The median price paid by the bottom quintile to buy a house is Rs1 lakh, while the median price paid by the top quintile to buy a house is Rs10 lakh. The median price paid by the richest 1% to buy a house is Rs18 lakh, according to the survey. Ø     What is base price of property? What is basic sale price? the BSP is the base cost per sq ft of the property , for which it is listed for sale by the seller. Usually, It does not include additional charges for amenities, floor rise, preferential location, parking and other maintenance dues.

§     The process of buying a house can be condensed into these steps: Figure out how much you can afford Decide the location check resale values Check your loan eligibility Registration and stamp duty  Agent  Property type Rental value of property Ø     Is it legal to buy property in india? To legally purchase property in india as an individual without the permission of the Reserve Bank of India (RBI), a foreigner has to qualify as a 'person resident in India' under Section 2(v) of the Foreign Exchange Management Act (FEMA). Ø     Can a foreigner buy a property in India? Foreign nationals of non-Indian origin resident outside India can acquire/transfer immovable property in India, on lease not exceeding five years and can acquire immovable property in India by way of inheritance from a resident.

Define selling property: Sale is a transfer of ownership in exchange for a price paid or promised or part paid and part promised. ... Sale of immovable property has been defined as a transfer of ownership in exchange for a price paid or promissed or part paid and part promised. What is the legal definition of selling? To transfer possession and ownership goods or other property for money or something of equivalent value. What is the process of sale of property? Sale aggreement is signed and executed by the seller and buyer on a non-judicial stamp paper. ... the agreement between the buyer and seller is the document in which the sale deed is drafted. Every document acting as evidence of transfer of property by sale is preceded by an agreement to sell.

Make money in real estate: The most common way to make money in real estate is through appreciation —an increase in the property's value that is realized when you sell. Location, development, and improvements are the primary ways that residential and commercial real estate can appreciate in value. What are the 5 ways to make money in real estate? 5 ways to make money in real estate Investment properties (rental real estate) The most obvious way to make money in real estate is to buy an investment property (or several).  Real Estate INvestment Trusts (REITs). Fix-and-flips. wholesaling. Crowdfunding.   How do beginners make money in real estate? What are the Best Ways to Make Money in Real Estate as a Beginner Invest in Single-Family Homes.  Invest in Turnkey Properties. Try House Hacking and Live for Free. Rent Out on Airbnb. Invest in Real Estate Investment Trusts. Manage Real Estate Properties. Lend Money to Other Investors.  

Income from house property: Income  from House Property in India: The income arising out of a house property either in the form of a rental income or on its transfer is referred to as 'income form house property'. ... In essence, any property such as house, building, office, warehouse is treated as 'house property' under the Income Tax Act. How is income from house property calculated? The property owner cannot charge a rent higher than the standard rent fixed under Rent Control Act. Net Annual Value (NAV) is the value calculated as Gross Annual Value minus Municipal taxes paid. ... There are deducted to ascertain the Actual taxable income. What is taxable as income from house property? A taxpayer can claim deduction under Section 24 of interest paid on home loan for each of the houses separately. However, the overall loss from house property that acn be claimed for a year is restricted to Rs 2 lakhs. ... Therefore, the rental income would be considered as your income

Joint ownership of inherited property: The question of selling a share in an inherited property arises when you inherit a property jointly with others. ... The self-acquired property can be bequeathed by will by the owner the law of succession.  Who inherits joint property ? What happens if property is jointly owned? If a property is owned by two or more people as joint tenants and one of the joint tenants passes away then the share in the property of the deceased person owns passes automatically to the other owner (s). This is what we call the right of ownership.  What happens when one of the joint owner of a property dies? If one of the co-owners does, his share in the property does not pass to the other co-owners but to the person named in the will of the deceased. ... Like in case of joint tenancy, on death of one co-owner, the share of ownership automatically passes on the surviving co-owner. 

Self-acquired property rights: Unlike an ancestral property, you are free to give your self-acquired property to anyone you wish to. ... The ancestral property will pass on from the father to the son. In case of a self-acquired property, however, the father can transfer the property rights to anyone he wishes to. Who can claim self acquired property? During the lifetime of the mother, a son cannot claim any share in her-acquired property. In the case of Hindus, A son can, therefore, claim a right in the self-earned property of his mother if the mother has died intestate. Both son and daughter have equal rights. How is self acquired property divided? SELF ACQUIRED PROPERTY: All property other than joint family or coparcenary property is separate property. ... When a division or partition happens in a joint Hindu family, then an ancestral property it becomes a self-acquired property in the hands of a family member who has received i t.

Transfer of self-acquired property:  Unlike an ancestral property, you are free give your self-acquired property to anyone you wish to. ... The ancestral property will pass on from the father to the son. In case of a self-acquired property, however, the father can transfer the property rights to anyone he wishes to.  Can you transfer property yourself? Inheritance and type of property A property can either be self-acquired by the deceased or acquired through succession as per Hindu succession laws. Can a self acquired property be gifted? Any self-acquired property can be bequeathed or gifted to any person according to the wish of the testator or donor without taking consent from anyone. However, the mother and daughters being legal heirs and interested parties in the concerned property, can dispute the said transaction of gift.

Self earned property: Self acquired property is the property that you have purchased from own incom. As far as your self acquired property is concerned, you are free to dispose of it in any manner you like.  What is self earned property? Any property that you acquire with your own money, would qualify as your self-acquired property. On the other hand, a property that you inherit from your paternal ancestores, is your ancestral property. Who can claim self acquired property? During the lifetime of the mother, a son cannot claim any share in her self-acquired property. In the case of Hindus, A son can, therefore, claim a right in the self-earned property of his mother if the mother has died intestate. Both son and daughter have equal rights.

Self acquired property: Self acquired property is the property that you have purchased from your own income. As far as your self acquired property is concerned, you are free to dispose of it in any manner you like. How do you prove a property is self acquired? The Court stated that to prove suit properties as self-acquired properties evidence in the form of sale- deed and evidence of payment of sale consideration shall be adduced. What is self acquired property in Hindu law? Under Hindu Law, a women is the absolute owner of the property which she acquires by any means: gift, will, inheritance. This property becomes her self- acquired/self-earned property. She can choose to transfer the entire property to any person other than her husband and her children.

Inherited property rules: Who is the legal heir for the mother's property ? After the mother's death, the legal heir to the property is her children and husband with equal rights/shares in the property if she had not inherited the property as ancestral property. Can an inherited property be willed? However, a person cannot include those assets which are mot legally transferable in his testament. "For an inherited property , a Hindu man can only distribute his share in the property through a will," says Saurabh tiwari, Delhi-based lawyer. ...He can give his share in the inherited asset to anyone he wants. How is inherited property divided? Two or more legitimate children are entitled to divide the 1/2 of the hereditary equally among themselves. The surving spouse is entitled to 1/4 of the hereditary estate if there is only one legitimate child. The legitime of the surviving spouse is taken from the free portion of the estate.

 Inherited property:   Along with the property, you also inherit all liabilities like any loans outstanding or government dues like property can either be self-acquired by the deceased or acquired through succession as per Hindu succession laws.  What is inherited property in India? Inheritance is the practice of transferring property , titiles, debts, rights, and obligations to the lagal heir of a person upon the death of thet person either by way of   ‘Will’  or through the prevalent laws of succession.  Who can sell inherited property? Generally, co-owners are free to transfer/sell their share in the inherited property . However, one co-owner cannot transfer the share of other co-owner without permission. Selling the share in inherited  property involves an understanding of the nature of co-ownership and rights of all co-owners. 

Rules of ancestral property: Simply stated, for a property to remain ancestral , no division should take place up to the four generations. An ancestral property that has been divided through a partition deed or a family arrangement, ceases to be an ancestral property as soon as the arrangement comes into effect. Who has right on ancestral property? Ancestral property is a property which is passed next up to four generations undividedly. Under Hindu Law every legal successor irrespective of gender has equal rights on an ancestral property.  What qualifies as ancestral property? An anc estral property is a property acquired by your great grandfather which has been passed down from generation (your grandfather and father) up to the present generation (you) without being divided or partitioned by the family. 

 Ancestral property:- According to the Hindu law, properties can be classified into two types: an ancestral property and a self-acquired property. The self-acquired and undivided property of a person's great-great grandfather becomes an ancestral property. Who has on ancestral property? Ancestral property is a property which is passed next up to four generations undividedly. Under Hindu Law every legal successor irrespective of gender has rights on an ancestral property. How many generations can claim ancestral property? Four generations How many generations can claim ancestral property? In case of a classifed ancestral property that has remained undivided, four generations of the male lineage have their claim.

  Women's land and property rights in india: India's top court has ruled thet daughters have equal rights to Hindu family property. All Hindu women now have equal rights to their father's property from 1956, ahen the succession law was first codifies. India's Supreme Court on tuesday ruled that daughters have equal rights as sons in Hindu ancestral property.   Does girls have equal rights in property? Are there any limitations of these laws in terms of granting women their rightful share in property ? According to Section 6 of the Hindu Succession Act, equal status was granted only to daughters whose fathers were alive when the amendment came into force on September 9 2005. Can a married girl claim her father's property? Can daughter claim father's property after marriage? Yes, as per law, a married daughter has every right to claim a share in her father's property. She has as much right as her brother or unmarried sister.   

                Difference between leasehold and freehold property: The main difference between freehold and leasehold properties pertains to land ownership and control. As an owner, you can mostly do what you wish with your home, provided you keep within the local planning rules. In the case of a leasehold property, the ownership is given by the government for a tenure of 99 years.  Freehold property: The land belongs to the owner  Ownership is indefinite Not required to transfer the ownership Banks will finance easily Leasehold  property: Leasehold Property Land belongs to the leased owner for a certain number of years At the end of the lease period, the owner must pay to end the lease. In order to transfer the ownership it is required state consent obtained at the land office If the banks the lease period is less than 30 years , most of the banks will not 

  How to convert leasehold property to freehold: Things to know about Converting Leasehold to Freehold Property. The buyer can convert leasehold into a freehold property if the buyer has clearences and documentation such as a sale deed, No Objection Certificate (NOC) in case the property is under my any mortgage, and the General Power of Attorney (GPA).  How do I change my leasehold property to freehold? Leaseholders who own a house can buy the freehold of their house either under the law if they meet certain criteria (formal route), or by asking the freeholder to see whether they are willing to sell the freehold informally (informal route). How long does it take to change leasehold to freehold? The length of the process varies depending on whether you follow the formal or informal route whilst negotiating with your freeholder . If you follow the formal route, the process can take some time and a period in excess of 12 months is not unusual. 

Leasehold property:  What does it mean to buy a leashold property? Leasehold : Unlike a freeholder, as a leaseholder you own the property BUT NOT the land on which it is built - that is owned by the freeholder. Ownership of your property is also for a set period, ehich can be a number of years, decades or centuries, depending on the length of  your lease. Are leasehold properties a good investment? What's a good Leasehold ? As previously mentioned, any lease with less that 80 years can have a nagative impact on your overall investment - making it harder to secure a mortgage and potentially pushing property prices down. In terms of a good lease, anything over 80 that suits your needs is ideal for an investment. What is the benefit of leasehold property? The Advantages of a leasehold property are: Typically less expensive. In some cases, less responsibility for repairs and maintenance. Provides a home for people needing short-term accommodation. There is still the possibility of buyi

Freehold property:- Definition: Freehold property can be defined as any estate which is "free from hold" of any entity besides the owner. Hence, the owner of such an estate enjoys free ownership for perpetuity and can use the land for any purposes howeve in accordance with the local regulations. What type of account is freehold property? Free hold land & Building is considered as fixed assets. Is freehold property an asset? While stocks, cash on hand dedtors are considered as current assets, freehold land and building is considered as fixed assets.

Property rights for women: A married women has exclusive right over her individual property. Unless she gifts it in part or wholly to anyone. She is the sole owner and manager of her assets whether earned, inherited or gifetd to her. Do girls have equal rights in property? Secondly, the 2005 amendment to the Hindu Succession Act, 1956, gave equal rights to daughters in ancestral property and also in the coparcenary property of her parents. What is land entitlement to women? Section 6 of the Bill says that every women farmer should have equal ownership of and inheritance rights over land acquired by her husband; his share of the familt property; or his share of land trasferred through a government land reform or resettlement scheme.

Cooperative property: Cooperative societies are based on the principles of cooperation- mutual help.  Cooperative housing society provides its menmbers with plots, houses or flats. Buying a property or flat from cooperative society is different from buying an individual home or buying an apartment from builder.  What is a cooperative ownership? A co-op owner has an interst or share in the entire building and a contract or lease that allows the owner to occupy a unit. While a condo owns a unit, a co-op owner does not own the unit. Co-ops are collectively owned and managed by their recidents, who own shares in a nonprofit corporation. How does a cooperative work in real estate? A housing cooperative forms when people come together to own and control the buildings tehy live in. They form a cooperative corporation, to which they pay a monthly amount to cover operating expenses. The cooperative owns the land, the buildings, and any common areas. Members buy shares in the cooperative. 

 History of right to property india: In 1967, when the government forcibly took over the land, 'right to private property was still a fundamental right' under 31 of the Constitution. Right ton Propety ceased to be a fundamental right with the 44th Constitution Amendment in 1978. It was made a Constitution right under Article 300A. Article 300A requires the state to follow due prosedure and authority of law to deprive a person of his or her private property. What was right to property in India? By 44th Amendment Act 1978 of the Constitution of India, a new article namely 300A was inserted and titled as Right to Property. It read as: No person shall be deprived of his property save by authority of law. The word law here means a validly enacted law which is just, fair and reasonable.  When was right to property introduced? Janyary, 1950  After the Indian Independence, when the Constitution of India came into force on 26th January, 1950, the right to property was include as a &#

Collective Housing Property:         v     Collective property is a type of property owned by a group of people. v     Collective forms of property are prolific across the globe. v     Collective property regimes exist in countries in the Global North and Global South, in rural and urban settings, and under a wide variety of political structures. v     This form of property has existed for hundreds of years and remains common today for many cultures, across social democracies and indigenous communities.  v     Property collectively owned is not an alternative to the norm: it has existed far longer than private property system.  v     Collective property is widely supported by governments and organizations across the world, such as in Sweden, Urugury, Canada, India, and the United States. v    Uniao Nacional por Moradia Popular (unmp) is working to normalize and scale up the choice of collective property in Brazil through its Legal Framework for Self-Management Law. v     Collective p

                                                          Real estate of property: Real estate is real property that consists of land improvements, which include buildings. Examples include property, plant, and equipment. Property rights give a title of ownership to the land, improvements, and natural resources such as minerals. What is real property in real estate? Real property is the land, everything that is permanently attached to the land, and all of the rights of ownership, including the right to possess, sell, lease, and enjoy the land. Real property can be classified according to its general use as residential, commercial, agricultural, industrial, or special purpose.  What exactly is real estate? Real estae t  is property consisting of land and the buildings on it, along with its natural resources such as crops, minerals or water; immovable property of this nature; an interest vested in this (also) an item of real property, (more generally) buildings or housing in general. 

              Long term and Short term property:- Different assets have different periods of holding to be called short term and long term. The person buying the property must deduct taxes at the rate applicable to the NRI's income slab, if the property is a short term asset. If the property is long term asset, 20% LTCG tax applies.  What is long-term and short-term capital?  Short-term capital gains result from selling capital asssets owned for one year or less and are taxed as regular income. Long-term gains result fromselling capital assets owned for mor than one year and are subject to tax of 0%, 15%, or 20%. What is short term capital gain in property? Short term capital gains = sale cost of asset - (expenditure incurred on asset) - (cost of acquistion/improvement) Long term Capital Gains = cost of selling a property - Indexed cost of acquisition.