Sale of immovable property

-


Sale of immovable property:

The sale of immovable property is a transfer of property along with ownership rights. Whereas a contract of sale is a mere agreement that a sale of a property is to take place in future on the terms mutually agreed between the parties. In a sale, the seller transfers the legal title of the property to the buyer.

How can an immovable property be sold?

"Immovable property can be transferred/conveyed only by a deed of conveyance (sale deed), duly stamped and registered as required by law. We, therefore, reiterate that immovable property can be legally and lawfully transferred/conveyed only by a registered deed of conveyance."

What are the essential of valid sale of immovable property?

The Essential Elements of a Sale of Immovable Property:

The subject matter of sale; Price of consideration; Registration; Conveyance.


Comments

Post a Comment

Popular posts from this blog

Advantages of Single Ownership of a Property

-
Image
Advantages of Single Ownership of a Property :- Ownership of a property can be differentiated into two, single ownership where an individual is the sole owner and joint ownership, where a copul or partners share the ownership. With an increasing number of youth interested in real estate investnent,single property ownership is often preferred. Advantages : In case of EMIs, you do not have to wait for the co-owner to meet his financial liability in sharing the payments. The credit score will only be based on your financial performance and so if your partner has a low CIBIL score, it won't affect your ability to avail a home loan. When owning a property alone, you will not have to worry about the future of your property if there is a fall out between you and the co-owner. If the need comes to sell the property, you would not need to take another person's aprroval to do so. You will not have to share the tax benefits with anyone else and can apply for a tax rebate against home loan
Read more

Disadvantages of Single Ownership of a Property

-
Image
Disadvantages of Single Ownership of a Property :- Ownership of a property can be differentiated into two, single ownership where an individual is the sole owner and joint ownership, where a copul or partners share the ownership. With an increasing number of youth interested in real estate investnent,single property ownership is often preferred. Disadvantages :- Single ownership puts the burden of financial responsibility on your shoulders which you cannot share. You will not be able to apply for higher loan amounts when owning a proerty alone. But in joint owneship, as the combined income of the owners is considered, eligibility for higher loan amounts are more. A rebate on stamp duty cannot be availed in sole ownership, but is offered on joint property ownership in same states. The peocess of transfer of property ownership upon the death of sole owner can be a complicated one regulated by succession laws and other related ownership rules.
Read more

Timeshare property type

-
Image
Timeshare Property Type: Timeshares are split ownership models of a vacation real estate or accommodation in which numerous buyers hold allotmentd of usuaally in a week's increment within the same property. Is a timeshares are considered real property? Deeded timeshares are considered real estate not personal property . You maintain partial ownership and equity in the property, which you share with the other timeshare owners. You must pay maintanance fees, insurance, and property taxes on your timeshare as part of the  contract. What are the types of timeshares ownership? Apart from the above three types of timeshares there are two more kinds of ownerships of timeshare properties , one being the deeded and the other right to use type of ownership.
Read more