Property Agents

Different types of houses property : As per the Income Tax Act , 1961, a house property included building, flats, office space, shops, factory sheds, commercial building or agricultural lands. House property are of three types: Self-occupied property. Let out property and Deemed to be let out propert y How many types of property are there? (1) Movable property and Immovable property.  (2) Tangible property and Intangible  property.  (3) Private and Public property.

Joint Property Rules:- All the joint tenants  have a single unified interest in the whole property . Joint tenancy must have an undivided interests in the entire property, and not divided interests in separate parts. A joint tenancy can be created by a Will or a Deed. Each joint tenantshould have estates of the same type and duration as well. What are the rights of a co-owner? A co-owner is entitled to three essentials of ownership. This includes  the right to possession, the right to use and the right to dispose of his share of the property if it is clearly stated in the deed . Therefore, if a co-owner is deprived of her property, she has a right to be put back in possession. How does joint property ownership work? Joint tenancy occurs  when two or more people hold title to real estate jointly , with equal rights to enjoy the property during their lives. If one of the partners dies, their rights of ownership pass to the surviving tenant(s) through a legal relationship known as a rig

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.

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

Joint Ownership Of Property Rights: A co-owner has right to possession, right to use and right to dispose off the property. Tenants-in-common may hold unequal interest in the property but the interest held by each are a fractional interest in the entire property. Each one may freely transfer his interest in the property. What rights do I have as a co-owner of a property? Each co-owner has the right to use and possess the entire property ; Each co-tenant owns a certain share of the property as their own; Co-owners may hold unequal ownership shares; and. Maintenance and other costs are shared in proportion to ownership shares. Can a jointly owned property be sold by one owner? A co-owner of a property   is capable of selling his/her undivided share in the property   provided the purchaser is willing to make a purchase in the said manner. the only other way is to partition a property, either through court or through a partition deed and then affect sale of divided property.

Joint Ownership Of Property: Co-owners mean all the owners of a property . If the property is owned by more than one person, it is called joint ownership. Any co-owner can transfer his own share in the property to a stranger or another co-owner, and the transferee steps in the shoes of the co-owner. The transferee becomes the co-owner. What does joint ownership of a property mean? Joint ownership means that two or more people are the legal owners of the property . Usually, joint owners are liable for the whole of the payments for any joint loans secured on the property, and decisions about the property are made by all the joint owners. What happens to a jointly owned property? As joint tenants, each person owns the whole of the property with the other. If one co-owner dies, their interest in the property automatically passes to the surviving co-owner(s), whether or not they have a will. As tenants in common, co-owners own specific shares of the property

Joint Property Dispute:- This is a private dispute resolution procedure where the family in question tries to reach a mutually acceptable property division without oing to court. Here, the dispute is subnitted, by agreement of the parties involved, to one or more arbitrators who make a binding decision on it. Can a jointly owned property be sold by one owner? A co-owner of A property is capable of selling hif/her undivided share in the property provided the purchaser is willing to make a purchase in the said manner. the only other way is to partition a property, either through court or through a partition deed and then affect sale of devided property.  How do I get of a joint property? If you're joint tenants and you both want to leave, either you or your ex-partner can end the tenancy by giving notice. You'll both need to move out. If yuo've agreed one of you plans to stay, it's usually best to explain this to your landlord and ask them to update the tenacy agreemen

Co-owership of joint property: Co-owners mean all the owners of a property. If the property is owned by more than one person, it is called joint ownership. In case of coparcenary, the male members and daughters have a common and an equal interest in ancestral property. It the parties have shares in the property, it indicates that they are co-owners. What are the rights of a co-owner? A co-owner is entitled to three essentials of ownership . This includes the right to possession, the right to use and the right to dispose of his share of the property if it is clearly stated in the deed. Therefore, if a co-owner is deprived of her property, she has a right to be put backin possession. What is the difference between co ownership and joint ownership? Joint owners have rights that are defined by the type of ownership method chosen. The term "co-owner" implies that more than one person has an ownership percentage of the property. Joint ownership, in its three common forms, refined

Property Joint Ownership:-   If the property is owned by more than one person, it is called joint ownership . In case of coparcenary, the male members and daughters have a commin and an equal interest in ancestral property. How does joint ownership work? Joint tenancy occurs when two or more people hold title to real estate jointly, with equal rights to enjoy the property during their lives. If one of the partners dies, their rights of ownership pass to the surviving tenant(s) through a legal relationship known as a right of survivorship. What is a disadvantage of joint tenancy ownership? There are disadvantages, primarily tax disadvantages, to either type of joint tenancy for estate planning. You might incur gift taxes when creating joint title to property . To avoid both probate and estate taxes, you must give away the ownership, control, and benefits of the property.

Asset Property Value: Asset valuation is the process of determining the fair market value an asset. Asset valuation often consists of both subjective and objective measurements. Net asset value is the book value of tangible assets, less intangible and liabilities. How is property value of an asset calculated? To estimate property values in the current market, divide the net operating income by the capitalization rate. For example, if the net operating income were $100,000 with a five parcent cap rate, the property value would be roghly $2 million. What is a value property? Property value refers to the worth of a piece of real estate based on the price that a buyer and seller agree upon. According to economic theory, the value of a property converges at the point where the forces of supply meet the forces of demand.

Commercial Property: Commercial property refers to immovable property used for industry. Commercial property typically refers to a building that house businesses, land that is intended to make a profit, and larger residential rental properties. What are the types of commercial? The 8 Types of Commercial Real Estate: Multifamily  Office Industrial Retail Hotels/Hospitality Mixed Use Land Special Purpose What defines a commercial property? What is commercial property? Any property that is zoned or used solely for business purposes is a commercial property.

Real Property Overview:- Real estate is real property that consists of land and improvements, which include buildings, fixtures, roads, structures, and utility systems, Property rights give a title of ownership to the land, improvements, and natural resources such as minerals, plants, animals, water, etc. How do you describe real property? The term "real estate" or "real property" means the land plus anything growing on it, attached to it or erected on it, including man-made objects, such as buildings, atruchures, roads, sewers, and fences, but excluding anything that may be removed from the land without injury to the land. What are the types of real property? There are five main categories of real estate: residential, commercial, industrial, raw land, and special use. You can invest in real estate directly by purchasing a home, rental property or other property, or indirectly through a real estate investment trust (REIT).

Recidential property Definition: Any land, plot, parcel, lot, tract or area of land including any building used primarily or intended to be used for owner-occupied housing or tenant accommodation constitutes residential land. Single-family housing, as well as multifamily units, can be constructed on residential land to quality as residential property .  Types of residential property: The iconic example is the single-family home. Definitions differ but, generally speaking, it is building containing one dwelling unit, detached from all other structures, with open space on all sides. Multi-family homes of two, three or units also constitute residential property . So do townhomes and semi-detached homes. Because their purpose is return on investment, rental properties with five or more units - whether they're apartment buildings or apartment communities - are coomercial property, not residential. Although condominium units themselves are residential, the buldings they comprise are comm

Joint Family Property: A joint family or coparcenary property is liable to be partitioned, whereas there can be no question of partitioning the separate property of a member of a joint Hindu family. No coparcenter can alienate his undivided interest in a coparcenary by sale or mortgage, without the consent of the other coparceners.  What is joint family property under Hindu law? A Hindu joint family consists of lineal descendants of a common ancestor. In other words, a male head and his descendants, including their wives and unmarried daughters. A coparcenary is a smaller unit of the family that jointly owns property . How do you split joint family property? A property within a Hindu Joint Family is partitioned according to the Hindu Succession Act, 1956. White the division of Jointly-owned property by two or more co-owners is according to the Hindu Undivided Family (HUF) and the Hindu Partition Act of property,1892.

Exclusion  from ancestral property: One is free to write a will and exclude one's offspring (sons as well as daughters) from inheriting their self-acquired property . In 2016, the Delhi High Court ruled that an adult son had no legal claim on his parents' self-acquired property. Can a mother give her ancestral property to one son? Your mother is the absolute owner of the property ; she can transfer the property as per wish. After her demise you can challenge the will if she execute in favour of your brother alone. If he is not probate the will property it has only scrap value. Can mother sell ancestral property wihtout consent of son? No, ancestral property be cannot be sold without consent of successors in case of major and in  in case of minority you might have to take permission from the court. And if property disposed without consent can be reclaimed.

Can married women claim a right in her grandfather's property? If the Grandfather dies without leaving any will, only his immediate legal heirs i.e. his wife, son(s) and daughter(s) will have right ot imherit the property left behind by him. Can a married women claim ancestral property? A wife is entitled to inherit an equal share of her husband's property . However, if the husband has excluded her from his property through a will, she does not have a right to her husband's property. Moreover, a wife has a right to her husband's ancestral property. Who is eligible for grandfathers proeprty? A grandson, on the other hand, has a right to inherit his grandfather's property since birth. A father can exclude his child from his self-acquired property, but a grandson cannot be excluded from his grandfather's property if the property id ancestral.