Buying or selling property anywhere in the world is a little complicated when it comes to the documentation. In most cases, it will start with a simple memorandum of understanding (MOU) or letter of intent (LOI), which will state the willingness of the seller to sell and the intention of the buyer to buy the property. They will also agree on the price of the sale and fix a timeframe within which to conclude the deal. Within this timeframe, the buyer has to pay the full price as agreed and the sale deed drawn up, signed and registered with the prescribed authorities. In the state of Punjab, in India also the sale and purchase of property are done on similar lines. But for this to happen smoothly, you will need a property legal adviser in Punjab. Why would you need a legal entity in these deals and what role does the legal adviser play? Let us explore.
Legal Position Crucial at Every Stage
If you are buying a property from some you know very well and the deal is being handled by a reliable property consultant, on whom you have absolute trust, it will appear to be fine. But with the phenomenal increase in the value of properties, especially in a progressive state like Punjab, there can always be black sheep everywhere. In the very first step, when you have physically inspected the property, whether it is a piece of land or a built up house or a factory you need to be sure that the actual title of the property is in the name of the person you are going to buy from. This needs to be verified from the local authority’s records. The records with the government or the local body should clearly show that the seller owns the property without any encumbrances. This is better done by a legal expert who specialises on property matters. Even the MOU should be properly worded so that both the seller and the buyer get a fair deal. The buyer should be clear on the consequences of not being able to pay the full amount of the value agreed upon within the time stipulated. Will the buyer forfeit the advance paid in such a circumstance?
Sale Deed and Registration
The property legal adviser in Punjab will also play a crucial role in drawing up the main sale deed which, after it is registered with the Registrar, will confer the legal right of ownership of the property to the buyer. Thus choose the right legal expert with exposure to property transactions.
This entry was posted on August, 28, 2015 at 13 : 03 pm and is filed under Property Legal Adviser. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response from your own site.