While catering to the need of our clients in the sale and purchase of the property a hard task of identifying Seller’s rights and obligations on one hand and Purchaser’s rights and obligations on the other.
Built-up Units: Flats, Shops, Stores, Commercial Units, etc.
Built-up Units are in the form of residential flat, shop, storage units, etc.
The process is initiated with uncovering the source of title of the built-up units. Most of the units are managed under various legislations relating to Flat Ownership law or Co-operative Housing law or Flat Apartment Law or Company law or Governmental Regulations.
It is of utmost necessary that while assisting in passing perfect, transferable and enforceable title and ownership in the built-up units to the purchaser we had to make certain that the Seller has marketable and clear title and right to sell the unit.
The Seller’s right to sell units may be unrestricted or clubbed with certain restrictions which need to be scrutinised thoroughly to see what legal compliances are to be carried out to enable the Seller to sell the unit.
The Built-up unit is in multi-storied building which is constructed on the erstwhile open land whose source of ownership is required to be investigated by an expert lawyer. The title of the land is a main source of title of the built unit. Once the ownership and title of the land is established then we examine whether the developmental and construction rights and powers are appropriately granted and conferred by the owner of the land upon the Developer/Builder/ Promoter. Upon ascertaining the developmental and construction rights and powers of the Developer/Builder/Promoter, we then move to scrutinise the obligations of the Developer/ Builder/Promoter in procuring- sanction to the building plan, various governmental orders, certificates, etc; under Building Rules/Development Regulations, performance of contractual obligations between the Developer/ Builder/Promoter and the Unit owner, compliances by the Developer/Builder/Promoter under various regulations/enactments vis-à-vis the built-up unit as well as the unit owner, etc.
Thereafter, where the seller is not the first owner of the unit, then we have to examine the chain of ownership wherein, we have to thoroughly search and investigate each and every legal aspect concerning compliances by all the previous owners under various laws and regulations.
Upon the complete and thorough analysis and investigation of the title and once we are satisfied of the clear title of the Seller then we focus upon drafting and formulating various deeds and documents and advising the purchaser about the statutory compliances a purchaser of the property is required to carry our for obtaining the clear, transferable and heritable ownership of the unit
When we are entrusted with a job of legal assistance in land purchase it becomes our professional duty to ascertain the ownership of the land owner, by calling for various deeds and documents, by conducting the scrutiny, examination and analysis of land records including Village Extract No. 6, Village Extract No. 6C, Village Extract No. 7/12, Village Extract No. 6A, Village Extract No. 7B, Village Extract No. 8A, Gat scheme Extract, Kami-Jast Patrak, Aakar Phode Utara, Phalni bara, Gatbook Plan, Village Map, Zone Certificate, records in various government offices i.e. Settlement Commissioner’s Office, City Survey Office, and many more.
An expert lawyer examines whether the land is or is not affected by any attachment including attachment under any certificate, case, suit or any proceedings started at the instance of the land owner or the Income-Tax or other Government Authorities or other local bodies and whether the land is or is not the subject of any suit or proceedings and is not otherwise mortgaged or charged or encumbered with any Bank/Financial Institutions/Money lender.
A lawyer has to advise the clients upon the issuance of Public Notice in the newspaper and then to issue legal certificate stating the response to and outcome of the Public Notice
During the course of investigation of title, it is advisable, where necessary, to get executed from the land owner, confirmation through affidavits, indemnity bond and such other deeds as the circumstances may require prior to the issuance of Search & Title Report.
Then the crucial task is of drafting and getting registered a lawful document called Sale (or Purchase) Deed where an expert lawyer has to advise upon the applicable stamp duty, registration fees and the papers and documents to the annexed to such sale deed. The whole process of execution and registration of Sale Deed calls for strict supervision of a vigilant lawyer.
Subsequent to the registration of the Sale Deed a lawyer assists in carrying out the compliances which requires the entering of the names of the Purchaser and deletion/removal of the seller’s name from any Records, Register, Record of Rights, documents, etc., maintained by the Government/Local Body/Authority/Department in respect of the land.