Your address will show here +12 34 56 78
property

Majority property buyers get the agreements done by the seller, but there are agreements which the owner (or going to be the owner) of the property has to draft. In this blog, we will be looking into a quick checklist of property related Agreements. Let me know if you need an experienced professional to deliver any of them, Wazzeer can get the property related works delivered seamlessly, in fact, you don’t even have to step out of your house. 

  1. Sale Deed:
    • Acts as a evidence of sale and transfer of ownership of property in favor of the buyer
    • Acts as the main document for further sale by the buyer
    • Things to ensure as a buyer:
      • Title of the seller
      • Check whether there is any charge or encumbrance on the property
      • Ensure that all clearances, approvals, and permissions to transfer or sell the property has been addressed
      • All the pages of the deed to be signed
      • Deed should be witnessed by at least two witnesses
      • Finally, get it registered at the jurisdictional sub-registrar office.
      • Details of the parties

  1. Lease Deed:
    • If the term of lease is exceeding one year or reserving yearly rent has to be registered.
    • This agreement binds both lessor and the lessee for the decided duration
    • Things to ensure:
      • The subject matter of lease must be immovable property
      • Duration of lease should be fixed
      • No interest passes to the lessee before execution
      • Termination clauses can be included based on requirements
      • Details of the parties

  1. Leave and License:
    • There is no transfer of the interest of property as that of Lease
    • Licensee acquires personal right to occupy the property
    • Things to ensure:
      • Duration of the rights
      • Details of the parties involved
      • Details of the property
      • Terms of agreement

  1. Mortgage Deed:
    • The funds lent against which the property is used as security is the mortgage money.
    • The Agreement which instruments the transfer is mortgage Deed
    • Things to ensure:
      • Enforceability and validity depends on the type of mortgage
      • Cross verify the agreed interest rate
      • Tenure of the land should be checked up and mentioned
      • Provision for payment of the amount due in the event of mortgagor failing to pay interest

  1. Development Agreement:
    • Agreement between owners of land/building and the developers to construct.
    • Things to ensure:
      • Terms of allotment of Floor Space Index.
      • Details of the parties involved
      • Registration

  1. Broker Agreement:
    • Contract between a broker and a client
    • Things to ensure:
      • Term of sale for the property
      • Brokerage details
      • Expiration date of contract
      • Terms of services are mentioned
      • Details of the two parties

  1. Partition Deed:
    • Partition is a division of joint right into several rights
    • Things to ensure:
      • Clear specification of intention by the members
      • Division should be impracticable or unreasonable
      • Details of the owners

  1. Gift Deed:
    • Agreement to legally register the transfer of immovable property as a gift
    • Things to ensure:
      • Transfer should be made voluntarily and without consideration
      • The donee must accept the property during the lifetime of the donor
      • All property, real and personal, corporeal, and incorporeal may be the subject of the gift.
      • Details of the parties
      • Register the deed

  1. Exchange Deed:
    • When two persons mutually transfer the ownership, Exchange Deed comes into place.
    • Things to keep in mind:
      • Details of the properties in subjected to exchange
      • Details of the parties
      • There should be at least one witness

We at Wazzeer have helped individuals in getting property related works delivered without hassle. We would be very excited to help you. So let’s connect -> “Get your Wazzeer”

 

2

property

The Real Estate Act makes it mandatory for all commercial and residential real estate projects where the land is over 500 square meters, or eight apartments, to register with the Real Estate Regulatory Authority (RERA) for launching a project, in order to provide greater transparency in project-marketing and execution. For ongoing projects which have not received completion certificate on the date of commencement of the Act, will have to seek registration within 3 months. Application for registration must be either approved or rejected within a period of 30 days from the date of application by the RERA. On successful registration, the promoter of the project will be provided with a registration number, a login id, and password for the applicants to fill up essential details on the website of the RERA. For failure to register, a penalty of up to 10 percent of the project cost or three years’ imprisonment may be imposed. Real estate agents who facilitate selling or purchase of properties must take prior registration from RERA. Such agents will be issued a single registration number for each State or Union Territory, which must be quoted by the agent in every sale facilitated by him. In this blog you will be unleashing the necessity and How to register as an Real Estate Developer under RERA Act

 

Impact on the Real Estate Developer:

 

  1. Major impact of RERA is on on-going projects. The builders who have not received completion certificate they have to register with RERA and have to give their status of the project at the time of the registration as well as they have to update the department from time to time about the project.. Projects at various stages got impacted because of new rules and regulations and in return there will be delay in project deliveries.
  2. The major delays and cost escalations are created not by developers but by various governmental authorities which sanction requisite projects and monitor during the course of development. Everybody is aware of the long drawn battle to firstly avail sanctions which now-a-days takes over 12-18 months and during the course of project, there are several challenges which affect projects.
  3. Cost for developers will increase as sales can only happen post registration which is possible only post approvals. So gone are the days of pre-launches where first set of buyers benefitted with a reasonable price during early stages of projects. With higher holding costs, these increases would eventually be transferred to consumers and hence prices are bound to increase.
  4. Refund in 60 days is unjustified as developers are not banks with liquidity. All the money is pumped into construction and incase of cancelations, there should be a re-allotment clause and not strict 60 day guideline for refund as it will be impossible for developers to do so in such circumstances. Infact, with RERA, there will be strict monitoring of monies via escrow account and this refund timeline is not relevant. If several buyers seek to cancel at one go, it may jeopardize the entire project.
  5. With RERA, there will be a consolidation in the market and hence only fewer players may exist. This is not good for market as prices for consumers are bound to increase with decrease in competition. Competition already keeps prices in check and small developers who were able to offer that additional buck might cease to exist and buyers will have limited choices to choose out of.

 

Some of the important compliance are:

  1. Informing allottees about any minor addition or alteration.
  2. Consent of 2/3rd allottees about any other addition or alteration.
  3. No launch or advertisement before registration with RERA
  4. Consent of 2/3rd allottees for transferring majority rights to 3rd party.
  5. Sharing information project plan, layout, government approvals, land title status, sub-contractors.
  6. Increased assertion on the timely completion of projects and delivery to the consumer.
  7. An increase in the quality of construction due to a defect liability period of five years.
  8. Formation of RWA within specified time or 3 months after majority of units have been sold.

 

Documents Required:

The registration process in some states is through online mode and in some state its offline, the documents required may differ from state to state. Following is the list of documents required:-

 

To register as a developer with RERA

 

  1. Brief details of his enterprise including its name, registered address, type of enterprise, proprietorship, societies, co-operative society, partnership, companies etc;
  2. Particulars of registration including the bye-laws, memorandum of association, articles of association etc. as the case may be;
  3. Name, address, contact details and photograph of the real estate agent if it is an individual and the photograph of the partners, directors etc. in case of other entities;
  4. Self-attested copy of the PAN card;
  5. Self-attested copy of the address proof of the place of business.

 

Registration Process for Real Estate developer

 

  1. File an application form along with fee and documents to get registered with RERA.
  2. You will receive a registration number from the regulator. This need to be mentioned in every property sale.
  3. On a quarterly basis, you are required to maintain the books of account, records and documents related to the transactions.
  4. Share all the information and documents about the project with the buyer.
  5. Agent may be suspended for the misrepresentation or fraud during the registration process.

 

How can a builder be RERA compliant?

 

  • Project registration.
  • Withdrawal – POC method.
  • Website updation/ Disclosures.
  • Carpet area.
  • Alteration in project – approval of 2/3 allottees.
  • Project accounts – Audit.
  • 70% of the funds collected from allottees needs to be deposited in the project account. Withdrawals to cover construction and land cost.
  • Withdrawals to be in proportion to the percentage completion method.
  • Withdrawal to be certified by an engineer, architect, and CA.
  • Provision for RERA to freeze project bank accounts upon non-compliance.
  • Interest on delay will be same for customer and promoter.

 

What information does a builder need to provide under RERA

 

  • Number, type and carpet area of apartments.
  • Consent from affected allottees for any major addition or alteration.
  • Quarterly updating of RERA website with details such as unsold inventory and pending approvals.
  • Project completion time frame.
  • No false statements or commitments in advertisement.
  • No arbitrary cancellation of units by promoter.

 

We at Wazzeer believe that Real Estate Developers registering with RERA will enhance customer success, we will be glad to help you register under RERA Act seamlessly. Let’s connect to build a better relationship.

0

property

Loosing original property documents like sale deed, power of attorney, conveyance deed, agreement to sell, etc. You cannot afford to put yourself in that position, mainly because of three reasons: 1. You cannot sell the property 2. Your ownership is at stake 3. Taking loan on the property would be near to impossible. The property can be verified with other documents like Encumbrance certificate, family tree mode of acquisition of property and can obtain duplicate sale deed. As a long-term planning to safeguard your ownership of the property, following steps can be carried out when original documents of your property is lost:

 

1.    File a police complaint immediately

You will need to file a police complaint as soon as possible, after you have realized that certain papers are missing. The FIR or first information report should be filed only by the owner of the house, stating that the property papers have been misplaced, lost or stolen. Take a copy of the FIR and keep it safely with you, as at the time of sale, buyers may ask for that as well.

 

2.    Publish an advertisement

Once you have filed the FIR, you will need to publish an advertisement in an English daily newspaper and in any regional newspaper about the loss of property documents. Then you have to wait for the next 15 days to see if anybody finds it and returns it within that time frame.

 

3.    File an application for share certificate

On the basis of your FIR, you can file an application for share certificate from the housing society. The authorized Resident Welfare Association (RWA) calls a society meeting and checks your proof (FIR) of loss. If your application gets approved, the housing society will charge a fee and in return issue you a share certificate. Also, ask for an NOC (non-objection certificate) from them as it plays an important role in transacting further.

 

4.    Register with the notary

The next step is the preparation of undertaking on stamp paper about the loss of documents of the property along with the text of advertisement which was published in newspaper and the police complaint number. Documents will then be attested and registered with the notary, so that your undertaking becomes legal.

 

5.    Get the duplicate sale deed

The final step is to get a duplicate copy of the property sale deed. For this, you have to deposit copies of the police complaint, text of the advertisement, the share certificate and the undertaking stamped by the notary to the registrar office, since all the records regarding property transactions will be kept in that office. Then, you need to pay the fees and they would issue a duplicate copy of the sale deed.

 

Wazzeer has the expertise in all property matters, from property due diligence to property documents related services. Let’s have a chat! ‘Get a Wazzeer’

 

 

0

property
Are you buying your sweet home from a builder? This might be your most cherished dream. But hold on, Don’t you think it is high time that you need to check the property documents with due diligence.

With Campa-Cola Compound demolition in Worli, Mumbai  2013 still fresh in the mind it would be smart to know the verifications that you need to do to avoid the unfortunate fate of 140 families in Campa-Cola Compound in Worli. So let us be sure on the property that you are willing to buy. How do you prove that you are Indian citizen? How do you prove that you are working in a company through relevant documents like an Election Photo Identification Card (EPIC) and Offer Letters.

Likewise, we do need to check those property documents so as to not lose sleep over any issues later. Let us now look at the documents that are to be examined before you put ink on that dotted line to buy your dream property.


Land Record:Title deed is the most important document as it gives details about ownership, rights, obligations and mortgages on the property. So it validates whether the land where the project is coming up has been registered and development rights transferred. Get a copy of it from the builder and cross-check the information with the land record office.


Construction Clearances: A ‘certificate of commencement’ is mandatory to commence any construction of a property. The certificate is issued by the town planning and engineering department post the inspection of the basic foundation for a superstructure and building boundaries. This also means that the builder would have obtained the required licenses, sanctions and permissions for the map that are required before you can even start excavating.


Approved Planning: It is good to run an additional check and verify that the building plan and layout plan has been approved and no bylaw applicable in the area has been broken. Make sure that the floor where you have booked your flat has been approved in the building plan. The layout should be in accordance with the National Building Code of India (NBC). NBC is a comprehensive guideline, a code, for regulating the building construction activities across the country. Get this document verified with the local municipal authorities. Also, some projects claim a ‘green status’. In that case it should be either certified by the Indian Green Building Council or be rated by Green Buildings Rating System India (GRIHA), a TERI University initiative. The focus areas of all such certification for a building are energy, water and waste management. There are a couple of other rating systems also available right now in India, but?GRIHA?is the most popular and has standardised norms.


Land Use Certificate: It is illegal to have residential properties on a commercial or industrial zone. Apply to the urban development authority and check the certificate to ensure that the property you plan to purchase is in the residential zone. Sometimes the land will be in what is called a ‘converted zone’. Cities are expanding and often agricultural land is converted for non-residential usage by paying a fee to the government. In such a case, check for the endorsement order given by the tehsildar or deputy commissioner of the zone that licenses residential construction on that land.


Master Plan of the Area: Often builders claim future infrastructural development of the area such as upcoming metro or highway near the project. Don’t believe everything blindly. Look at the area’s master planning to verify. These plans are easily available with the town planning department.


No Objection Certificates (NOCs): The builder should also be able to give you a copy of the urban land ceiling NOC (if applicable), an environment clearance NOC as well as NOCs from the electricity, water and lift authorities, if there is one. Apart from the threat of a legal battle, you also compromise on safety. Illegal construction continues to mushroom in unplanned areas of our cities to accommodate the growing population. There is no homogeneity in terms of plot sizes, street widths, height, and gross built area in these locations. Old buildings that collapse are ones that have been built without proper permits and lack structural safety standards, said Sachin Sandhir, managing director, RICS South Asia, a self-regulatory professional body dealing in land, property and construction. You must remember that if the government decides to evict you from your house, which is proven to be illegal, you have no choice but to vacate. Living in the anticipation that the house will eventually get approved is like betting in a casino.


For a trustworthy Professional advice on this matter Contact us.
0

Contracts and Agreement, Contracts and Agreements, property

Rental agreement is an important document which defines the legally binding relationship between the tenant and the landlord. Usually, a broker is involved in carrying out the initial transaction between the two parties. However, both the parties can also take help of a lawyer to draw the rental agreement.

A rental agreement is a legal document which lays down the conditions on which relationship between the landlord and the tenant is determined. Seeking a home for rent and settling down on one may turn out to be a matter of contention on many grounds. The tenant may not pay up the rent on time or there may be disputes with the land lord on numerous matters.


Rental agreement details 
would determine how disputes are to be handled and how both parties would carry out their respective duties.

 

Here are few facts that you should keep in mind to make the agreement legally binding and valid.

Always insist on presence of two non-beneficiaries while the rental agreement is being signed between the two parties. The rent agreement ought to be signed by the two non-beneficiaries to make it a valid one. You can register the rental agreement by paying a stamp duty.
Registering the rental agreement would mean that it would have more power invested in it, rather than being just a valid document. In order to make it a smart rent document, it should contain the duties and responsibilities of all the parties concerned. A smart rental agreement would also include names of all the people living in the building. If the agreement contains names of everybody living under the same accommodation, then it lays down the ground for the usage of common property among all the tenants.


The agreement should contain the tenure of tenancy. Specific dates from which date to which the lease of the agreement would be valid have to be mentioned. The rental amount has to be clearly mentioned in the document, along with the amount deposited in the account. The agreement must contain details related to terms of deduction and return of the deposit money. The agreement should also include due date of payment of rent and the grace period. It also should contain the mode of payments through cash or cheque or draft. The agreement should detail the procedure for rent escalation every month for example, many owners raise the rent by 5% every year. It is the duty of every tenant to keep the rented place clean and undamaged. Hence, maintenance and repairing responsibilities should be mentioned in the rent agreement.


Alongside the rent value, maintenance fee payable every month and the payment date should also be in the agreement. While minor repairments are to be handled by the tenant, major repairments are taken care of by the land owner.


The landlord may have some restrictions regarding movement, parking usage or may have particular usage of property resources. These decorum details are to be recorded in the rent agreement so that there arises no disputes between the parties. Some rented properties may require certain society rules to be adhered by the tenant or some land lord may not allow certain activities on his/her compound. All these should be in a documented form. Every tenancy agreement should contain details as to how to renew the agreement. The terms and procedure of renewal of the rent agreement as well as the notice period the tenant would have to serve before leaving the rented home have to be recorded in the rent agreement.


The rental agreement’s rules and conditions lay invalid if any or both the parties do not adhere by them. Hence, it is of extreme importance that the agreement contains notice period. Important sections to cover in rental agreements Rental agreements need to be written in a stamp paper and signed by tenant and landlords. Here are some common agreements or conditions that need to be included in an agreement for keeping property in good condition and make prompt pay of monthly rents.

  • List of things: List of things is facilities or appliance provided by a landlord to tenants along with property for rent. Things include appliances like number of fan, geyser, light fittings and so on. These things cannot be taken with them by tenant when leaving property.
  • Due date: The date for paying each month?s rent and the date when it is considered as late payment. If there is any charge for late payment and time to take action when continues default.
  • Right to enter: The date or time from which?propertyis let to rent. Tenant need to inform prior to landlord from when he starts using the property or building.
  • Garbage: Need to specify orally or in written where to keep garbage for collection by garbage collector and how to dispose garbage. The improper dispose of garbage creates problem for fellow tenants and for it become health problem
  • Policies: Policies regarding parking vehicle and whether pets are allowed in the premises or not. These have to be clearly mentioned in rental agreement than become problem in future.
  • Notice period: Tenant should give at least one month notice prior to leaving and demanding for deposit. Landlord must ask a reasonable time for giving back deposit.
  • Restoration: Conditions which need to restore the dwelling place or building. It includes repairs and paintings, plumbing if required and so on.


A landlord should ask identity of person who are using the property. Remember not to give your property or building for people who have criminal background or do not allow continuing if you doubt on their action or if they involved in some anti-social activities.

 

For a trustworthy Professional advice on this matter Contact us.

0