There is one very big misconception about hiring the right types of lawyers. You can hire a solicitor as well as a real estate lawyer. People think that they both are substitutable, but in fact that is not the case.

Solicitor has a very limited role and he can only help you in very few instances for real estate legal help. There are a lot of times when you do a business deal but you make a mistake. That mistake seems to be a minor one but it proves to be a fatal one. There are many blind alleys in real estate business. Mean and cruel people are always looking to hunt you down on your mistakes. They will manipulate you one way or other. Then it will get into litigation and you will be penalised you for that mistake, which may cost you a fortune or worse your entire business.

There has been very many pending cases in different courts where it takes years to reach to a logical conclusion. These problems usually arise for those who either don’t realize the need for a full time lawyer or who rely on incompetent lawyer. That incompetent lawyer lapses at the time of need and isn’t able to represent the real estate business in the right way. Then there is one more important aspect of lawyers. Don’t think that any lawyer should be handed over your case for the real estate dealings you make. Usually good lawyers specialize in one subject or the other.

These lawyers are specialized in their field and do what they do the best. Don’t fall into the prey of a general practitioner, because he is the jack of all and master of none. It is also best practice to pay your lawyer some regular fee, because this way he will be more cost effective for you and available at your call. Good lawyer will not only save you from a lot of deadly lawsuits against your business but he will save you a lot of cost and energy. When every deal will go through his hands before finalizing, the chances for trapping yourself into real estate traps will be minimized and you will able to do your real estate business with more peace of mind.

Do read the fine print before you sign on the dotted line

There have been many cases where the project gets a kick start and invites bookings only on the paper. The property dealer with their minor gains/commission advices the gullible buyers to put their money in the projects. The prospective buyer must take the help of a local advocate and request him to prepare a search report. The advocate should also be instructed to verify and advise the title position on the basis of the records available at the office of the sub-registrar of assurances, along with a non-encumbrance certificate issued by a competent authority. The chain of title should be clear and the purchaser should avoid of property if there is any missing link in the flow of the title.

In metros like, Delhi, Mumbai, Bangalore, Chennai, Kolkata, buying of property becomes difficult, as it is done in innovative ways to avoid stamp duty. If the property or a flat in a society is bought from its original member, then the purchaser should receive no objection certificate from the society. Also the share standing in the name of the original member should be transferred in favour of the purchaser. If the previous owner owes any money to the society, the society naturally refuses to give no objection certificate.

Similarly, if one is purchasing property from a private builder, it is the advised to see that the builder has purchased property, which is free and marketable, and that he has the authority to sell. The builder has to possess the right to transfer the property. The purchaser should also go as per sanctioned plans. There should be no extra construction where an unauthorised construction was made. Another area in which the purchaser has to do little homework pertains to the area of the house he is going to purchase. Ensure that the property is not already mortgaged. If it is, confirm that the sale is taking place with the concurrence of the bank or the party with which it is mortgaged. When you buy a property from a builder, you will have to sign on the dotted lines, its pays to get a copy in advance and go through the fine print. You never know, after reading it, you may decide not to deal with the builder because it is one-sided agreement. Generally property is purchased on the basis of amount per square feet.

Track2Realty Bureau