Ways to avoid Different Property Disputes
Despite the hype around RERA, buying real estate in India can occasionally be a nightmare – a morass of bureaucracy, loopholes, and hazy regulations. It’s a nightmare that might turn you inside out.
And then you can find yourself staring at the long arm of the Indian judiciary! Around 2/3rdof the cases currently with the Indian judiciary are projected to be related to actual property conflicts! Real estate conflicts develop as a result of fraudulent transactions; nevertheless, there are ways to avoid them if you are cautious and well-informed.
We’ve compiled a list of five of the most common property disputes and how to avoid them:
Disputes over the ownership of assets
Make certain you have a legitimate identity for the real estate assets you hold. Due to the lack of digitized land information in our country, frauds involving the identity of real estate assets are rather common. While purchasing a solitary asset, title fraud is more common.
Conflicts between developers/builders and their customers
Any asset sale is primarily a contract between the buyer and the builder or developer. However, there have been instances where the builder has abandoned a portion of the community, leaving clients in the lurch. To avoid such situations, it is best to buy houses from reputable developers. And if you’re not sure about the builder’s reputation, there’s always RERA! You must never buy an asset that hasn’t been RERA-registered and approved.
Disputes over inherited or bequeathed homes
Disputes over inherited or bequeathed property are also fairly uncommon. Conflicts can also arise when someone inherits assets through a will and others question the validity of the will. When someone dies intestate, there are also disagreements (without a will). These kinds of issues with willed assets can be avoided by writing a will with all of the necessary safeguards in place and using all of the legal tools available. You may learn more about how to make a will here. The legal standards of succession are great in the event of an intestate death. If you’re buying assets, ensure certain the sellers have valid identification, particularly if it’s been inherited.
Misuse of leased or rented assets
In India, disagreements over rented or leased assets are not uncommon. The conflict may arise between the landlord and the renter, or between the tenant and the local welfare organization.
Disputes of this sort can be avoided by establishing a rental/hire agreement that includes clear standards and expectations for the refurbishment and preservation of leased/rented-out assets.
Disclaimer: The views expressed above are for informational purposes only based on industry reports and related news stories. PropertyPistol does not guarantee the accuracy, completeness, or reliability of the information and shall not be held responsible for any action taken based on the published information.
