The role of a lawyer in the realm of property and real estate by djsgjg0045


									Consider this: You have been eyeing a property in the city. You have saved enough to
afford the house, but once you set about the process of actually buying it, you realize
that it is quite a complicated procedure. So where does the layperson start ? How do
you go about buying and selling? Who will help you negotiate, liaise with the
developer or buyer, value the property, check title-deeds, draft the agreement, register,
and get the best deal ? A good lawyer, of course. Many buyers and sellers go about
their transactions without professional help. But in fact, this can lead to complications
and misinterpretations. Hiring an able lawyer will help smoothen real estate dealings.
Real estate is not simply about locating what you want and plumping down the cash.
You may inspect a plot or building and say, "That looks fantastic." But don't take the
plunge yet. Behind the beautiful fa 莽 ade there may be snags aplenty 鈥?spurious or
no title deeds, illegal permits, pending litigation, defective land use classification,
encroachments, encumbrances and a host of critical concerns that do not catch the
unwary, unknowing eye. TITLE IS VITAL A good title is the foundation stone for a
valid real estate transaction. For those of you who wish to become genuine troublefree
land owners, and have no clue how to go about it, here's a quick guide to what a real
estate attorney will do for you. Assist in negotiations between parties, property
inspection, valuation and fair agreements. DUE DILIGENCE Going through the
gamut of the real estate transaction processes with an eagle eye. Title confirmation of
current land owners, including verification of sale deeds and other title deeds
pertaining to previous transactions to check proper flow of title. Ensuring that there is
no pending litigation. Zoning/Land Use/Acquisition: To ensure proper classification
regarding urban, commercial and check if any acquisition action is pending. Checking
if Open Space Reservation (OSR) will be applicable to the property. Verifying
statutory obligations: Up to date payments of Property/ Corporation Tax, Water and
Sewage charges payment receipts. PHYSICAL VERIFICATION OF TITLE DEEDS
It is not enough to check the title flow. Authentication with the originals, is an
absolute must. DOCUMENT PREPARATION Another crucial part of the proceedings.
Only a lawyer wellversed in documentation, can guarantee that things are legally
foolproof, or rather litigationproof. REGISTRATION OF DOCUMENTS The legal
sealing and stamping of the deal at the Registrar's Office. Registration is done after
valuation of the property and calculation of the stamp duty and other dues. This is
only a broad outline of the due diligence process and all that needs to be done legally.
Specialised assistance is invaluable, to steer you through the real estate contracts. The
writers are lawyers at Surana & Surana International Attorneys, a citybased
international law centre. Courtesy times property dtd 10/10/2010 For more
information about real estate log on to

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