Blog - LEGAL ASSIST

Procedure of Legal Transfer of Ownership Title of Property

January 25, 2022/in Blog /by legal-web-admin

The title of a property depicts the ownership rights of a person. When there is a transfer of property from the original owner to another person, the ownership changes and therefore, the title of the property needs to be changed. The new owner’s name needs to be substituted for the previous owner in the records of the government.

With the transfer of property, bundle of rights are also transferred. The new owner gets all the entitlements and benefits in respect of the property including the right to sell, mortgage, lien, gift, etc. Therefore, for ensuring valid and legal transfer, it is most necessary to adhere to various rules in law for the transfer of property title.

In India, the legal transfer of property title is surrounded by difficulties, requires proper legal document drafting, execution & registration and payment of requisite government duty to the concerned authorities.

Therefore, to avoid legal battles in the procedure to complete transfer of property title as per law, it is always advisable to take assistance of top property legal experts or top law firms’ services.

Ways of transfer of Property

There are several ways in which the Transfer of property takes place. It is vital to know first how a person acquires the title in order to decide the right way of transfer of property title. A property can be acquired/ obtained by a person in many ways, a few of which are:

Inheritance
Will
Gift
Sale deed
Any other kind of transfer

Inheritance:

Inheritance means when the owner of a property dies, the property devolves upon all the legal heirs of the deceased by way of law of succession.

In such situations, it becomes necessary for the legal heirs upon whom the property devolves to apply to the concerned department/authority and get the property title transferred/ updated in their names in the records of the department. This is the legal transfer of property title.

Even when there are more than one legal heir who inherits the title, it is permissible under law for one or more legal heir to release/ relinquish/ give up their share inherited in the property in favour of all/ any other legal heir, wherein for the purpose of transfer of their property title, proper transfer deed need to be executed and registered and the name will then be accordingly updated in the records of the concerned department.

Will:

In cases, where the deceased dies leaving behind a WILL bequeathing a property in favour of the beneficiary named in the WILL, the ownership of the property devolves upon the beneficiary named in the WILL after the death of deceased. A WILL may be registered or unregistered under the law. However, it is advisable to get the WILL probated from the Court of law, which grants a certificate with respect to the genuineness of the WILL and grants more legality to the WILL and thereupon easier to get the title of the property transferred/ updated in the records of the concerned department/ authority.

Transfer Deed:

When the property is acquired by a person vide a transfer deed such as sale deed, gift deed, etc., the title of the property get transferred in the name of the person purchasing the property upon the registration of such transfer deed by payment of proper government duty/ fees. The deeds are registered in the office of Sub-Registrars.

Whenever there is a legal transfer of title of a property, it is necessary that the fact of change in ownership must be recorded in the public records.

LEGAL ASSIST is a premier global legal management firm and India’s leading legal firm in the field of Property Matters, Inheritance and Succession. The vast experienced team of Legal Assist steps forward to provide a range of services to resolve property issues related to the following – Title Search, Transfer of Property, Property Documentation and Registration, Probate of WILL, Succession Certificate, Surviving Member Certificate, Freehold Conversion, Mutation, Estate Planning. Besides these, we can help you find solutions to any dispute related to property. Feel free to reach us any time!

Everything You Need To Know About Rent / Lease Agreements

November 24, 2021/in Blog /by legal-web-admin

As home ownership may sometimes be unaffordable or inconvenient, a majority of the population in India’s major cities live in rented homes. The follow-up task is to then find a suitable rental property and create and execute a proper rent agreement to make the renting arrangement legal. As the rent agreement remains key to this entire arrangement, the same shall be made with utmost legality and the tenant must know every nitty-gritty about this crucial document.

What is a rent agreement?

A rent agreement is a crucial document that is signed between a landlord and a tenant to initiate and govern a tenancy. This document mentions every detail about tenancy and the terms and conditions of the tenancy. Both parties are governed by such agreement and have to follow the rules mentioned in the rent agreement.

Legal validity of rent agreement

To save costs, tenants and landlords sometimes reach a verbal agreement about the tenancy and avoid executing a rent agreement. Some may also document the arrangement and put terms and conditions with respect to the tenancy but decide not to register the document. This is because both parties tend to avoid to pay the registration charge if a rent agreement is created and registered. Entering into a rental agreement without registration can be said to be illegal and could prove to be a risky arrangement for both parties, especially in case of a future dispute.

It is in the favour of both the parties, to draft an agreement with specific terms and conditions and to get it registered. After drafting the rent agreement, the landlord should print it on stamp paper. Once the tenant and the landlord sign the documents in the presence of two witnesses, they should then get it registered at the sub-registrar’s office, after paying the required fee.

Details to be included in the rent agreement

Key details included in a standard rent agreement are:

Names and addresses of the tenant and the landlord.
Signatures of the tenant and the landlord.
Monthly rental amount and hike.
Security deposit.
Maintenance charges.
Period of tenancy.
Responsibilities/rights of the landlord.
Responsibilities/rights of the tenant.
Penalty for delay in payment.
Dispute Resolution.

Stamp duty & E-registration on rent agreement

One has to pay government stamp duty and e-registration fees while getting the rent agreement registered, which will vary, depending on the city where it is registered. The amount of Stamp Duty is paid by way of purchase of the stamp paper of the said value and the amount of e-registration is paid by way of purchase of E-registration fees. In Delhi, the stamp duty is payable at 2% of the average annual rent, in the case of lease / rent agreements for a term of up to five years.

Documents Required

Two passport size photographs of the Landlord and Tenant each; ID proof such as Aadhaar card, Voter’s ID card of all the parties including 2 witnesses; Copy of the computerised House Tax ID; PAN Card of all the parties including 2 witnesses, copy of latest electricity bill; Email ID and Phone Numbers of the parties; Stamp paper and registration fees receipt.

LEGAL ASSIST is a premier global legal management firm and India’s leading legal firm in the field of Property Matters, Inheritance and Succession. The vast experienced team of Legal Assist steps forward to provide a range of services to resolve property issues related to the following – Title Search, Transfer of Property, Property Documentation and Registration, drafting and registration of residential and commercial Rent Agreements, Probate of WILL, Succession Certificate, Surviving Member Certificate, Freehold Conversion, Mutation, Estate Planning. Besides these, we can help you find solutions to any dispute related to property. Feel free to reach us any time!

Sale Deed and its Registration – Step by Step Process

September 30, 2021/in Blog /by legal-web-admin

Sale deed is a legal document evidencing that the sale is complete. It contains details of the buyer, seller, area, location of the property, and consideration details. The sale deed has to be registered with the sub-registrar under whose jurisdiction the property situates but before registration make sure that full consideration is paid. Only registered sale deed has legal value in the eye of law. Section 54 of the Transfer of Property Act, 1885. define “sales” that means the transfer of property or transfer of ownership from the seller to the buyer for the consideration of money paid, partly paid, or promised to pay.

Process of registration of sale deed:

Step 1: Preparation

You must pay the total consideration amount as per the agreement to a sale before registration of the sale deed. Next thing you should remember that there should not be any arrears due on a property, such as previous loans, house tax, society dues, etc. If there are such dues left, then the registrar can refuse to register sale deed.

Step 2: Calculation of Stamp Duty

Stamp duty is payable on the circle rate or actual market value whichever is higher. Stamp duty depends upon on state. In Delhi, stamp duty is 6% for male, 4% for female, and 5% for joint ownership i.e. where the property is purchased jointly in the name of male and female. Along with stamp duty, you need to pay 1% for the registration charges.

Step 3: Payment of Stamp Duty

You can visit the nearest SHCIL/Bank Authorized Collection Centre, pay stamp duty there, and provide your necessary details. SHCIL/Bank Authorized Collection Centre will issue stamp paper. A list of SHCIL/Bank Authorized Collection Centre is available on https://www.shcilestamp.com/.

You can also Purchase stamp paper for the required amount from the Authorized Stamp Vendor in your area. Visit https://www.shcilestamp.com/ to get a list of Authorized Stamp Vendors.

Step 4: Draft and Print Deed

Draft Sale Deed by mentioning buyer, seller and payment details, terms of sale etc. The sale deed should not be conditional and should be drafted in a legal manner.

Step 5: Registration before Sub-Registrar Office

Take an appointment for the nearest sub-registrar for presentation and appearance before the sub-registrar to get the Sale Deed registered.

You can take an appointment online also only for those states which provide an e-stamping facility. For Delhi visit, https://srams.delhi.gov.in/ select your area then click on the yes button if your documents are complete. Enter the e-stamp number and verify your e-stamp number. After verification, you will receive a message in which details of the appointment are provided. On the appointment date, the buyer and seller must be present at the time of registration along with two witnesses. The buyer and seller have to sign each page and witnesses have to sign only a last page. Buyer and seller fingerprints will also be taken at the time of registration.

Step 6: Collection of Registered Sale Deed

Collect token slip after signing the sale deed in the sub-registrar office. Token slip is used for future references and while collecting the original registered sale deed. Original registered sale deed can be collected in 15-20 days after registration. In case of a loan, the bank will directly collect original registered deed from the sub-registrar office.

Documents Required

Duplicate copy of the Sale Deed that needs to be registered; Two passport size photographs of the buyer and seller each; ID proof such as Aadhaar card, Voter’s ID card of all the parties; copy of the computerised House Tax ID; PAN Card of both seller and the buyer, Copy of latest electricity bill; Email ID and Phone Numbers of the Buyer and the Seller; Stamp paper and registration fees receipt.

LEGAL ASSIST is a premier global legal management firm and India’s leading legal firm in the field of Property Matters, Inheritance and Succession. The vast experienced team of Legal Assist steps forward to provide a range of services to resolve property issues related to the following – Title Search, Transfer of Property, Property Documentation and Registration, Probate of WILL, Succession Certificate, Surviving Member Certificate, Freehold Conversion, Mutation, Estate Planning. Besides these, we can help you find solutions to any dispute related to property. Feel free to reach us any time!

PROBATE OF WILL – All you need to know!

September 21, 2021/in Blog /by legal-web-admin

Introduction

WILL has been defined under section 2(h) of the Indian Succession Act, 1925, as “Legal declaration of the intention of a person with respect to his property, which he desires to take effect after his death”. In other words, a WILL is a legal instrument vide which a person disposes off his property to a particular person as per his wish. Generally, WILL takes effect after the death of the person making the WILL. The validity of the WILL is proved by the signature of the testator and the attesting witnesses of the WILL but if there is a probate of will, then it increases the credibility of the WILL.

What is Probate and how long does it take?

Probate is a copy of the WILL duly certified under the seal of the Court to be genuine, authentic and last WILL. Probate of WILL adds a legal character to the WILL, facilitating the executor to distribute estate properly amongst the beneficiary. The entire process of Probate of WILL generally takes minimum six months to complete. However, if there is any objection from the public regarding the WILL, then the Probate of WILL process takes more time to get completed, depending upon the seriousness of the objection.

The Requirement of Probate if there is a WILL?

The rules vary from state to state and particularly, the probate of WILL made in Delhi is not required to be mandatorily probated. However, in normal practical parlance, most of the government authorities and departments have made probate of WILL as one of the requisite, when one relies upon the WILL.

What is the Procedure for Probate of WILL?

The procedure involves the following simple stages:

Making of application to the concerned District Judge through a probate petition which must be duly signed and verified by or on behalf of the applicant and need to be accompanied by an affidavit from one of the witnesses to the WILL.
Publication in the newspaper to call for objections from the general public and issuance of notice to the legal heirs of the testator other than the beneficiary and calling of report from the concerned SDM in respect of the value of the concerned estate.
No objection from the legal heirs of the testator other than the beneficiary.
Evidence of the person filing the probate petition and subsequently, hearing of final arguments.
Passing of judgment for the grant of probate of the concerned WILL.
Submission of requisite court fee, surety bond alongwith surety and subsequently upon acceptance, issuance of Certificate for probate of WILL.

LEGAL ASSIST is a premier global legal management firm and India’s leading legal firm in the field of Inheritance, probate of WILL and Succession. During these hard times of Covid-19 where many of us have lost loved ones, the team of Legal Assist steps forward to provide a range of services to resolve property issues related to the following – Title Search, Transfer of Property, Property Documentation and Registration, Probate of WILL, Succession Certificate, Surviving Member Certificate, Freehold Conversion, Mutation, Estate Planning. Besides these, we can help you find solutions to any dispute related to property. Feel free to reach us any time!

Easy to Understand: Probate of Will and Succession Certificate

August 29, 2021/in Blog /by legal-web-admin

Probate of Will and Succession Certificate, both granted by the competent Courts, are of absolute necessity and recommended, especially in the scenario when a deceased person’s estate needs to be distributed by way of Will or by way of Natural Succession. Probate is granted when the deceased person has left a Will. However, the Succession Certificate is granted in both cases, with or without Will.

Requirement of Probate of Will:

Getting the Will probated after the death of the testator, i.e. the person who has written the Will, should be the foremost step that should be taken by the Executor of the Will as it holds utmost importance under many scenarios. Probate of the Will signifies the authenticity and genuinity of the Will made by the testator during his lifetime. In other words, Probate of Will is only a certificate granted by the Court of competent jurisdiction certifying that the Will of the deceased is genuine and valid. In the Will, an Executor is appointed responsible for probating the Will and then distributing and managing the assets as per the testator’s wishes as mentioned in the Will.

If a person is an NRI or an Indian Expat and dies leaving behind a Will abroad bequeathing his movable assets in India favouring his legal heirs, the said Will has to be probated in the said country where the NRI or the Indian Expat lived before his death. Only after the Probation of his/her Will from the Probate Court, the said Will is applicable in India. The beneficiaries can claim the financial assets based on the Will made abroad. A Will that has not been probated abroad has no legal sanctity in India.

Probate is legitimate evidence of delegate title and holds great sanctity. There are some cases where the testator had made more than one Wills, or one beneficiary does not admit the existence of Will and may challenge its authenticity. In such circumstances, the Executor of the Will is required to apply for Probate of Will to ascertain Will’s validity and vesting rights in favour of beneficiaries named in the Will. Many of the future works such as Mutation i.e. name of change in the records of the concerned authority, etc. requires getting the Will probated.

Requirement of Succession Certificate:

The Petition for Grant of Succession Certificate can be filed in both cases, with or without the Will. When a person dies intestate, i.e. without making any Will, his legal representatives have to approach the Competent Court for claiming the financial/ movable assets left by the deceased. In simple words, legal heirs can establish a claim over financial/ movable assets like bank deposits, Fixed Deposits, Provident Funds, equity shares, loans, insurance policies or LIC or any other security after obtaining the Succession Certificate from the competent court. The Succession Certificate acts as an assurance of title that helps recover assets and debts due toward the person who is no more and accordingly shields the deceased moneylender from the financial loss.

The individual in whose favour the Succession Certificate is granted can get interest or profits on the movable properties and also receives the right to deal with the same in any manner. The Succession Certificate also implies that its holder now has complete hold over the movable assets of the deceased.

The Succession Certificate is an essential proof of title/ authority, when a person doesn’t make a will, and he/she pass away. Through a succession certificate, the successors of that person can claim their right on the financial/ movable assets.

As far as the jurisdiction is concerned, the District Judge is empowered to grant the Succession Certificate under whose jurisdiction the person who expired had ordinarily resided. In the absence of permanent residence of the deceased, the Succession Certificate can be filed in the jurisdiction of the District Judge where any property belonging to the deceased may be found.

In the Succession certificate, information regarding the person’s death, his/ her surviving representatives who are entitled to claim the movable assets, list of securities, debt, and assets are mentioned. This connotes that the Certificate holder has acquired legitimate authority over the movable assets of the deceased. The Succession certificate is valid and applicable throughout the country. The Court should duly stamp the Certificate for its use and applicability.

LEGAL ASSIST is a premier global legal management firm and India’s leading legal firm in the field of Inheritance, probate of Will and Succession. During these hard times of Covid-19 where many of us have lost loved ones, the team of Legal Assist steps forward to provide a range of services to resolve property issues related to the following – Title Search, Transfer of Property, Property Documentation and Registration, WILL, Succession Certificate, Surviving Member Certificate, Freehold Conversion, Mutation, Estate Planning. Besides these, we can help you find solutions to any dispute related to property. Feel free to reach us any time!

Debt Recovery in India: The Legal Framework

August 20, 2021/in Blog /by legal-web-admin

When debt cannot be recovered, it turns into bad debt. Normally, in “Debt Collection” the creditor tries to recover consumer credit and loans/ receivables that have not been paid back and in “Debt Recovery” the creditor hires a third party to recover such debt/ receivables when it goes unpaid for a substantially longer time period. Many times there is a security given by the borrower to the creditor, however when that security becomes unusable to pay back the complete debt, recovery becomes important.

There are various legal as well as non-legal methods to recover a debt/ receivable. The non-legal ways include personal contact with the borrower or sending agents to recover the money, etc.

The legal ways include:

1) Civil Remedy: A civil suit can be filed in any Court which has the appropriate jurisdiction by any aggrieved party against the defaulter party.

2) Criminal Remedy: FIR can be lodged in the local police station that can take cognizance of the matter in serious cases. After this, a criminal case can be filed to carry on the legal proceedings.

3) Arbitration, Mediation, and Conciliation: These are efficient and quick ways to amicably resolve recovery disputes outside the Court but within the legal framework.

The laws that govern the debt recovery in India are:

1) Indian Contract Act 1872: Dishonoring of contract represents the majority of debt recovery cases in India. Section 17, 18, 124, 126 and 73 can be invoked for varied reasons like misrepresentation, fraud, compensation for breach of contract, etc.

2) The Indian Penal Code: Criminal breach of trust under section 405 and 406, cheating and dishonest misappropriation of property are some grounds that are available for any aggrieved party to approach the Court under the penal law.

3) RDDBFI Act: If the aggrieved party is a financial institution, bank or even a private finance company, this Act provides for the establishment of various Tribunals to look into debt recovery cases.

4) SARFAESI Act: The Act is enacted with the objective to regulate securitization and reconstruction of financial assets. Establishment of Asset Reconstruction Companies is also one of the unique provisions of this Act.

5) Negotiable Instruments Act: Instances like section 138 for the dishonor of cheques, a legal notice is first issued under this Act and later the proceedings are initiated. These proceedings are criminal in nature.

6) Arbitration Act: When the parties expressly insert an arbitration clause or decide to adopt arbitration as means of resolving the dispute, then in such cases arbitration process can be invoked.

7) Insolvency Act: When the defaulter is a firm, the parties can invoke the insolvency proceedings against the defaulter under this recent Act.

Legal Assist is a premier global debt recovery firm effectively handling accounts of any size, in any stage of delinquency – from a few days to many months across the globe. Our team is at your service, all the time and through all crisis. Trust us to be there to make your businesses easier and smoother and your investments secured.

Guide on Procedure before Sub-Registrar Office for registration of property documents

May 18, 2021/in Blog /by legal-web-admin

Process Flow diagram for Property Deed Registrar in e-Sub Registrar Offices in Delhi

STEPS FOR REGISTRATION

1. Please get your e-stamp paper of correct value prepared by visiting the nearest Stock Holding Corporation of India Ltd.(SHCIL) centre or their Authorised Collection Centre(ACC). The address of nearest SHCIL/ACCs can be checked on the website www.shcilestamp.com .

2. Please take appointment for visit to Sub-Registrar office on website of the Revenue Department (http://revenue.delhi.gov.in) or by approaching the Reception Desk/kiosk at the Sub-Registrar Office.

3. Please visit Reception at the appointed date & time alongwith your Appointment Slip/sms received in you mobile confirming the appointment/ computer generated appointment no. as reference.

4. Please obtain your Swipe Card from Reception to enter Facilitation Center. Loss of Swipe Card may result in denial of access to Sub Registrar office.

5. Please visit the Facilitation Counter in the hall when your token number is displayed on the screen.

6. Please present your documents to Facilitator. Follow strictly the suggestion of Facilitator if certain changes are required in your documents. Upon clearance by Facilitator, please wait for your turn for presentation before Sub-Registrar along with all the parties required to be present.

7. Upon acceptance by Sub-Registrar please proceed to the Biometric Division for finger printing & photographs. Collect your Receipt on completion of registration process.

8. Please exit from the Exit door using your Swipe Card. Drop the Swipe Card at designated place only.

9. Delivery of documents will be between 3 pm to 5 pm at Delivery Counter only.

The COVID-19 Pandemic and the Need of the Hour

May 18, 2021/in Blog /by legal-web-admin

Did you ever think that in the global 21^st century, there would be a time when the whole world would have to fight a war with a tiny virus that hostages the entire universe?

Hope you are staying safe and protected! Whether this war ringing Corona virus persists for a few weeks or holds us under threat for a few months or even for entire life, remember – your assets and investments will stay yours and secured only if you are particular about it, its detailed documents and other aspects.

Therefore, in this crucial time where no one can predict how long life would be and even where many of our known ones have succumbed to this deadly virus, please spend some time going through all your property documents to ensure that they are complete and credible and secured for your future generations.

Meanwhile, even in this crisis, LEGAL ASSIST remains connected and open to all its clients – existing and potential.

As a premier global legal management firm, handling the most crucial and complex property matters we are constantly aware of the responsibility we have towards our esteemed clients including NRI’s across the world.

We have an exceptional record of delivering legal services for issues related to the immovable and moveable assets. Our competent team of vast experienced lawyers is capable of providing consultation to clients. All legal advice is given after complete reviews of all documents. An exceptional communication service network is used to give legal advice to clients.

LEGAL ASSIST team step forward to provide a range of services to resolve issues related to the following – Title Search, Transfer of Property, Property Documentation and Registration, WILL, Succession Certificate, Surviving Member Certificate, Freehold Conversion, Mutation, Estate Planning. Besides these, we can help you find solutions to any dispute related to property.

We would suggest that all the time that you are now getting to be at home should also be used to sort out your personal and official documents. Top most priority has to be your documentation on property.

Do ensure that transfer papers and succession certificate, probate of Will complications are kept into consideration and you are aware of what the procedures are.

Our team is working round the clock and globe, well connected and in sync with each other to resolve all your queries and issues.

Legal Assist– Your trusted legal partner, is at your service, all the time and through all crisis. Trust us to be there to make your life easier and smoother and your assets and investments secured.