Investing in a property is like a dream come true, so much so, that we often forget the logic and discretion. This is especially true for first time home buyers. Most of us buy our dream home only once in our life time or may be twice, and with such a big-ticket purchase, can you really afford to ignore the due diligence and walk casually in the transaction?
You can’t afford to go wrong when lakhs or even crores are at stake. Here are some of the myths associated with disputes related to property that misled people, who end up paying a heavy price for it.
1. Myth 1: Paperwork is not important
Reality: Property investment doesn’t just involve money, but a lot of fables. While, it is imperative to have a site visit before investing, you can’t undermine paperwork. No matter how much excited you are to sign the dotted line, skipping certain important details can have its consequences. A builder might have added certain clauses in the agreement which could lead to long drawn legal hassles if you overlook them.
2. Myth 2: Always buy a property on the basis of the other’s recommendations
Reality: Though, it is good to consult your family or friends before making a property purchase, blindly following the herd can prove costly. Mainly, first timers follow the ‘word-of-mouth investment’ approach and end up spending more than what is necessary or investing in a property which doesn’t suit their requirements.
3. Myth: The price quoted by a builder is only what you have to pay
Reality: The cost quoted by a builder is only an initial price. There are other costs or expenses, like taxes, government fees, registration charges, development charges, etc.; which are also added to reach at the final cost. Buying a property only on the basis of its ‘face’ value can land you in trouble.
4. Myth: No paperwork is required if the tenant is trustworthy
Reality: While you trust your tenant, and rent out your accommodation to him without paperwork, it could prove costly if the tenant refuses to vacate the property after a permitted duration or misuse it. You can easily find such incidences where tenants are paying a petty amount of Rs 10 or Rs 50/yearly just because their landlords forgot to renew the rental agreement and they continue staying there from last 30 or 40 years.
5. Myth: I don’t need a will; my family will sort everything out after my death
Reality: Bitter legal battles can start if a person died intestate, i.e., without making a will. Though, in the absence of death without a will, the assets are distributed as per the succession laws of the religion the person belongs to, it becomes complicated if there is more than one heir.
They say, ignorance is bliss, but it is not when it comes to investment. Buying a property is both an emotional and financial decision. To ensure its smooth sailing, it is strongly advised to play safe otherwise you would fight a legal battle which can drag on for years. Also, you can’t take the risk of getting lost in the complex legal jargon, therefore, it is important to hire a property lawyer who has expertise in various fields, like real estate planning, law, etc.; and you can rely on them for your divergent needs.
Lawyers are in a better state to thoroughly read the fine print of housing agreement to interpret the title certificates attached and if the property has been passed legally and therefore, it is necessary to include them from the initial level.
When you spend a fortune on a property, it is important that you follow the legal route.
How to search for a viable lawyer?
You can find a good property lawyer through any of the below ways:
- Personal Contacts or Reference
- Yellow pages
- Newspaper or billboard advertisement
- Visiting the court premise to find a lawyer
- Utilising online legal portals, like LawRato.com
While, the above two methods are time consuming, the last one, i.e., internet mode can ease the entire search for you. Thanks to the internet, you can easily find a property lawyer from the comfort of your home without compromising on your confidentiality. On an international front as well, there has been a sharp increase in the number of people using the internet mode for finding a lawyer.
Sites like LawRato not only help you understand the complex world of law, but also connect you with the reliable property lawyer to take up your case. As the legal world is complex and many of us may have reservations when it comes to finding a lawyer, you can use chat facility available on these sites and seek clarification in case of any doubt. For any instant help, contact them via phone takes the offline route.
Indeed, difficult times become easy if you’ve a proper access to a trustworthy property lawyer.
When it’s come to investing in a property, it’s best to be safe than sorry. So, act diligently and hire a good property lawyer to make the entire process hassle-free for you....