Real estate is everything related to the construction and development of land and commercial or residential buildings. This seems like a very simple concept, but many legal disciplines are included. Real estate law governs who can use the owner of the land or buildings.
Some terms to note in real estate law:
• The title is the official legal term that describes the owner of the property
• Mortgage lends money with interest in exchange for title to the debtor&39;s property. Once the payment of the debt has been successfully completed, the transfer of the title becomes void.
• Foreclosure is the term used if the lender takes control of the house or any property used as a mortgage if the debtor does not repay the amount.
• The official meeting for the transfer of ownership of the land or property is called fence
• Escrow is the term used to refer to money or property held by the third party for conservation purposes
• The real estate agent is the person authorized to negotiate and carry out real estate transactions.
The long-awaited regulation in the real estate sector was announced by the Indian government last year, namely the introduction of the RERA (Real Estate Regulatory Act). Under the law, home builders must deposit approximately 70% of the amount on the escrow account. This will ensure buyers that the amount will not be diverted to other projects.
Advantages of the RERA law:
• As previously mentioned, the builder will transfer 70% of the amount withdrawn from buyers to an escrow account, which will assure buyers that their amount is only used for this project and is also secure without being transferred to other projects.
• With the introduction of this new law, buyers do not have to pay for the carpet-covered surface. This is one of the important things to remember.
• All releases from the buyer and builder must be made prior to sale. The builder must disclose the information regarding the apartment.
Builders are only allowed to sell the property after obtaining the necessary permits.
RERA, is the central law, but as real estate is subject to the state, state governments have a major role to play in the implementation of this act. However, other areas of practice related to real estate law include tax law, tenants&39; rights, accidents and injuries, estate planning, insurance law.