In Real Estate Laws, you are entitled to know what documents you are signing and why. You have to be reasonably sure that you are not rushed or pressured into signing something even before you fully understand it. It is for your own protection that you should clearly understand what you are signing, why you are signing, and its consequences.
Certain precautions should be taken when signing documents governed by the Indian Real Estate Laws. Real estate purchase and sale agreements, leases or rental agreements, Real Estate agreements signify significant financial obligations. It is rarely possible to avoid legal obligations of an agreement, once it is signed. The legal implications of legal forms must be clearly understood.
Always read a document before you sign it
Under Property Law in India a Real Estate legal document represents a highly legally binding agreement or promise to which, upon signing, you agree to what it says—not what you think it says. It generally cannot be altered unless both parties agree. Moreover, you may require legal help. Your signature could legally bind you to certain actions or payments.
It is sensible to prevent problems than to amend them
If an agreement involves complicated legal language, you may want to hire India Legal services to have all the provisions reviewed before you sign. Insist on receiving a copy of the signed document. Property Laws in India favour a written contract documents so if you are uncertain about signing a document, seek legal information and advice.
Instances of property disputes in India are many and promises that are not included in the written contract cannot be relied upon.
Signing Contracts
A purchase and sale of real property can be a complex transaction and may require you to hire Indian legal services. When making an investment, a lawyer can provide information on India laws online and in person as well.
You can seek Legal services in India in Real Estate to protect yourself against fraud or deceptive and unscrupulous behavior. You can insist that before you sign the document—that oral promises or representations should be written into the agreement.
Lease and Rental Agreements
One of the most common situations warranting caution while signing a written contract arises when renting a home, apartment, commercial space or other property. A lease creates a tenant's right to use property for a specified term. Make sure all oral agreements are written into the contract.
The "lease" or "rental agreement," should cover all terms of the agreement with the property owner, especially the rent amount, dates of possession, notification requirements to terminate the lease, lease agreements and subletting/transferring the lease, or occupancy and use of the premises.
Formalities in Signing Documents
There are certain formalities that must be observed when signing documents. While witnessing a will, for instance, the witnesses must sign the document in the presence of the person making the will or the testator. Documents such as property deeds require the signature to be acknowledged before a public officer (usually a notary public).
You may be asked to co-sign an instrument or document, for instance a promissory note or a guaranty to accommodate someone else. Though you are not directly involved in a transaction, you may be personally liable for the obligation created by that document if that person fails to pay or perform the obligations required by the document. Make sure that you have ample confidence in the financial ability of that other person and in his or her integrity.
Contract Terms
Know the terms of a contract and do your homework before signing any contract. Defying mortgage terms means that the mortgagor has full rights to that home if you back out of your promise for payment. It is a good idea to have a lawyer or agent present for the closing of the deal.
Real Estate lawyers and Agents are adept at the closing process and can explain the related paperwork.
Vikram Singh is a contributing author to the website indianrealtylaws.com - The Indian property law portal. It is committed to provide visitors with complete information on Property Laws in India, Indian Real Estate Laws, Legal Process Outsourcing, Property Disputes in India, Indian legal services etc. Your can send your feedback at vikram.singhg@gmail.com
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