1) is it freehold land or lease hold land
2) seek inspection of title deeds
3)contact a local lawyer and take title search for period of 30 years
4) title search would reveal whether title of developer is clear and marketable
Ownership rights for a villa in a gated community
Dear Sir/Madam, I am interested in purchasing a villa property in Bangalore East from a relatively well known developer based out of Chennai. It is an A-Khatha property and funded by nationalized banks like SBI. I was warned that there maybe hidden clauses regarding the period of ownership for such properties and I could face eviction after a period of time even though the property is registered on my name. The period is somewhere around 99 or 100 years although it is not a leasing type of property. I am scared and confused now. Could you please guide me with this? Which legal document shall contain this information about ownership period ? How can I ensure that there is no limited period of ownership for this property ?
Asked 8 years ago in Property Law
Religion: Hindu
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5 Answers
1. It seems to be a leasehold property from how you have described it.
2. You should seek inspection of all the documents in the chain of title and approvals before paying even the booking amount.
3. Furthermore, engage a local lawyer to conduct a title search to ensure that the title of the property is free and marketable.
1. Unless you reproduce the clause it is very difficult to advise.
2.If it is 99 years lease then the same is akin to sale only.
3.However after 99 years you are liable for eviction.
4.There would be though no restriction on your part to sell the same in the meantime.
1. You should look into the transaction between the developer and the owner of the land, is it by means of JV or whether the developer himself has bought the land for development.
2. You should check the documents from Mother Deed to the last document of the present owner and how the present owner derived title over the property and the flow of title.
3. Better to get the legal opinion from a Lawyer before proceeding further.
You procure the photocopies of all relevant documents, including title link documents, khatha, tax receipts, Electricity bills, water tax receipts and other relevant documents/papers related to this property from the vendor, produce them before a local advocate, obtain a legal opinion from him.
You may ask the advocate to make a title search of the property through the registrar office for 25 years to 30 years, this will reveal the adverse transactions or encumbrances in the past which may not have be seen from the documetns in your possession.
Never buy or make a huge investment in an immovable property without obtaining a proper legal opinion from an experienced lawyer even at the cost of his fee which may be slightly more than other lawyers.
