Law as career

New Nevada Corporate Laws You Need to Know
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Bearer Shares Outlawed
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Ownership Disclosure Procedure Instituted Continue reading “New nevada corporate laws you need to know” »

There's more to selling a home than putting up a "For Sale" sign and waiting for people to make offers. If want to sell your home, you need to be aware of the many local and state laws and various regulations attached to selling property. You have be knowledgeable about real estate contracts and know every step involved with regards to inspection, financial considerations, and legal paperwork.

For a real estate contract between two parties to be legal, for example, it must have the following elements:

1) At least TWO parties of sound mind in agreement of the contract — the buyer and the seller

2) Legal identification to verify legal signatures on all paperwork

3) The correct address of the property for sale

4) All agreements with regards to the sale and promises of payment made in writing and signed

5) Unqualified understanding between the buyer and seller so each is aware of payment schedules and other considerations

Coming to an understanding with a potential home buyer is one thing. When you consider going the For Sale By Owner route, you also need to be aware of the many laws attached to selling a house. Local and county laws may vary according to where you live, but there are at least twelve worth researching before you put up your sign:

Seller Disclosure Laws — By law, you are required to inform any potential buyers of damage or other problems with the home that may impact its value in the future. If the house will be in need of a new roof in a year, or if there are cracks in the foundation that need repair, you are obliged to let buyers know.

Lead Base Paint Disclosure — Similar to the Seller Disclosure, if lead-based paint has been used in your home, you are required to inform all potential buyers of this.

Federal Fair Housing Laws — In accordance with Title VIII of the Civil Rights Act, it is illegal to discriminate against a potential home buyer based upon race or color, gender, creed, nationality or handicap. These laws prevent refusal of a sale or price adjustment of a home based upon these factors.

State and Local Housing Laws — Your particular region may have specific laws relating to the sale of homes in the area. It is highly recommend to research any possible regulations that may affect your ability to sell on your own.

Advertising and Marketing Laws — If you plan to take on the advertising of your home sale by yourself, you may need to be aware of certain regulations applicable to your area. If you are placing a newspaper or magazine ad, you may be required to disclose specific information about your home. Do your homework!

Real Estate Contract Law — Is the contract you have with your potential buyer valid? Are there any hidden clauses that may come back to haunt you later? Know what your sale contract says and means before it is signed.

Zoning and Local Ordinance Laws — The sale of your home may be subject to various zoning laws and ordinances in your area. For example, a buyer may want your house for a home-based business or for charity purposes, but the laws in your town may not permit that. Research what regulations are applicable to your property before you sell.

Occupancy Laws — Is your home subject to occupancy laws? Can you legally sell your house to more than one family unit? Before you put your house up for sale, make sure you research any occupancy limits and restrictions.

Building Code Laws — Is your home "up to code"? In other words, is the house compliant to all safety and health codes? Have any repairs and remodeling work been done to the house, and if so were they done with the required materials? It is not legal to sell an unsafe home, so make sure any construction done before the sale is completed safely and correctly.

Environmental Rules and Regulations — Is there anything in your home that poses a potential environmental hazard? Is the construction of your home sound and free of asbestos and other harmful elements? Make sure you know what is considered toxic in your area, and that it's not in your home!

Stigmatized Property Laws — Was your home the scene of a murder or other disastrous crime? Is your home a local legend in that people believe it's haunted or cursed? It may sound amusing, but sometimes it can be difficult to sell property that has been "stigmatized" by gossip and legend. If your house has such a legacy, it is best to research any disclosure laws that apply to the sale. If somebody was murdered in your home, for example, you may have to disclose that to a buyer.

Governmental Rights and Real Property Laws — Each state has its own laws with regards to the definition of "real property.

Before purchasing any sites especially agriculture land for non agriculture purpose approval under relevant laws viz. Karnataka Land Reforms Act, 1961, the Karnataka Land Revenue Act, 1964 along rules and other provisions of law is must. And Bangalore Metropolitan Regional development Authority (BMRDA) is regulating authority to approve layouts on outskirts of Bangalore.
Clear title and documentation are hard to come by with agricultural land of Bangalore (Karnataka). The following is a useful checklist of documents for review by a Bangalore law firm / lawyer before purchasing Agricultural land:
Mother deed and sale deed: It is very important document to trace the ownership of agriculture land. And it is basic document that shows how the property at the commencement was acquired there after there will be series of transactions such as sale gift law in Bangalore etc.   

Akarbandi: Land topography sketch issued by State Revenue Authority viz. survey department. It establishes the survey number and to whom the particular survey number was originally allotted and the land / property revenue assessment details. 

Encumbrance Certificate: Certificate from State Revenue Authority stating that there is no lien on the land / property (Has to be obtained for the last 30 years)

Family Tree of the vendor: State Revenue Authority document required to ascertain whether other family members have a stake in the property

Saguvali Chit: It is also called Grant Certificate. This is issued on Form No...VII in case of grant of Govt. land to the eligible persons for cultivation. This establishes title of the persons in the Saguvali Chit to the land granted.
Conversion Order: Conversion certificate has to be obtained for non agriculture purpose & that has to be checked to determine whether it is DC converted or not. 
Khata and up to date Tax-paid receipts: Khata in Form MAR 19 (issued prior to 19. 05.2003) along up to date Tax-paid receipts. Continue reading “Agricultural land / property purchasing in bangalore law information” »