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Important Things to Know in the Real Estate Law

Real estate is everything related to the construction and development of land and buildings, whether commercial or residential. It seems like a very simple concept, but there are many legal disciplines involved. The Real Estate Law regulates who can use their own land or buildings.

Some terms to consider in the Real Estate Law:

• Title is the official legal term that describes the owner of the property

• The mortgage is the loan of money at interest in exchange for title to the debtor’s property. Once the debt payment is successfully completed, the transfer of title is void.

• Foreclosure is the term used if the lender takes control of the home or any property used for the mortgage if the borrower fails to pay the amount.

• The official meeting to transfer ownership of the land or property is called the closing

• Escrow is the term used to refer to money or property held by a third party for safekeeping

• Real estate agent is the person authorized to negotiate and carry out real estate transactions

Last year, the Government of India announced the long-awaited regulation of the real estate sector, which is the introduction of the RERA Act (Real Estate Regulatory Act). According to the act, home builders have to deposit around 70% of the amount in the escrow account. This will ensure the buyers that the amount is not diverted to other projects.

Benefits of the RERA Law:

• As mentioned above, the builder will divert 70% of the amount taken from the buyers to the escrow account and this will guarantee the buyers that their amount will be used only for this project and surely without transferring to others projects

• With the introduction of this new law, buyers do not have to pay for the area over the carpet area. It is one of the important things to remember.

• Before selling, all clearances from both the buyer and the builder must be done. The builder must disclose the information about the apartment.

Builders can sell the property only after getting proper clearances

RERA, is the central law, but since immovable property is under the state, the state governments play an important role in the implementation of this law. However, the various other practice areas related to real estate law include tax law, landlord tenant law, accident and injury, estate planning and insurance law.

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