Property Tax Assessments, Exemptions, and Appeals are explained as follows; Property Tax Assessments: What it is: This is the process by which a local government estimates the market value of your property for tax purposes. How it’s done: Assessors typically consider factors like location, size, age, condition, and recent sales of similar properties in your […]
Here’s a breakdown of recent changes in Tamil Nadu’s real estate law: Tamil Nadu Apartment Ownership Act, 2022 (TNOA 2022): Replaces the TNOA 1994: This new Act aims to address limitations of the previous legislation and better regulate apartment complexes. Key Changes: Single Association: Only one association can be formed for an entire project, ensuring […]
Tenant law outlines the rights and responsibilities of renters and landlords. It ensures a fair living situation for both parties. Agreements: Leases should be written and registered for all rentals. Landlord Duties: They collect rent, maintain the property (unless excluded in the agreement), and provide a copy of the registered lease and rent receipts. Eviction […]
Real estate transactions involve significant sums, making them a prime target for fraudsters. Here’s how to safeguard yourself as a buyer or seller: Be Wary, Be Thorough: Research Everything: Verify property details through public records and inspections. Don’t rely solely on what the seller or agent says. Licensed Professionals: Work with reputable, licensed real estate […]
Investing in Real Estate Investment Trusts (REITs) involves some legal considerations you should be aware of before making any investment decisions. Here’s a breakdown of some key points: REIT Regulations: Qualification: To be classified as a REIT and enjoy tax benefits, the trust must comply with regulations set by the governing body (SEC in the […]
Technology is significantly impacting real estate law, transforming how transactions are conducted, properties are managed, and legal services are delivered. Here’s a closer look at some key areas of influence: Transaction Efficiency and Automation: Smart Contracts: Blockchain technology paves the way for smart contracts, self-executing agreements triggered when predetermined conditions are met. This could streamline […]
Entering the housing market, whether buying or selling, can be exciting, but it’s crucial to navigate the legal aspects cautiously to avoid pitfalls. Here are some common ones to be aware of: For both buyers and sellers: Inadequate due diligence: This is a major pitfall. Not properly researching the property, its history, and any potential […]
When buying real estate, understanding the type of property title you’re acquiring is crucial. It determines your ownership rights, control over the property, and potential implications down the line. Here’s a breakdown of some common types of property titles: Sole Ownership: Description: This is the most straightforward title, where one individual holds complete ownership of […]
Tamil Nadu’s real estate market is witnessing growth beyond its established metros like Chennai and Coimbatore. Several emerging cities are attracting potential homebuyers and investors due to various factors like: Infrastructure development: Government initiatives like the Smart Cities Mission and development of industrial corridors are boosting infrastructure in these cities. Economic growth: These cities are […]
Real estate transactions in Tamil Nadu, like most parts of India, can involve various legal complexities. Here’s an overview of some key aspects to be aware of: Land Records and Due Diligence: Land Records: Verifying land records like Patta (ownership document), Chitta (land details), and Encumbrance Certificate (EC) is crucial. The EC ensures the property […]
