COVER STORY/ECOSYESTEM

Hitesh Parse
Managing Partner, Adv. Pravin Parse & Co.
hiteshparse@gmail.com
KNOW THE LAWS For Purchase of Property
Buying a property is not ‘always’ very simple process, so let’s understand types of properties:
Self-Acquired Property means which is purchased by the present owners with his own funds during his life time and Ancestral Property means received by way of inheritance, but every property cannot be treated as ancestral.
Buying Real Estate – How to become a King!
Ancestral / Inherited Property means that has been held within a family for four or more generations and has not been partitioned or sold off. For Example if initially any property owned by great grandfather, it would pass on to your grandfather after his demise It will pass on to your father and his siblings and after fathers demise it will pass on to its legal heirs, provided the property is undivided.
Now, if any of the ancestral property is received by a legal heir then they can transfer their share of ownership only and not the entire property. As per The Hindu Succession (Amended Act), 2005 daughters also have equal inheritance rights as sons in ancestral property, regardless of when the property was acquired.
Now when you are planning to purchase any property, it is recommended to take the necessary precautions:-
- It is advised to confirm original title / link documents in possession of present owner/s.
- To scrutinize the relevant revenue records of local authority / government.
- To obtain a Title Verification & Search Report from a Lawyer for at least 30 years period or considered the situation period can be curtailed or extended.
- To publish a Paper Publication in highest circulated local daily in at least 2 local languages or can be decided by the Lawyer giving the publication.
- To Obtain Certified Copies of Title Deeds / Index-II to verify the particulars of title documents in Government Records.
- To Check for Sanction Plans / Permits, necessary approvals and clearances / No Objection Certificates from various government authorities, if applicable.
- If Project is governed by RERA Law, to confirm the project details from the RERA website / Office.
- To check for any cases or litigations, Objections or whether the property is encumbered anywhere.
- In case of open lands, agricultural land suggested to check the property from Regional Development Plan / Authority.
Whereas, if the property is Ancestral / Inherited additional necessary precautions to be taken:-
- Obtain the copy of all earlier WILL’s, if not available then confirm whether all the legal heirs’ interest is protected or not.
- Minor/s interest is involved.
- Any legal heirs have any objection over the transfer of said property.
Further, it is always recommended to make property transfer documents very properly to avoid future complication while purchasing any property and always suggested to get legal advice wherever needed.

