The term tenancy can be defined as the right to possess or occupy land, building, or property through a lease or payment of rent. All the terms of the agreement must be mentioned under the lease agreement. The Transfer of Property Act enshrines the tenant with the lease, certain rights.
In the present times, a layman can also verify and attest to the authenticity of the documents without the help of a lawyer. Every single detailing should be checked and verified. There are quite a few steps that need to be followed.
Possession certificate represents the shift of ownership and interest in the property from the developer to a buyer. The Revenue Divisional Officer issues Possession Certificate in town and Tahsildar in boondocks.
TDS is applicable to every property except the agricultural property. Section 194 IA of the Income Tax Act provides that the buyers are responsible to make a payment of 1% of TDS to the government account if he is making a payment exceeding Rs. 50 Lakh to the seller of the property on the transaction of a residential property.
The occupancy certificate is one of the most important documents relating to properties. It is legally mandatory to obtain an occupancy certificate issued as occupancy without the occupancy certificate is illegal and the buyer of the property can be asked to evict the property.
A possession certificate is one of the imperative documents required for the transaction as it is a legal document that proves the possession or ownership of the particular property is called a possession certificate.
The possession certificate is issued by the authorities and shows the change in the possession of the property. The possession certificate should indicate that the possession of the property has been transferred to the buyer.
A document provided by the seller to the buyer at the time of sale of a property mentioning that the property has been transferred on a certain date is called a possession certificate. The possession certificate is issued by Tahsildar in rural areas and by RDO (Revenue Divisional Officer) in the urban areas.
In recent years there has been a boom in the real estate sector of our economy. Despite the introduction of the Real Estate Regulation Act, there have been various issues due to misrepresentation, fraud, cheating, forgery, etc
The sale of residential property requires much due diligence on the part of the seller of the property. In a sales transaction, the role played by the seller is also crucial because he should ensure that there are no disputes and to get the highest possible return from the property.