Real Estate & Property Laws
Asset creation and real property acquisition are focal points to developing the foundations of an organisation. While asset creation can include expertise, tools, databases and clients - everything required for an organisation to showcase its value, real property acquisition is the key to showcasing its sustainability, long term business plans and stakeholder support. Real property acquisition in India may differ in format, processes and procedures in different parts of the country which makes it necessary for an organisation to spend time and resources scouting for properties, verifying title, physical inspection of the premises, identification of the encumbrances it is subject to and ensuring tax liabilities on it. In other words, before an acquisition, an organisation has to carry out an extensive due diligence not only on the property but on the financial viability of its owner.
Our Team has specialisation and expertise in Real Estate /Infrastructure Law/Property Law and represent developers and closely-held corporations, Foreign Companies/ Individuals/ Non Resident Indians/ Person of Indian Origins, investment banking firms, retail and hospitality businesses, small business investment companies, individuals, professional institutes, hotels, state and local Government Agencies. In representing clients in all aspects of development, construction, leasing, acquisition and sale of residential, commercial, multifamily and Industrial Real Estate, the Firm handles a full range of commercial real estate transactions, including drafting of agreements and resolving disputes between the parties either amicably or through the process of Court. Our objective is to make the process of buying and selling as straight forward, speedy and secure as possible. Extensive experience enables us to foresee and prevent many problems before they arise, reducing the risk of future anomalies
Practice areas include:
- Legal Advisory on foreign investment in Real Estate
- Legal Advisory on laws, structures and other complex issues
- Negotiations with land owners and architects
- Landlord Tenant disputes
- Land Revenue advisory and revenue litigation
- Land Acquisition advisory and litigation
- Documentation for development, Construction and other legal agreements
- Works contracts, lease deeds, maintenance Agreements, service contracts, interior designer agreements etc.
- Legal documentation and assistance in procedural aspects such as stamping, registration, filings etc.
Representation of the client in cadastral proceedings transactions mainly in transfer of real estate and in settlement of rights to property issues of real rights and covenants of real estate, especially easements, option rights or right of refusal
LEALTE Full Property Title Search Report
The due-diligence exercise regarding immoveable property may vary according to the needs of the individual client. Ordinarily, however, a full property title search undertaken at LEALTE covers the following:
- Ownership Structure: Report on ownership structure, joint tenants, individual, corporate, tenants in common, etc.
- Deed Copy: The most recent deeds are made available duly certified.
- Document Book and Page: Written location of the documents, showing book and page or document number.
- Legal Description: Description of the property in legal parlance.
- Chain of Documents: Details of previous owners of the property with chain documents.
- Possession: Actual Possession of the property.
- Right of Way: A right of way may have been issued to allow use by another party.
- Leases: Recorded leases can affect the ownership and use of property.
- Mortgage Search: Details of mortgage lender, amount of mortgage and date.
- Equity Loan Search: Report of equity loans against the property.
- Tax Payment Search: Details of tax payment in relation to the property.
- Foreclosure Search: Report of foreclosure status, listing any pending litigation, notice of default, etc.
- Bankruptcy Search: Reporting the bankruptcy of the owner of the property.
- Civil Court Record Search: Report of civil court records found to be recorded against the land records of the property.
- Tax Lien Search: Title search for tax lien encumbrances on the property.
- Municipal Services Lien Search: Report of dues of unpaid municipal services such as utilities, water, sewer, trash, etc.
- Property Restriction: Reporting of restrictions on sale like sale in case of a minor etc.
- Spousal support Lien Search: Encumbrances for delinquencies of spousal support, alimony or other court required payments.
- Child Support Lien Search: Searches for liens of delinquent child support payments.
- Treasury Lien Search: Liens for unpaid tax payments.
- State Tax Search: Check for unpaid Sales Tax, employment taxes, state licenses, etc.
- Property Zoning: Zone under which the Property is located like Ecological Zone, Flood Zone, Earthquake Zone, Volcanic Belt etc.
- Property Easement Search: Shows easements, right of way, etc.
- Title Abstract Document: An official abstract document is provided - not just a deed report.
- Municipal Assessed Value: In Metro's the valuation is done by the Local Authority.
- Plot/ Survey Map: Copy of official survey, if recorded.
- Power of Attorney: This will show if the property owner has recorded an authorized party to act on his behalf with regard to property transaction.
- Special Assessment: Any Special Assessment of the property being conducted or pending by the Local Authority.
- Partnership Agreement: Whether Property is owned or contributed to any Partnership Firm.
- Promissory Note: Personal loans against the property owner are sometimes recorded against the property.
- Correction Deed: If an error existed on the prior deed, a correction deed can be used to rectify the error.