TRUST PROPERTY: Trust property refers to the asset or assets that the grantor or settler (the trust creator) transfers into the trust for the purpose of providing benefits to the beneficiary or beneficiaries (an individual, group of individuals or public) during his or her lifetime or on his or his death (the grantor’s death). Trust…
View detailsPOWER OF ATTORNEY (POA): The concept of Power of Attorney has been discussed under two statutes of India which includes The Powers of Attorney Act, 1882, and The Indian Stamp Act, 1899. The Power of Attorney has been defined as the instrument which empowers a specified person to act on behalf of the person executing…
View detailsA mortgage by deposit of title deed or an equitable mortgage of immovable property is a widely used methodology of creating security against a loan availed from banks and other financial institutions in India. But, it is easily open to fraud. This is because of the reason that it is created merely by the deposit…
View detailsAgricultural land is commonly defined as the part of the area of land that is under permanent pastures, crops or arable, and so forth. The law prohibits building houses, factories, industries, etc. on the agricultural land irrespective of the ownership of the property. Any construction on the agricultural land is allowed to take place only…
View detailsThe English Mortgage is defined in Transfer of Property Act, 1882 under Section 58(e). The Sub – Section (e) of Section 58 states that, “Where the mortgagor binds himself to repay the mortgage – money on a certain date, and transfers the mortgaged property absolutely to the mortgagee, but it is subjected to a proviso…
View detailsIntroduction More than buying a property, registering it can be taxing. If you are planning on buying a property, remember that the amount quoted to you by the seller is not the final price you have to pay. Easily, few lakhs get added to the price quoted to you when you’ll register it on your…
View detailsINTRODUCTION Redevelopment entails tearing down the old building and replacing it with a new one that has new dimensions and space. Basically redevelopment of a building means to change the old structure and replace it with new dimensions.When a building structure requires a proper renovation, the process of redevelopment is carried out.According to Bye-law No.…
View detailsWHAT IS A GIFT..? The gift is dealt with under Section 122 of the Transfer of Property Act. It defines a gift as “…the transfer of certain existing moveable or immoveable property made voluntarily and without consideration, by one person, called the Donor, to another, called the Donee, and accepted by or on behalf of…
View detailsWhat is a Hindu Undivided Family? According to Hindu law, a HUF is a family made up of the lineal descendants of a single progenitor. Their wives and unmarried daughters are included. You cannot establish a Hindu Undivided Family with a contract. In a Hindu family, it develops naturally. Jain, Sikh, and Buddhist families can…
View detailsIntroductionPower of Attorney (PoA) is a legal document in which you authorize another person (known as an agent, attorney, or attorney in fact) to act on your behalf and grant that person all legal rights. The authorized person can make decisions, enter into contracts, and sell/purchase property in your place, just like you. A Power…
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