Life is a complex maze – full of possibilities.
Real Estate, not only in India but wherevere it may be in the world – is also quite similar to our daily experiences – full of unexpected possibilities. Some countries have quite well defined the processes and demystified the puzzle for a common citizen – “the home seeker”, others are “work in progress”.
Meanwhile, we (www.atoneplace.com) get a lot of questions on the Indian real estate legal maze. Every time there seems to be a much more complexed problem….. So, sometime back we realized a need of an experieced legal expert for our marketplace.
Finally, the search has ended… to help our customers (specially now that the world is shrinking and investments flowing in all directions) living outside Indian borders or even for those who live in a different state from where the land under question is…. we are happy to announce the appointment of a legal expert on our marketplace – so now send your basic questions (legal nature) to legal@atOnePlace.com and our legal expert will try and answer them for you…. here’s the catch…. totally FREE!!
More details will follow soon…
Meanwhile, send in your questions … She’ll love to hear from you! (oops, no early disclosures, the board warned 
NOTE: Fictitious names used, and any resemblance is co-incidental. All copyright & trademarks acknowledged.
riathareja said
I recently invested in the real estate and discovered how important role formal agreements and legalities play in it. I never expected it to be such a tedious task. Contracts seemed to me pretty simple at the first glance but the whole procedure got a bit complicated later on. After getting done with groundwork of financing, settling down with an area of investment, sending the letter of intent to the owner, etc I was all ready to put everything in a contract. Initially I thought I will be able to manage the whole procedure all by myself. But later I decided to take the help of some real estate consultant or attorney for it as it gets very difficult for first time buyers like us to deal with all the paperwork. . It’s very important that everything is covered without missing out on anything. As contract plays an important role in protecting huge amount valuables.The title company whom I consulted ensured that there were no title problems. I spoke to my attorney about insurance to cover the title. The standard contract included various things like time of closing, length of due diligence period, who pays for surveys, what type of financing, and such, and then there are special stipulations. Special stipulations are agreements between the parties not written into the body of the contract or language added to strengthen and clarify what’s in the contract or what’s been verbally agreed upon, such as what is excluded or included with the property. What I have learnt from my experience is -Don’t rely on verbal agreements, make sure it’s written down and part of the contract.When deciding on the due diligence period to mention in the contract, I was prepared for some delays into account .Also I placed a special stipulation that extensions are allowed if one can’t schedule all inspections within the period or if one inspection uncovers something that calls for a special inspection, such as signs of structural damage that would require a structural engineer to inspect an write a structural report.Also I learnt from my own experience one should read the contract properly as too many times people tend to assume that something is in the contract. If something important to you is not clearly stated in the contract, one should be very sure about it and should make it a point that it’s spelled out clearly in special stipulations. It’s also important to establish in the contract any representation. If you are being represented by an agent, make sure you have a representation agreement between you and the agent and that it’s clear in the contract.For more view- realtydigest.blogspot.com