It is our constant endeavour not just to be able lawyers on all legal advice related to NRI property issues but to be friends and guides to the overseas community as well. We bring you the latest from this part of the world so that you may feel connected to your roots and also, take steps that help you protect your interests.
Over the past few months, if the world thought that the Indian government would stop its ‘cleanliness drive’ with the demonetisation process alone, then they need to know that, that step was just a beginning.
Following that has been a strong initiative being pursued in the area of property ownership. There is an impetus to bring about professionalism and transparency in the Real Estate sector.
All ‘benami’ transactions (where the property is not in your name-details on our website www.nrilegalservics.com) would be brought under the microscope and suitably punished.
In the light of this, getting your property ownership titles in order is imperative. These precautions are especially true for the NRIs – since they have to most often leave their assets in the hands of some caretakers or relatives/friends.
It has become a necessity that all ownership claims and titles should be explicitly defined so that there is no ambiguity on these. Further, all papers should accommodate the rules of the land.
It is common to hear of property disputes related to inheritance issues. This is a bane for most overseas citizens. Inheritance leads to complications and the problem of ‘Transfer’ of property often gets ignored. Uncertainty usually creeps in when the property papers are not in proper order.
Even if you were to inherit property, there would be a difficulty in carrying out legal, valid transactions for the same unless the legal formalities are completed. A ‘transfer’ can logically be accomplished either through a Will document or the law of natural succession (where there is no Will) or a Gift deed.
The last situation could be when a normal sales procedure takes place and property are bought & sold. Lack of awareness about these transfer associated nuances causes a lot of avoidable harassment for many NRIs. In fact, transfer of property or Mutation is one of the most sought after advice issues for the legal property experts in our company.
Make sure that you remain informed, educated and alert about your property issues in India – most of all, stay cautious and keep your documents duly updated.