Valuation of the real estate products is highly dependent on external factors like location, economic condition, construction, etc. Some pocket markets enjoy high pricing because of high standards of living. Real estate is heterogeneous and volatile in nature. It cannot be measured on standard parameters and fluctuate frequently. Recently, the government imposed the ‘Goods and Services tax’ and implemented ‘Real Estate Regulation Act’ with the intention to make the sector more transparent. But, due to the failures in execution by the authorities, the twin hit caused uncertainty and resulted in the sluggish growth. The present obstacles like project delay, late possession and the state of dismay among the home buyers regarding the future of their investment, could be resolved only with the involvement of a legal expert.
The current scenario provides ample opportunities for the legal experts to barge in and take control of the situation. The plight of the new buyers can be normalized by giving directions and ensuring safety, only then the skepticism would subside.
Here, the legal advisor can help you in the following ways:
He/she will go through the pertinent facts and can point out the loopholes in the judgment, if any.
He/she will evaluate the property according to the new laws and bargain on your behalf at the best rate possible.
He/she will take care of the registration at the state level.
The advisor is aware of the latest developments and will aware you about the forthcoming situation that you may ignore.
Due to demonetization, many deals in real estate were left incomplete, the advisor will go through the history of the property and let you know if the transaction and change of titles are not complete.
If there is an outstanding decision on the property, then the advisor could suggest the seller reduce the price of the property for not being truthful and making the buyer wait for longer than usual.
It is especially recommended to hire a legal advisor in case of corporate deals, as he/she will ensure that the deal aligns with the laws.
He/she will help you with insurance and environmental matters.
Hiring a legal advisor calms your nerves when it comes to investing in a property, and helps you deal with the complexities of the real estate market. At a time when developers are still struggling to understand the new laws, it is important to understand the legalities at your end. An experienced legal advisor will ensure that you don’t get cheated at any level.
Having legal counsel makes good business sense because of the complexities that come with real estate. An experienced, competent real estate attorney can help to protect your interests and ensure that your real estate transaction adheres to the applicable rules of your state/municipality. Also, as real estate deals include transaction which is huge in numbers, where some take loans to buy their dream dwellings, it makes sense to engage a lawyer who can help you get into a fair deal.
Anushree is a versatile writer, theatre actress with an immense passion for any form of art. Her blogs will take you through the different horizons of infracultural stories.