Introduction:
Purchasing property is a significant investment that involves thorough due diligence to ensure a smooth and legally sound transaction. Different types of property ownership come with unique conditions and requirements that must be met for the sale to be valid. Understanding these conditions is crucial for both buyers and sellers to avoid legal complications and disputes.
This article outlines 14 key considerations to keep in mind when acquiring property from various ownership types.
Key Considerations:
- Mentally Incapacitated Owner: If the property owner is mentally incapacitated,
you must obtain court permission and acquire the guardian’s signature to proceed with
the transaction. - Minor Owner: When the property owner is a minor, you need court permission
and the guardian’s signature for the sale to be valid. - Insolvent Owner: If the owner is insolvent, the official court-appointed assignee
must sign off on the transaction. - Church Property: For properties owned by churches, approval from the Trustee
Board and the Bishop is necessary. - Hindu Temple Property: If the property belongs to a Hindu temple, permission
from the Department of Hindu Religious and Charitable Endowments is required. - Islamic Trust Property: For properties under an Islamic trust, approval from the
Waqf Board is necessary. - Partnership Firm Property: When dealing with property owned by a partnership
firm, it is advisable to have the signature of a partner authorized to sell or all the
shareholders. - Company Property: For properties owned by a company, ensure that the board of
directors has authorized the sale through a resolution, and the individual signing has
the proper authorization as per the board meeting resolution. For properties of a
company under liquidation, only the court-appointed liquidator has the authority to
sell. - Bank Auctioned Properties: Banks have the authority to sell properties of
defaulters through their official auction departments. - Adverse Possession: If the seller claims ownership through adverse possession
for 12 years, they must have obtained a court order confirming their ownership. - Property of Absentees or Emigrants: If the property owner has left the country
or has been declared an emigrant, only the government-appointed custodian has the
right to sell the property. - Government-Seized Properties Without Heirs: Properties seized by the
government due to lack of heirs can only be sold by the district administration. - General Power of Attorney: If the property is being sold by an agent under a
General Power of Attorney, verify that the power of attorney is still valid. - Government Agency Properties: When purchasing properties from government
agencies like the Tamil Nadu Housing Board, TADCO, SIPCOT, or TIDCO, confirm
that the signing authorities have the proper authorization.
Conclusion:
Acquiring property involves navigating various legal and administrative requirements,
especially when dealing with different types of ownership. By being aware of the specific conditions associated with each ownership type, buyers can ensure that their transactions are legitimate and free from future disputes. It is always advisable to consult legal experts and thoroughly verify all necessary permissions and authorizations before finalizing any property deal. This due diligence not only safeguards the investment but also provides peace of mind in the long run.
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