The notion of real estate came up centuries ago, but keeping up with it is something that the legislatures are still in the process of implementing. The definition may be simple, the fact that real estate simple involves the development of buildings and other land constructions for all, business, official or residential purposes, the idea of actually going into how much ownership is given to whom, who the land belongs to, the rights and dos and donts’ of customers is what the law has in search for us.
While this comes off as a realistic and along the lines of that, a simplistic concept to grasp, this might not come off as easily to most of those who are into understanding the depth of these laws. Therefore, there are terms that can help in understanding this further:
- Real estate law covers the fundamental idea that the owner of the property is descried by the title of the official legal term.
- It introduces that mortgage is a notion of lending funds as a trade against the debtor’s property himself/herself. After this is followed, the title is dissolved.
- In a situation where the debtors is unable to pay off their debts, foreclosure comes into picture, which basically lets the lender take complete control over the property after mortgage.
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- The concept of ‘closing’ takes place, which is described as the meeting between the property owner and the debtor, in terms of finally selling off their ownership.
- For making sure that the money is in safe hands, the concept of ‘escrow’ is introduced, which basically makes sure that the property can be held by the third party, safely.
- The people involved in the negotiations of these real estate transactions are named ‘real estate agents.’
For further understanding of the above mentioned terms and to make sure that the implementation of these laws does not get hampered by anything, the Indian government passed a law of RERA, that is, the Real Estate Regulatory Act, wherein the builders of these homes are liable to deposit 70% of their amount as the ‘Escrow’ amount, and this is done to make sure that this money is not being used for other real estate investments.
While this is promised, understanding RERA becomes important. Therefore, here are a few benefits of RERA that can be understood for making sure transactions:
- The safety of using the escrow amount comes into being here, because then the buyers are also made sure that this investment is not being used for other real estate projects and gives them an assurance for the same.
- The most crucial part to be understood here is the fact that buyers now do not have to pay any kind of money for their ‘area over the carpet area.’
- And lastly, the discussions of all of the terms and conditions that are necessary for real estate transactions are made clear to both parties.
Rutman and Rutman is the trusted organisation that makes sure that all of the above mentioned laws are well maintained and are followed, and buyers are therefore at a safer place to buy homes.