Registration

An agreement by which one of the contracting parties, called the Seller, gives a thing and passes the title to it, in exchange for a certain price in current money, to the other party, who is called the Buyer/ Purchaser, who, on his part, agrees to pay such price.

A document in which a person specifies the method to be applied in the management and distribution of his estate after his death. A will is the legal instrument that permits a person, the Testator, to make decisions on how his estate will be managed and distributed after his death.

Any division of real property or Personal Property between co-owners, resulting in individual ownership of the interests of each is considered as Partition. The co-ownership of real and personal property can have many benefits to the parties. But when there is discord and the owners cannot agree on the use, improvement, or disposition of the property, all states have laws that permit the remedy of partition.

The term ‘Power of Attorney’ is an authority given by an instrument by one person, called as the Donor or Principal, authorizing another person, called Donee or Agent to act on his behalf. There may be possibility of giving ‘Power of Attorney’ by two or more persons jointly to one or more persons. Here a legal authority is given by the principal to the agent which may be broad or limited and an agent can take all necessary decisions i.e. financial, property related matters and all other matters where principal cannot be present to sign or in the case of principal’s illness and disability. A paper signed by principal giving powers to an agent is sometimes itself called a power of attorney. A paper giving a power of attorney should be clear and understandable.

A contractual agreement by which one party conveys an estate in property to another party, for a limited period, subject to various conditions, in exchange for something of value, but still retains ownership.

A Release Deed sets something free from restraint or a condition or a confinement. It is also used in the sense that the transaction is in the nature of giving up a claim or right or title by one or more persons in favour of another or others. It can amount to giving up or abandoning a claim or a right to the person against whom the claim or right exists or can be enforced or can be exercised. The person who executes or makes the Release Deed is known as “Releasor” and the person in whose favour it is executed is known as “Releasee”. These terminologies can be changed and other substitutes are also available. If relating to an immovable property, it has to be properly stamped and registered.

A Rectification Deed is a supplementary document executed between the parties to rectify the mistakes made in the original/principal deed with respect to factual and typographical errors. This is also known as the confirmation deed or correction deed.

Creation of a trust, particularly relating to an immoveable property is also a species of transfer of property. Trust is defined in section 3 of the Trust Act, 1882 as “an obligation annexed to the ownership of property and arising out of a confidence reposed in and accepted by the owner, or declared and accepted by him, for the benefit of another or of another and the owner.” In simple words it is a transfer of property by the owner to another for the benefit of a third person along with or without himself or a declaration by the owner, to hold the property not for himself and another.

Rent is to hire an object or real property for a period of time (or for an open-ended term) for specified payments wherein the amount is paid by the renter and received by the owner. Rent may be specified in a written lease, but also may be based on an oral agreement for either a short period or on a month-to-month basis in which the hiring may be terminated on a month’s notice.

A voluntary transfer of property or of a property interest from one individual to another, made gratuitously to the recipient. The individual who makes the gift is known as the Donor, and the individual to whom the gift is made is called the Donee. If a gratuitous transfer of property is to be effective at some future date, it constitutes a mere promise to make a gift that is unenforceable due to lack of consideration. A present gift of a future interest is, however, valid.

A joint development agreement is an agreement between a land owner or owners and the builder/promoter regarding any real estate joint venture project. A joint venture is one where a land owner with a vacant land or land with building enters an agreement with the builder to construct new projects. This way, the capital, construction and legal work will be carried out by the builder whereas the land will be provided by the land-owner.

In law, a settlement is a resolution between disputing parties about a legal case, reached either before or after court action begins. Structured settlements provide for a periodic payment.