What are the responsibilities of real estate lawyers?
Real estate lawyers handle everything, from the title search of a property to dispute resolution. To determine if the responsibilities of real estate lawyers property’s title is free for development or sale, they must conduct due diligence. They then have to prepare title search certificates or reports as required by their clients. They will also look for any pending litigation or mortgages on the property to ensure that their clients get a fair and amicable solution. They provide advice to their clients in relation to property matters. They can draft MOUs, lease agreements and leave and license agreements. They can also resolve land- or property-related disputes.
Which laws and regulations should they be aware of?
The range of real estate laws that are applicable is vast, including The Real Estate (Regulation and Development) Act and Transfer of Property Act, Contracts Act and Contracts Act. However, there are also state laws and regulations such as Maharashtra Regional and Town Planning Act and Development Control Rules. These are the issues real estate lawyers have to deal with every day.
The Real Estate (Regulation and Development) Act
The Real Estate (Regulation and Development) Act, 2016, [RERDA] was passed recently. The Real Estate Regulatory Authority (RERA) was established. This law was created to protect home-buyers and boost real estate investment. The Act creates a Real Estate Regulatory Authority in each state to regulate the real estate sector. It also acts as an adjudicator for fast dispute resolution. In order to be able to sell the property, builders and developers must register all ongoing and new projects with RERA. RERA must dispose of a complaint within 60 calendar days after it is filed. RERA is a law that prohibits a person from filing lawsuits in civil or high court courts.
Transfer of Property Act
India’s Transfer of Property Act governs property transfers. It divides property into immovable property and movable property. A property transfer can be made to an individual, company, association or group of individuals. Real estate lawyers should be knowledgeable about this act, which governs and regulates property transfers between parties.
Contract Act
All lawyers need to have a basic knowledge of contract law, as well as practical experience in this area. Even real estate attorneys need to be able to create contracts and agreements. Clients often require them to draft agreements such as a MoU, lease agreement or leave and license agreement, sale contract, broker agreement, etc. They must be knowledgeable in the subject matter.
Consumer Protection Act
Even in states that did not establish RERA post-RERA the attorneys approached the consumer courts when a delay occurred in handover or a dispute arose between the buyer and seller of the property. Real estate lawyers must be familiar with the procedures of the law and how to file a complaint.
Regulations and State Rules
Rules and regulations for different states vary in terms of registration, procedure, stamp duty, etc. For example, in Maharashtra, a real-estate lawyer must be familiar with the Maharashtra Regional and Town Planning Act and Standardized Building Byelaws. Development Control Rules are also required. Along with other laws. RERA in West Bengal was met with resistance from the state government’s West Bengal Housing Industry Regulation Act, (WBHIRA), which appears to be an attempt to weaken RERA. The WBHIRA is a major departure from RERA. It also adds “…or other circumstances as may have been prescribed” under the provision of unforeseen situations that prevent a builder fulfilling his contract.” This makes it unclear. A garage can be defined as any parking space that has been approved by the government authority. This is different from the RERA definition of garage which requires a roof and walls on all three sides. Real estate lawyers must be familiar with and able to use the state laws, rules and regulations, as well as bye-laws. Real estate.
What skills are required to be a real-estate lawyer?
One of my questions was to real estate lawyers: What skills are necessary for a successful career as a real estate lawyer? Another question was: What do potential employers look out for in a candidate when hiring?
Employers look for candidates who have experience in real estate law. This includes the number and nature of the deals that the candidate has closed, as well as the quality of those deals.
Understanding real estate laws
Real estate lawyers must be familiar with all the laws, regulations, and bye-laws that are involved in real estate. They must be able provide complete service to potential clients. They may be asked by a client to provide a title search certificate or leave and license agreements. A developer might visit to explain his contractual obligations to the client, or to determine if the delay is justified due unforeseen circumstances.
A thorough understanding of applicable laws such as RERDA, Transfer of Property Act and state rules and regulations like Maharashtra Regional and Town Planning Acts, Standardized Building Byelaws, Development Control Rules and West Bengal Housing Industry Regulation Acts (WBHIRA), is essential. is essential for real estate lawyers.
Contract Drafting
Real estate lawyers are not the only ones who need to know how to create contracts. They must be familiar with the laws and how to create the contracts required by their clients. A developer or promoter who is developing his property enters into a MoU with the potential party, before entering into the developer’s agreement.
A real estate lawyer is needed to assist a house owner in entering into leave and license agreements with licensees or party leasing the property. Learn more about contract drafting.
Dispute Resolution
The right court must hear disputes that arise from immovable property. Depending on the nature and severity of the dispute, parties could choose to go to high courts, civil courts, or consumer forums before RERA. Real estate lawyers must be familiar with the procedure of each forum and the dispute resolution process.
If the developer fails to give possession of the property within a period of one year, then a complaint may be filed against the defaulting party (i.e. the developer with RERA). You must also submit copies of any relevant agreements, such as the MoU or developers agreement. must be submitted together with any applicable fees. The matter will be dealt with by RERA within 60 days.
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