HOUSEOWNER- TENANCY
Rajesh Tandon
(Querist) 22 March 2011
This query is : Resolved
What complications can be there for a HOUSEOWNER if he takes the house possession from society/ developer as a first time buyer & doesn't get registry done in his name due to lack of funds but rents out the house on tenancy?
Gulshan Tanwar
(Expert) 22 March 2011
How will you prove that title is with you as there is no Statutory document for you claim, what you will do if the tenant pays you for the next 13 years and even as per your wish. Do you have the competency to evict him from the House?
M V Gupta
(Expert) 23 March 2011
Though u may have possessory title to the property u will not have legal title and would not be able to sell the property or raise loans on the security of the property. The title will continue with the owner and the owner may demand more price when u at a later stage ask him to execute the sale deed. This is what is happening in Mumbai. Owners and the Developers are exploitng the buyers who did nto get the sale deed executed and registered at the time of purchase. Further u will have to pay higher stamp duty on the market value of the property at the time of registration of the document even though what u had paid at the time of purchase was much less.
Adv Akhtar Ali Sheikh
(Expert) 24 March 2011
I am sorry to use the harsh words you or your legal heirs will be in DEEP SOUP.
so please do not for God's sake make the mistake of by passing the Stamp Duty and Registration - in the past people were not doing there was no awareness but now very very strict so beware.
Advocate. Arunagiri
(Expert) 24 March 2011
You have not mentioned how you are taking the possession?
Rajesh Tandon
(Querist) 24 March 2011
Possession is being taken by virtue of the issue of possession letter by Developer/society.
