Hi,
I have finalized a property (Flat Purchase) in Chennai and it is a Trust Property. Pleaset advise if its advisable to purchasse a property sold by a Private Trust.
Thanks,
Kumar
Udaa (Consultant) 07 July 2013
Hi,
I have finalized a property (Flat Purchase) in Chennai and it is a Trust Property. Pleaset advise if its advisable to purchasse a property sold by a Private Trust.
Thanks,
Kumar
Hemang (Advocate) 07 July 2013
First of all enter into an agreement to sale. Fix all the terms and conditions including consideration and the basic condition of right, title and interest. What is the object of the Trust? Is it maintenance of family members of the Seller Trust? Ask for the constitution of the Trust. Generally, the property, if belonged to the public trust is subject to express permission by the Charity Commissioner, but here it is a private Trust. However, verify the facts from Charity Commissioner as well. Or ask for information under Right to Information Act. When it is a question of investment and the title, you have to be very particular. Obtain all relevant information from the City Survey Office, obtain property card and also gather other revenue record. Also get the information from the Sub Registrar of assurances.
Udaa (Consultant) 22 July 2013
Objects of the Trust shall be :-
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a) To render financial, any educational, medical or charitable organisation, the trustees in their opinion think are in need of help
b) To render institutions for needy and disabled persons, who in their opinion require such help.
c) To provide payment of needy students
d) To provide educational books or stationary or general medical relief or charitable
e) Dispensaries, hospitals, clinics or to give medical relief to poory
f) To give monetary and or otherwise provide relief for flood or natural calamities like
earth quake and cyclones
g) to provide education or maitenance of needy widows, to open orphaanage
h) instituion for protection of orphans
i) construction of building for the accomodation
j) construction of schools, colleges, hostels, institutions, medical clinics,
k) feed for disabled personons or for maintenacnces of beggar homes
Below are the words from Trust Deed
1) The trustees shall have the power to sell, convert, or otherwise release any trust
properties or invest the same in any form of investment or change the form or investment
where truely are satisfied, thus such investment will yield a reasonable income or
where it is deeemed expedient on necessary for carrying out the objects of Trust.
2) The trustee shall keep proper books of accounts of the income and expenditure of
the trust which shall be closed over years.
Thanks,
Genoo