Rights of imla malik

The word slumlord is usually referred to a landlord of a slum, generally an absentee landlord with more than one property.
A slumlord is usually in a constant seek to maximize profits which he/she attains by optimizing the expenses on maintenance of the property.

This is their common phenomenon often in deteriorating neighborhood and towards economically backward tenants (i.e. tenants that they can intimidate).

While on the other hand, an "Imla Malik" is an individual who is the permanent perpetual holder as he's acquired the ownership title after making the final payment of the lease period.
Thus, he no more a tenant but the owner of the property.

After completion of the full payment of the property, an Imla-Malil enjoys the same rights as of a owner.

These rights are as follows:-
# Right of Possession

# Exclusion Rights

# Control & Enjoyment Rights

# Disposition/Selling Right

#Title Insurance

You can understand these rights more easily by looking at the details of each right mentioned below -

# Right of possession- Title is an essential document for ascertaining the legal ownership of a property. If you have purchased the home by paying a lump sum amount or if you have cleared all outstanding dues with the home loan finance company, you can acquire the title document immediately.

However, if there is a pending home loan, the lender gets to hold the title until you clear all dues. In case of default over the loan, the lender has the right to take the legal recourse or even forfeit your property.

# Exclusion rights- This right is synonymous with the right to privacy and choice. The title owner of the property has absolute rights with the choice of people who will enter his house.

You are well within your rights to not allow someone to enter your house other than law enforcement authorities carrying a valid warrant.

# Control and Enjoyment rights- Title owners or simply put, the property owners, are well within their right to use the property the way they want. However, this is subject to the restrictions applied by the local resident’s welfare association or forum. Moreover, you are very much bound by the law of the land as anybody else does.

For example, if frequent parties are creating a nuisance for the neighbours, you must adhere to the association rules. Creating a balance between your rights and other’s rights is essential.

# Disposition/selling right – Disposition refers to the sale or transfer of ownership of the property to someone else. The titleholder is well within his rights to sell, lease or rent his premise according to his will.

# Title insurance- Title insurance protects against unscrupulous or frivolous claims on the property when it changes hands. It provides indemnity to developers and homebuyers against losses or defects in the title, arising out of challenges by a third party.

However, the concept of title insurance is relatively new in India and only a few companies offer ‘Title insurance’.

More or less, an immovable property is a bundle of rights. If a person has ‘Title’, he is the absolute owner for enjoyment and transfer of such property. Otherwise, the owner may have partial rights, while the remaining rights might be vested unto others (generally lender).