Real estate (Development and Regulation) Tribunal established

The Tribunal is usually comprised of independent members of the Ministry of Urban Development and a number of commercial property societies representing local real estate builders and Indian real estate developers. Apart from these, there are also other members of the Tribunal from the law profession such as the barrister and solicitor and an accountant.

Issues that come up in the Tribunal include disputes between the developer/landlord/developer and the tenant/buyer and between various government and non-government bodies regarding the design, construction, maintenance and financing of the project. One of the main issues which come up in the Tribunal is the question of the amount of security deposit or rent guarantee that is to be paid by the tenant in case the project is not constructed on time and there are overrun costs incurred in the construction. Another issue that often arises is that of breach of contract or misrepresentation by the developer. Any information provided by the applicant pertaining to the expected price for the project, the rate of interest and other fees should be verified by the developer and the seller before signing the rental agreement. Failure to do so may nullify the entire offer.

best for lead generation

Another area of dispute is regarding the manner in which the property is to be sold or the property occupied after the completion of the project. This relates to the question of whether the real estate developer has the legal authority to sell the property or whether the developer is legally responsible for ensuring that the property occupies itself and does not fall into default. Usually, the real estate buyer’s lawyer helps the real estate buyer to argue their point in the Tribunal. The judge decides in favor of the buyer if they win the case by the stipulated time limit.

A very important aspect of real estate investing is dealing with the local realtors. It is essential that one knows how to approach, negotiate and close the deal. One also needs to know how to get the best possible deal at the lowest possible price. This process can become complicated, especially when the real estate transaction is in a different jurisdiction, and requires the expertise of a licensed real estate lawyer.

One can also take advantage of real estate investment companies that help buyers in this process. These companies employ real estate lawyers with the necessary knowledge and experience to help buyers. However, there are some companies that have attorneys on their panel. They, obviously, have a better understanding and an advantage over real estate investing companies that are not staffed with real estate attorneys. While they cannot give legal advice, these companies can definitely provide valuable information on the legal aspects of real estate investing.

For any real estate investor, the most important aspect of real estate investing is education. Knowledge is power, and with this, one should never undervalue his/her product or service. One should always consult a real estate lawyer before buying anything, so as to be sure that what one is buying is in compliance with all laws and regulations. It is always advisable to seek legal advice from well-versed real estate attorneys who have a proven track record of winning cases for their clients.