2BHK AND 3 BHK SALE IN SARJAPUR ROAD, BANGALORE at KEERTHI REGALI

Keerthi Regalia:

Keerthi Regalia majestically towers above the rest. With 18 floors of quality living space and a choice of 2BHK + Dtudy and 3 BHK homes, it presents itself as the perfect city home with an amazing panoramic view. At Keerthi Regalia, life blossoms in diverse ways making every day a pleasure to stride through. Simply soak in the comforts of your home as it also connects you to the rest of the city. Make life a breezy experience as you juggle work, personal life, leisure and entertainment. Even you...

Project Name: Keerthi Regalia

Apartment Type: Multistorey Apartments

Area Range: 1220-1640 Sq.Ft

Price: 74 Lacs Onwards

Location: Sarjapur road, Bangalore

Bed Rooms: 2&3 bhk

Realty bites by S. Selvakumar

An Article Regarding "ADDITIONS, ALTERATIONS IN THE DOCUMENTS"

The documents are records of various transactions; it contain certain terms, conditions, consideration amount, names of the parties to the transactions, date of the transaction, the clear and complete description of subject of transaction, so that it can be easily identified. For example sale deed of a property contains the origin, flow of the title, and present status the names of seller and purchaser, consideration amount, easement, and brief description of the property with measurements, constructions, boundaries.  They are permanent records, which are relied on for generations. Such documents must be legible clear, readable free of errors and should not create any doubts; disputes. They reflect the terms of transaction for which both the parties have freely consented.

It is always advisable to prepare draft copies of the documents for verification by both the parties, in case of agreements and understandings.  However the sale deed should be in favour of purchaser.  Hence the vendor receives the consideration.  He has to safe guard the purchaser in trust on the property to be purchased. Any additions, deletions, alterations in the draft copies should be discussed by both the parties and another draft copy as agreed by both the parties.

This second draft copy has to be vetted by legal advisers to ensure that it complies with legal, statutory requirements, there after only final deeds have to be prepared. As for as possible, additions, alterations, cancellations should be avoided.

Additions, Cancellations:

But at times, some additions, alterations, cancellations are inevitable, which are discovered at the time of executions. Any such alterations, cancellations, additions have to be done before presenting the document for registration. All such modifications should be authenticated by full signature of all the parties to the documents. But signature of witness is not necessary for such modifications. Only full signatures and not initials or short signature should be insisted. For cancellations, the original words should be neatly struck off it should be signed by parties to the document.   Erasing fluid should not be used. Registering authority records such additions, alterations, cancellations page wise on the document itself. This validates the additions, alterations, cancellation etc. Any modifications done after registration is not valid and does not form a part of the document. More over document itself becomes invalid. The copies of the registered documents are maintained at registering offices and certified copies issued by such authorities also record on

  

certified copies the number of cancellations, additions and alterations done before registration. They do not contain anything added deleted, modified after registration. So proper care should be taken so that all modifications are done before registration under the full signatures of all the parties to the transactions. If anything has to be changed after registration a separate rectification deed has to be executed.

Filling up blanks :

Some documents may have blanks as the required information will be available only at the time of execution.  Often date of executions is left  blank, until the date is finalised.  The details of demand drafts, cheques like number, name of Bank, Branch  are also left blank.  All such blanks have to be filled up before presenting the document for registration; and should be authenticated by all the parties to the document or executor by full signatures.

Attestation :

Attestation  means, witnessing the documents.  Certain documents like will, agreements to sale, sale deed require attestation.  The execution of the documents should be witnessed by two persons, who are majors, and of sound mind.  Both the witnesses should affix their full signatures and should furnish their addresses.   The attestation is not necessary in case of certain documents.

Thumb Impression:

There are many people who cannot sign. The thumb impressions of such people are taken for execution of documents instead of signatures left hand thumb impressions (LTM) in case of males and Right Thumb Impressions (RTM) in case of females have to be obtained on documents for execution. The brief description “LTM or RTM of ---------------- has to be written immediately below the thumb impression. As the persons who affix thumb impressions are illiterate, who cannot read or write, the entire contents of the documents should be read over and explained to them and a separate note to that effect has to be annexed to the document preferably signed by an advocate.

The author is an advocate who specializes in property laws. He can be reached on E-mail: editor@realestatereporter.net Ph: 25526644 / 45.

 For more info: http://www.bangalore5.com

2 & 3 BHK Sale On Electronic City Bangalore @ Stone Park

STONE PARK:

Ajmera Stone Park is one of the popular residential developments in Electronic City, neighborhood of Bangalore. It is among the ongoing projects of Ajmera Realty and Infra India Ltd. It has lavish yet thoughtfully designed residences.

Ajmera Stone Park is a novel per-launch residential project proposed by the renowned brand entity Ajmera Housing Corporation. This new address would consist of well constructed infrastructure and premium specifications offered in the form of 2 BHK apartments with 956-1200 Sq.ft, 2.5 BHK-1300 Sq.ft and 3 BHK of 1550 Sq.ft. A well planned and crafted by a top class architect it bears a symbol of majestic looks which are specially designed for a comfort living.

Project Name: Stone Park:

Apartment Type : Multistorey Apartments

Area Range        : 956-1550sq

Price                  : 40.63 Lac – 65.88 Lac

Location             : Electronic City Bangalore

Bed Rooms        : 2 & 3 BHK 

(Bangalore property, 2 bhk apartments, flats, lands,studio for sale in Bangalore.)

Aricle Regarding : ADDITIONS,ALTERATIONS IN THE DOCUMENTS:

The documents are records of various transactions; it contain certain terms, conditions, consideration amount, names of the parties to the transactions, date of the transaction, the clear and complete description of subject of transaction, so that it can be easily identified. For example sale deed of a property contains the origin, flow of the title, and present status the names of seller and purchaser, consideration amount, easement, and brief description of the property with measurements, constructions, boundaries.  They are permanent records, which are relied on for generations. Such documents must be legible clear, readable free of errors and should not create any doubts; disputes. They reflect the terms of transaction for which both the parties have freely consented.

It is always advisable to prepare draft copies of the documents for verification by both the parties, in case of agreements and understandings.  However the sale deed should be in favour of purchaser.  Hence the vendor receives the consideration.  He has to safe guard the purchaser in trust on the property to be purchased. Any additions, deletions, alterations in the draft copies should be discussed by both the parties and another draft copy as agreed by both the parties.

This second draft copy has to be vetted by legal advisers to ensure that it complies with legal, statutory requirements, there after only final deeds have to be prepared. As for as possible, additions, alterations, cancellations should be avoided.

Additions, Cancellations:

But at times, some additions, alterations, cancellations are inevitable, which are discovered at the time of executions. Any such alterations, cancellations, additions have to be done before presenting the document for registration. All such modifications should be authenticated by full signature of all the parties to the documents. But signature of witness is not necessary for such modifications. Only full signatures and not initials or short signature should be insisted. For cancellations, the original words should be neatly struck off it should be signed by parties to the document.   Erasing fluid should not be used. Registering authority records such additions, alterations, cancellations page wise on the document itself. This validates the additions, alterations, cancellation etc. Any modifications done after registration is not valid and does not form a part of the document. More over document itself becomes invalid. The copies of the registered documents are maintained at registering offices and certified copies issued by such authorities also record on certified copies the number of cancellations, additions and alterations done before registration. They do not contain anything added deleted, modified after registration. So proper care should be taken so that all modifications are done before registration under the full signatures of all the parties to the transactions. If anything has to be changed after registration a separate rectification deed has to be executed.

Filling up blanks:

Some documents may have blanks as the required information will be available only at the time of execution.  Often date of executions is left  blank, until the date is finalised.  The details of demand drafts, cheques like number, name of Bank, Branch  are also left blank.  All such blanks have to be filled up before presenting the document for registration; and should be authenticated by all the parties to the document or executor by full signatures.

Attestation:

Attestation  means, witnessing the documents.  Certain documents like will, agreements to sale, sale deed require attestation.  The execution of the documents should be witnessed by two persons, who are majors, and of sound mind.  Both the witnesses should affix their full signatures and should furnish their addresses.   The attestation is not necessary in case of certain documents.

Thumb Impression:

There are many people who cannot sign. The thumb impressions of such people are taken for execution of documents instead of signatures left hand thumb impressions (LTM) in case of males and Right Thumb Impressions (RTM) in case of females have to be obtained on documents for execution. The brief description “LTM or RTM of ---------------- has to be written immediately below the thumb impression. As the persons who affix thumb impressions are illiterate, who cannot read or write, the entire contents of the documents should be read over and explained to them and a separate note to that effect has to be annexed to the document preferably signed by an advocate.

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2BHK - 3BHK Apartments Sale on Hosur Road, Bangalore at Krishna Mystiq

Krishna Mystiq: 

An exclusive apartment community spread on 6.3 acres with excellent connectivity to all parts of the city. Comprising 14 towers of B+G+4 floors with each offering 2 and 3BHK apartments, Krishna Mystiq is also embellished with refreshing amenities, which revitalizes you. Clubhouse with fully equipped gym, games toom, swimming pool, toddlers pool, landscaped garden and lots more...

Project Name: Krishna Mystiq

Apartment Type: Multistorey Apartments

Area Range:1110-1375 Sqft

Price: Call For price

Location : House Road, Bangalore

Bed Rooms: 2 BHK, 3 BHK.

An Article Regarding "A SMOOTH SALE AND CLEAN BUY"

An agreement to sell is just the beginning of a transaction. S. Selvakumar takes you through astep-by-step process for a hassle-free purchase of property.

A smooth sale and clean buy:

An Agreement to sell is the first step taken towards purchase of a property. This facilitates trouble free transfer of property based on the terms and processes that have been already discussed and agreed to between the seller and the buyer.

Sale and purchase of immovable property requires considerable time for completion of process and compliance of various obligations, since the stakes are high. Hence both the parties have to come to an agreement regarding the consideration amount, mode of payment and time duration. The terms agreed are put in writing in the form of an agreement, which is known as Agreement to Sell.   The Agreement to Sell is governed by the provision of the Indian Contract Act 1872 and the Transfer of Property Act 1882.

Being in accordance with the provisions of the Transfer of Property Act 1882, a legally valid contract between the parties as per the provisions of Indian Contract Act, 1872 is mandatory. This Contract may be oral or written. Further it may be exhaustive or open. An open contract is just a skeleton, referring to the names of parties to the contract, property to be sold and the consideration amount. An exhaustive contract is a detailed one referring to the title, modes of payment, time duration for competing the transaction, obligations to be complied with etc. In immovable property dealings, it is not advisable to go for oral open type of contracts, as the stakes are generally high and consequences are grave. Such contracts need to be diligently prepared referring to minute details. The services of an expert advocate in property matters should be availed. Section 54 of the Transfer of Property Act refers to the Contract of Sale/Agreement to Sell.

It defines the agreement to sell as a contract that a sale of such property that a sale of such property takes place on terms settled between the parties. It further specifies that the agreement to sell does not create any interest in property or charge on such property. The purchaser who has entered into an agreement to sell with the owner of the immovable property is not entitled to any compensation if the property is acquired by the government. Further in case of suit of injunction against the owner, the purchaser who has entered into an agreement with the owner does not have any right to be imp leaded in the suit and heard on the basis of the agreement to sell (Azeemur Rehman Vs Union of India Air 1995 ALL316).

The execution of agreement to sell needs to be witnessed by two persons capable of entering into contract. Further, with regard to witnesses, it is advisable that the witnesses be from the side of both parties i.e. one from the purchaser’s side and one from the seller’s side. And in case of execution of a sale deed. It is advisable that both witnesses be from the purchaser’s side. According to the Indian Registration Act, 1908, the registration of the agreement to sell is only optional. If registered it helps in establishing the bonafides of the transaction. Further, encumbrance certificate discloses the subsistence of such an agreement which deters any further agreements, unless the existing one is cancelled.

The rights and liabilities of the purchaser andseller:

Section 55 of the Transfer of Property Act deals with the rights and liabilities of seller and purchaser. If the agreement to sell does not specifically refer to the rights and liabilities of seller and purchaser, the provisions of section 55 are enforceable. There is a caution against the use of words like “as is where is basis”, since in such circumstances, the purchaser has to specifically perform the contract irrespective of the material defect in the title of property. There is no prescribed format of agreement to sell in respect of an immovable property. It has to be ensured that the agreement is legally enforceable and binding on the parties and that it is not a mere formality.

Persons enteringin to the agreement: 

Persons must be competent to enter into a contract. They must be major, sound mind and not disqualified from contracting. The names of the parties to the contract, their age, father’ s name, in case of married woman, the husband’s name, and places of their residence should be mentioned. Care should be taken to make all the owners as parties to the contract. In case any of the joint owners is not available to execute the agreement, a clause is added to the agreement that all persons having interest in the property shall execute the conveyance deed. A partnership firm is not a legal person and as such all the partners should sign the agreement.

Title to property: 

Nature of the title held by the seller, including any encumbrance such as lease, mortgage, charges on the property should find a place in the agreement. If the executants of the agreement is not the owner, then his status and his authority under which the agreement is executed should be mentioned. A GPA holder can execute a sale on behalf of the owner if he has the power to do so. However, he is accountable for the money received from the purchaser. Any material defect in the property, defect in the title disclosed by the seller, or advantages, benefits which have come to the notice of the purchaser, should be detailed.

Exact location and description of the property agreedto be sold: 

Location and description should contain the roads on which they front, the existing and former occupations, the municipal number, street, road with complete boundaries, and properties surrounding the property agreed to be sold. It should also include the area of the site, built up area, floors, type of constructions, materials used etc. The details should be exhaustive so as to identify the property clearly.  Sections 21 and 22 of the Indian Registration Act makes it mandatory to disclose the details.

Agreed consideration amount and mode of payment:  

Consideration amount, the price at which the property was agreed to be transferred is very important and an essential portion of the agreement. If the consideration amount is not mentioned, the contract becomes void. The consideration disclosed should be in money value, and it should not attract the provisions of exchange of property as detailed in Sec 118 of the Transfer of Property Act. Whether the consideration amount is adequate or not is immaterial. The agreement should disclose any part payment of consideration or earnest money, the mode, place and time of payment of balance money.

Production andscrutiny of documents of title: 

The agreement should contain a clause that the seller should produce the documents of title in his possession for scrutiny by the purchaser and his advocate. Sec 55 (1) of Transfer of Property Act makes it mandatory to produce the documents for scrutiny.

Possession: 

Possession is the most important ingredient of the sale transaction.  The mode and time of possession should be clearly and specifically mentioned.  It may please be noted that the seller need not give possession of the property to the purchaser on execution of agreement and on part payment.  Possession has to be given on completion of the sale process and receipt of full consideration amount after execution of the conveyance deed.

If the possession is given on part payment of the consideration, section 53 A of the Transfer of Property Act operates. In such an event the seller shall never be in a possession.  The only recourse available to the seller is to recover the balance amount due.

The agreement should also refer to the mode of possession of the property and whether it is vacant or not. If the property is let out, the seller may give a letter of allotment to the tenants, to acknowledge the purchaser as the future transferee. In such cases, a clause regarding token delivery of possession by the purchaser, and issue of assignment letters should be included.

Period ofcompletion of sale process: 

The sale agreement should contain a clause stipulating the time within which the purchaser will pay the full consideration amount and get the sale deed executed and registered by the seller. It is always advisable to pay less amount of the sale consideration as advance and further, it should be kept in mind that the balance maximum portion of the sale consideration must be paid only at the time of registration of the sale deed. The agreement of sale should mention the date/period of completion of the sale transaction and registration of sale deed. The date for paying the maximum portion of the balance payment must be mentioned, as at the time of registration.  It is preferable to construct the sentence in such manner for eg. “The balance payment shall be made on or before 30.10.2003, i.e., at the time of registration of sale deed”.

Conditions and obligations to be complied with: 

There may be local laws and other statutory obligations to be complied with for completion of sale. Permission may have to be procured from certain institutions. Any such obligations to be completed and the time for such acts are to be incorporated in the agreement.

Expenses to be met: 

Sale process includes various expenses like legal fee, stamp duty, brokerage and expenses towards statutory clearances. Terms of agreement should be clear as to who has to meet these expenses.

Miscellaneous: 

The agreement should also contain penalties for non-performance of the terms of the agreement. The onus on the seller is that he shall during the period between the date of agreement to sell and actual handing over of the property to the purchaser, not create any charges no the property and at the same time maintain the property.

Remedy:  

If any of the parties fail to perform, a party may sue the other party for specific performance as per the terms of the agreement. The limitation available is three years and it starts from the date on which the act is to be performed. For example, a sale agreement is dated 1-7-2003, where it is mentioned the purchaser should pay the final installment of consideration and get the conveyance completed by the seller on 31-08-2003. The Purchaser, however, failed to pay the final installment on 31-080-2003 and the limitation started from the date. The agreement to sell is to be executed on a requisite stamp paper as prescribed by the state.

Purchase of property is a transaction where the parties to the transaction must be of identical mind to ensure smooth and uncomplicated execution of the transaction. The agreement to the sale contains all the terms and conditions on the basis of which the physical process of transfer of property will take place on a step-by-step basis. The agreement to sell clearly defines the duties of the buyer and the seller and the tasks to be performed by each, ultimately leading to the registration of the sale deed and thus ensuring a successful and stress free sale and purchase of immovable property.

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Article Regarding "A GUIDE TO REGISTRATION NORMS"

(Bangalore property, 2 bhk apartments, flats, lands,studio for sale in Bangalore.)

Property buyers need to be careful before and after registration of property to avoid unnecessary hassles in the future.

Purchase of immovable property comprises various steps, broadly categorized as pre-registration and post-registration activities. Postregistration activities are subsequent to the registration of Sale Deed.

1.   Obtain original documents of title from the seller and compare them with the copies, which the purchaser’s advocateshould have scrutinized. If the advocate calls for other original documents or certified copies, ensure he gets such documents. It is always advisable to apply for additional copies of the Sale Deed.

2.    Register the application for updated encumbrance certificate with the sub-registrar office on the day of registration itself. Such Encumbrance Certificate should contain the registration details of purchaser’s Sale Deed.

3.    The possession of the property is of vital importance.  Inspect the property a day before registration.  Make sure that the property is as per the agreement to sell. As per the terms of the agreement, the seller should hand over the vacant possession and the purchaser should receive all the keys of the property at the time of registration.

In case of vacant sites, please put up a display board with the wordings. “This property is owned by Trespassers will be prosecuted”.  Fencing of such sites, though expensive, is preferable.  Periodical visits to the site are a must to detect encroachment. The purchaser should verify that all the taxes, statutory payments in respect of the property including power and water charges are paid up-to-date.

He must collect all the paid receipts and also verify at the concerned offices. Power and water supply agencies collect deposits from the consumers. Purchaser should collect such deposit receipts from the seller. After registration of the sale deed, the purchaser must ensure that the Khata in the records of the local bodies, Gram Panchayats or the City Corporation is transferred to his name. 

Both the seller and purchaser have to sign the application for transfer of Khata, which should be done simultaneously while signing the sale deed.  This is necessary to avoid any disputes and complications at a later date. Duly filled in Transfer of Khata application with a copy of the sale deed is to be filed with the Gram Panchayat / City Municipal Office against acknowledgement.

Local bodies transfer the Khata in the name of the purchaser on collecting a transfer fee, generally 2 percent, on the stamp duty paid on Sale Deed and issue written confirmation of transfer in the name of the purchaser. While transferring the Khata.  Local bodies, usually reassess the property and issue assessment notice in the name of the purchaser. The tax paid receipt should be in the name of the owner.

After the Municipal authorities transfer the Khata to the purchaser, the water meter and the power meter installed are required to be transferred. Verify the deposit and charges paid receipts carefully, which should be in the name of the seller. Obtain a letter from the seller addressed to the respective authorities to transfer the meters, including the deposits paid in the name of the purchaser.

The purchaser should, without delay, apply too the power/water supply authorities to transfer the meters and the deposits in his name. The original authorization letter of the seller and a copy of the new Khata (in the name of the purchaser) are to be enclosed with the application of transfer. The authorities will issue written confirmation of transfer and raise bills in the name of the purchaser. Obtain periodical Encumbrance Certificates at least once a year, which should be a routine exercise.

Power of Attorney:

Power of Attorney means the power or authority given to a person (agent) by an individual (principal) to act on his behalf or on behalf of a group of individuals in business matters or any other matter.

It plays a vital role in transferring the lawful ownership of immovable property like land, building, and water source, from one person to another. The person who holds the power is called the Power of Attorney Holder. He isemployed by the principal to take care of his dealings with third persons.          

A person competent to contract can execute a Power of Attorney.  He can appoint one person or several persons to act on his behalf. Where several persons are appointed as attorneys, it is advisable to mention as to how they will act – jointly or independently. If this is not mentioned, then they are at liberty to act jointly.

Power of Attorney, generally speaking, is of two types.  Power of Attorney for a single specific purpose is known as “Special Power of Attorney” and the one involving more than one work or transaction is called “General Power of Attorney”.

The duration of special power of attorney may be for a particular period or for an indefinite period until the task is completed.A General Power of Attorney may continue to be in force until it is revoked or by death of either party. A registered Power of Attorney can be revoked by a Cancellation Deed.

Though, in general, a Power of Attorney is revocable, it cannot be done so in matters pertaining to debt security till the debt is cleared even though the debtor is not alive. It can be revoked if the principal becomes of unsound mind or he is declared insolvent. It cannot be revoked if it is made irrevocable. However it should be registered by paying applicable stamp duty. Power of Attorney attracts various provisions of The India Stamp Act, Powers of Attorney Act, Registration Act, The Indian Contract Act, and Indian partnership Act, and the Indian Evidence Act.

A Power of Attorney is divided into ten categories according to the stamp duty payable. A Special Power of Attorney is given for a court case, for appointing one attorney in place of another, for collection of debts and for admitting execution and a General Power of Attorney is given for selling shares, to execute a Sale Deed, to prepare a layout and sell plots, to raise money through mortgage of property, to recover rents and many other acts.

A Power of Attorney need not be registered except in the case of an immovable property is involved. According to the Registration Act, if a Power of Attorney gives power to present documents for registration, then it must be executed before and authenticated by the Registrar or the Sub-Registrar.

If the Registration Act is not in force at a place where the Executants lives, then a Magistrate’s authentication is necessary. If the Power of Attorney is registered outside India a Notary Public and Court Judge, Magistrate of that country, or Indian Consul or Vice-Consul or a representative of Central Government must authenticate it.

A Power of Attorney is executed in the form of a legal document generally in the first person and begins either as “Know all men by these presents that I …….” or “By the power of attorney I ………..or “This Power of Attorney made and executed o this……………….”

After a brief introduction, the operative part is brought in. Thereafter, the specific powers given to the person are mentioned in separate paragraphs. After these a general clause is added empowering the attorney to do such lawful acts and deeds, as he deems fit and proper in the performance of his duties.

It is the duty of the agent, the Power of Attorney holder, to act honestly and faithfully on behalf of his principal, the giver.  He is legally bound to perform the tasks according to the wishes of the principal. If theagent acts otherwise and the principal suffers any loss, he must compensate the principal. He is bound to keep all accounts in a proper manner and produce it to the principal and demand. An agent possessing authority to carry on business has authority to do every lawful thing necessary for the purpose. Being a legal document, a Power of Attorney must be strictly interpreted and understood. Therefore special care must be taken while drafting General Power of Attorney.

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Article Regarding "A SOUND MIND & HAND FOR THE RIGHT“WILL”

                                                                                       

(Bangalore property, 2 bhk apartments, flats, lands,studio for sale in Bangalore.)

We have heard so many things pertaining to Will, in movies as well as in real life. But do we really know what it exactly means, the way it has to be made, different kinds of Will and the execution? This article / chapter we give you a broader picture about Will.

A Will is a private and confidential document written by a living person declaring as to how he would like to disperse and distribute his properties according to his wish, after death.  It is the final expression of the person’s desire existing at the time of his death.

A Will comes into effect after the death of the executor. Until then the document can be changed, revoked, modified or substituted according to the wishes of the testator. During his lifetime, a Will is just a document, revocable at any time, having no legal effect whatsoever. The Indian Succession Act governs it.

The person who makes a Will is called a Testator (male) or Testatrix (female).

Codicil:

A codicil is a document, which alters or adds any provision to the Will or rectifies any mistakes in the Will. It is not an independent document like a Will but a part of it. It is an annexure to a Will. However, it must be executed in the same manner as the Will.

Certain distinctive features can establish the authenticity of a Will. The distinctive features of a Will are that it is the declaration of the intention of the testator as to disposal of his property after his death; that the Will is revocable; that it would be operative after the death of the testator, and that the legality of the property is such that the testator could himself have disposed it when he was alive.

The person who makes a Will must be in his senses. He shall write his Will while in sound mind and health, on his own wish and without pressure from any person with respect to a property, which he desires to bequeath.

A deaf and dumb or blind person too can make a Will provided he or she is able to know and understand the nature, content and effect of the Will.

A very old person can make a Will only if he can understand the impact and import of his writing. A person, who is ill or under intoxication is not capable of writing a Will in such a frame of mind.

Own Language:

Law has not prescribed any particular form for writing a Will.  The language used must be simple, clear, unambiguous, and easily understandable to a common man, and to the point. If a Will is not clear-cut, the interested parties can challenge it in any court of law.

A Will is written in the first person. It has no standard form. Acommon form of Will must have the date and place of execution; the name and address of the testator; a clause revoking previous Wills and codicils; a clause pertaining to the appointment of executors and trustees; specific mention of the names of the family members; details of the movable and immovable properties; clear cut particulars as to who gets what; a clause pertaining to the testator’s soundness of mind and health and his knowledge of what he/she has written.

The Testator at the end of the writing should sign it.  It should be attested by at least two persons, who have seen the testator putting his signature in the Will. The attesting witnesses must put their signature in the presence of the testator.

Registration of Will :

The testator can preserve the Will either in a sealed cover with himself or in a safe deposit vault or with a trusted person. He can register the Will in the presence of the Registrar or Sub-Registrar of concerned area. Even it can be kept under the safe custody of the Registrar or Sub-Registrar.

A Will can be written and executed on a piece of paper. It may be handwritten or typed or computer printed. It neither needs stamp duty nor it is necessary to register even if it relates to immovable property.

Though it is not necessary to register a Will, it is always better to get it registered. This will come handy to obtain a probate if the original is lost. However, Registration of a Will is optional.

While executing a Will care must be taken to ensure that there are no additions or alterations in it. If additions or alterations are there the executor must ensure that the testator properly initials them. This is very necessary to avoid unwanted suspicion about its credibility.

During his lifetime, the testator can always revoke his Will even though the Will is said to be irrevocable. But revocation must be according to law. If there are two Wills, the later one cannot revoke the previous one.

There are different types of Wills. Oral Will, Holograph Will, Mutual Will, Joint Will, Contingent Will, Privileged Will and Unprivileged Will.

Oral Will : Oral Will is applicable to Muslims only. It is otherwise called ‘Hiba’.

Holograph Will : Holograph Will means a Will written in testator’s own handwriting generally. After the Will is written, the testator has to sign it and get his signature attested. This Will without signature and attestation is invalid.

Mutual Will : Two persons, generally husband and wife, are involved in making a Mutual Will. In this Will the husband and wife mutually agree to bestow upon each other the reciprocal benefits in each other’s   property, subject to other clauses in the Will.

Joint Will : It takes two or more persons to execute a Joint Will. This Will is made to dispose of their joint or separate properties jointly. Any one of them or the survivor can revoke the Will. In such an event, if one testator dies the Will will be considered as his Will and when the other dies it will again be considered as the latter’s Will.

Contingent Will : It is another kind of Will, which comes into effect on the happening of any event or condition. It is a Will to do or not to do something if some event does or does not take place.

Nomination : Statutory institutions like Government departments, public sector corporations, Post Office, LIC, nationalized banks provide for a policyholder or a fixed deposit holder an option to propose his or her nominee in the event of death.  In that event the benefits will belong to the nominee. Nomination is generally in the nature of a Will and restricted to each item of policy or security.

Privileged Will : A soldier, airman, or a seaman engaged in warfare or adventure is allowed to make  a Privileged Will. The privileges given among other things are that the Will can be written or oral. If the testator writes a Will, it need not be signed by him and attested by a witness. If some other person writes it in whole or in part, it must carry testator’s signature, but witness attestation is not necessary.

Unprivileged Will : It is a Will not made by a soldier, airman or seaman. Anyone who is a major can make this Will. He must be a person of sound mind and in case of ill health he must understand what exactly he is doing. The Succession Act recognizes Privileged Will and an Unprivileged Will.

A Will must contain a stipulation with regard to testator’s debts and liabilities. These will have first charge on the testator’s estate.

The Succession Act gives priority to payments towards funeral expenses; hospital and medical expenses incurred before testator’s death; expenses pertaining to legal matters like obtaining probate and court expenses; payment of wages to persons employed by the testator before his death; payment of income tax and other statutory liabilities; secured and ordinary debts. Only after meeting these liabilities can the testator make a Will. Therefore, the testator must ensure that his estate is financially sound to take care of his debts and liabilities, before writing his Will.

Muslim Will:

Under the Muslim personal law, a Muslim can make a Will orally or in writing and there is no form as such for writing. If the Will is in writing it need not be signed or attested. A person major in age and of sound mind can make a Will and he can dispose of all or any part of his property by Will. However, there are a few restrictions. 

A Muslim can alter his Will during his lifetime or cancel any inheritance. A Will may be declared invalid if the person after making the Will becomes insane and remains so till his death. Similarly, a Will which is conditional or of future inheritance would also become invalid in the eyes of law.

Probate:

Probate is a certified copy of the Will obtained from a competent court of law. A copy of the Will obtained through legal process establishes the genuineness of the Will. For this purpose, the Will has to be submitted to the court. A petition along with the affidavits of the attesting witnesses has to be filed in the court. Probate duty and court fee will also have to be paid. A Christian Will must be probated before implementation. If the properties are situated in more than one state, then the application for probate has to be filed before any of the High Courts in which a part of the property is situated.

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Article Regarding "Unaffordable MIG Houses in Mumbai Delhi And Bangalore"

(Bangalore property, 2 bhk apartments, flats, lands,studio for sale in Bangalore.)

Region (NCR) and Bangalore have been found to be the most unaffordable locations for housing for India's middle-income groups (MIGs). MIGs, defined as households with annual incomes between Rs 9 lakhs to Rs.I0 lakhs are unlikely to find their desired kind of homes anywhere close to the city centre in these three metros, according to a study. On the other hand, Kolkata, Pune and Chennai are seen to offer a good number of affordable locations to MIGs. The study first looks at the factors most important to a consumer in his house buying decision and his budget, and then tries to find locations where these conditions are met.

The Reserve Bank of India (RBI) has made it easier for banks to lend to special economic zones (SEZ). Several types of advances to projects in special economic zones have now been excluded from the definition of commercial real estate loans. Reference to SEZs as commercial real estate loans by RBI in a '06 circular had made it difficult for those involved in these projects to raise funds. Real estate loans are considered risky and categorized as an average, MIGs would have to stay at a distance of 45 km away from the central business district, in areas that have poor connectivity and scant infrastructure, in order to get their ideal affordable home. This is due to the fact that land prices in the city are so steep that even smaller size units of about 600 sq ft that are acceptable to Mumbaikars would not be affordable to MIGs. So buyers will have to settle for places like Panvel, Virar and Kalyan. Similarly, in the NCR, due to the high cost of land, MIGs would have to look beyond Meerut and Sonepat for affordable homes. In Bangalore, MIGs are seen to be highly concerned about part of exposure to sensitive sectors which also include capital markets and commodities. There are also restriction on foreign investment in real estate.

Speaking to ET, LB Singhal, director general, Export Promotion Council for EoUs and SEZs said "We had taken up this issue with the ministry of finance and the ministry of commerce. The matter was before the empowered group of ministers headed by finance minister Pranab Mukherjee, which connectivity to their office. And the problem in Bangalore is that as one starts to move away from the city centre, road and other necessary infrastructure starts to deteriorate. The survey found that MIGs of Bangalore preferred residential units ranging between 850 sq.ft. and 1050 sq.ft. in size. Given this preference for large units, very few locations in Bangalore would be affordable for consumers in the Rs.5 lakhs to Rs.8 lakhs Income bracket.

Affordable locations include Kanakapura Road, Hebbal, Electronic City, BTM Layout and Whitefield, where it would be possible to find units costing between Rs.15 to 30 lakhs. had decided that SEZ should be treated as infrastructure." He added that now with the central bank clarification, loans to those developing, operating and maintaining SEZs as well as setting up or acquiring units in SEZs wiIl be part of infrastructure lending.

"This would enable domestic institutions and banks to make funds available to SEZ sector on the terms and conditions which are applicable for infrastructure lending," he added.

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