9 Agreements All real estate lawyers Must Know How to draft

Written by Posted On Tuesday, 29 October 2019 21:52
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The real estate sector is a market that is continuously evolving in terms of its legal aspects. The Property sector has seen a rise in the demand of property dispute lawyers. Now and then, a real estate investor may run into scenarios that require legal supervision.
When you start practicing as a real estate attorney, you may have to deal with a variety of cases, but some kinds of the suite will regularly show up on your table. To build a successful career as a real estate lawyer, you must acquaint yourself with and master the drafting of such lawsuits.

Here is a list of all the common cases that you may come across as a property dispute lawyers:

Purchase and sale deeds

Chapter III of the ‘Transfer of property act’ states that all the agreements related to the purchase and sale of an immovable asset must be registered with the registrar if assurances. Following the mandate, the bilateral agreements which involve purchase and sale of the property must be diligently drafted.

Sale agreement

‘Agreement of sale’ follows the sale deed and is mentioned under the ‘Transfer of property act.’ Although it may seem like something secondary, the agreement is essential to protect the rights of the seller. It also states the conditions, which must be fulfilled by the buyer.

Power of attorney

If your property gets stuck in some dispute, it can be a challenging task to manage time and be present in all the court proceedings. Property dispute cases are quite sticky and may go on for years. In such a scenario, giving so much time to the case may leave you in losses in your professional life. It is convenient to have a legal representative who attends all the proceedings in your place. ‘Power of attorney; is an instrument to transfer legal authority to some other person in the dispute case.

The agreement between builder and buyer

The property and real estate market has been witnessing fast-paced commercial invasion lately. Many builders are taking up commercial projects and contracts, hence, giving rise to this new class of agreement taking place between the builder and the buyer.

Lease deeds

In case of a lease agreement, the owner of the property agrees upon transferring temporary and limited rights to the lessee. The transfer requires the fulfillment of some monetary conditions. Such contracts are very complicated because the lessor should have primary control over his/her property. The written agreements regarding such transactions are known as lease deeds.

Mortgage deeds

Mortgages are similar to leases, except for the fact that the property is not transferred temporarily for use; instead, it is held against a sum of money or other services. A mortgage deed is a very complex deed with any terms and conditions, and a person would require a reasonably experienced lawyer to draft it. As a new real estate attorney, make sure you master this deed.

Relinquishment deeds

Governed under section 17 of the registration act, 1908, a relinquishment deed is an agreement where a person gives up on his claim and transfers it entirely to the other person. It is irrevocable.

Leave and license deeds

Recognized under the Indian easements Act, 1882, this deed is in extensive use in place of lease deeds, when it comes to residential properties. This is a safer kind of agreement for the property owner as the physical possession still stays with the licensor.

Buyers’ broker agreements

This one is in extensive use internationally. This is a necessary agreement when you are dealing with a real estate agent. It states and enforces the rights and obligations of both the buyer and the agent.

So, these were all the common lawsuits that may greet you through your journey as a property dispute lawyer. Mastering the primary drafting of all these agreements and deeds can give you a push in your reputation and an increase in the number of clients you get to work with.

You will also get the opportunity to work on more specialized lawsuits if you choose to. So, go ahead and master thesis drafts. Give your career the boost it deserves!

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