Buy and bequeath property with clear title

R.L.Bhatia is now a relived man after he has joined hands with a developer.
At the age of 85 years, Bhatia admits that as not much time is left for
him, hence he was thinking of redeveloping his house for the last couple of
months. Well, he is not redeveloping his property for the sake of earning
some quick buck. Generally, it is believed in the realty market that people
redevelop their properties to earn big money in quick time.

Would you like to know Bhatia’s reason for redeveloping his South
Extension-part one house ? The ex- cop Bhatia informs that while he is
well-off economically and hardly needs money as he has enough for himself
and his wife. His three kids, two sons and one daughter respectively, are
well-settled in their respective fields. “ I joined hands with a developer
in order to give share of my property to all my three kids with clear
title. The idea behind giving them property without any issue so that they
do not fight post I and my wife depart from this world,” he explains.
Sameer Jasuja ,CMD of prop equity, strongly feels that redeveloping landed
property is really very sensible thing as it gives owner enough scope to
demarcate his/her property among his/her kids apart from the fact that
he/she also earns good amount of money. “ For instance, if you have three
kids,you can easily bequeath one floor each to your kids with clear title.
It is not easy to bequeath your one landed property to you more than one
kid,” he feels.

If realty experts are to be believed, it is wrong to believe that large
number of people sitting on properties worth fortunes in capital redevelop
their properties to earn more. Admittedly, this may be true in majority of
cases, the likes of Bhatia are also swelling swiftly. According to Sanjay
Khanna, director of Kailash Nath Projects Pvt.Ltd, “ Given the hard fact
that even the dearest of siblings fight to finish on the issue of
properties, it is expected from all those who bequeath their properties
with clear and clean title to their children,” adding, “ It goes without
saying that if parents bequeath properties without any title dispute to
their kids, they would do great service. Then they can leave this world
with peace that their kids would not fight over property that they left.”

There is no denying the fact that in the absence of not clear title, apart
from siblings fights, many innocent buyers of properties face really tough
situation later. Suggests Alimuddin Rafi Ahmed,MD of ILD group, “ Before
buying a piece of land, buyers must inspect whether proper approvals for
development on the property and for the building plans have been obtained.”
adding “ if you are booking a flat in some project of realty firm, then it
would be advisable for you to thoroughly check the copies of the
construction plans and layouts of the project, buildings. It will help
buyers assess the property, and also whether it matches with the approval
granted by the authorities. This will also come handy for buyers on a later
date if actual construction deviates from the plans.”

Neeraj Jha (name changed), a Delhi based journalist, reveals the sad story
of his own family where siblings fought for several years as title of the
property left behind by their parents was not clear. “ It was very sad that
I was involved in a protracted legal battle with my two brothers on the
issue of dividing the family property. While we got our due share in
parental property after long haul, our relations became very sour. At the
end of the day, I feel that all those owning properties must ensure that
their kids do not suffer either in the absence of clear title or for any
other reason,”he said.

And talking about the importance of housing project without any legal
issues, Gaurav Mittal, Managing Director of CHD group, suggests to all
would be buyers that it is also a good idea to see whether banks have
appraised the project for giving loans. Though not a substitute for buyers
conducting their own checks, this could provide an additional level of
comfort about the veracity of the builder’s documentation.

One can safely say that one has to buy property with clean and clear title.
And if you have to spend some money and time in this regard, you must do.
And last but not the least, you must bequeath your property to your legal
heirs with clear title. Remember, property without clear title will only
give pain to your kids.