ADVANCE TOWARDS SECURITY DEPOSIT OTHER THAN RENT

ADVANCE TOWARDS SECURITY DEPOSIT OTHER THAN RENT

Before finalizing the tenancy agreement, besides monthly rental amount, it should be borne in mind to furnish the security deposit amount as advance which would be refunded  without any interest, to the tenant, at the time when the tenant vacate the premises and hand over the same, intact.  This security deposit amount shall be utilized, in case the tenant commits failure to pay the monthly rental by appropriating the rental amount due from and out of the security deposit amount, and such default in payment of rental would be viewed seriously, resulting in getting the tenant evicted from the premises by the land lord.

Upon the termination of the agreement and the tenant vacating the premises, the dues payable by the tenant to the Land lord to be calculated and such amount need to be deducted from the security deposit amount held by the Land lord, and the balance remaining amount to be refunded to the tenant. This security deposit amount would not attract any rate of interest, and it is totally interest free.

The tenancy agreement should clearly specify as to who shall bear the expenses related to Government rent, property tax, utility expenses, management fees, building maintenance expenses, electricity gas and water charges, repairs and painting expenses, open area or common area maintenance fees and the damages rectification expenses from fire or any other cause on the usage of the property, etc.

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The important features related to the sewage/drainage maintenance, water tank maintenance, wooden parts maintenance, garden maintenance etc.,  are to be taken care and it has to be specifically mentioned as to who shall bear the expenses, to be clearly mentioned in the tenancy agreement.

Alterations to the premises

If the tenant is permitted to do the alterations within the structure, it should be so mentioned in the rental agreement, and the cost of the alterations as well as the maintenance of the altered structures should be borne by the tenant only and this fact to be mentioned in the agreement. Further, it should also mention, as to whether the tenant shall remove the altered structures, or not, while vacating the premises should need to be mentioned in the agreement.

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Bank legal Opinion

HOME LOANS LINKED TO DEVELOPER’s PLANS

HOME LOANS LINKED TO DEVELOPER’s PLANS

Buying a house involves huge investment and the same is not possible to many of the middle-class families. However, now-a-days, the Banks as well as the Financial Institutions are coming forward to lend finance for purchase of homes through their innovative schemes under home loans, with varied interest rates.  In this connection, let us now confine to glance through the modus being adopted by the Project Developers with a view to mitigate the hardship of the buyer.  In line with this, the Project Developers are offering different types of plans for the prospective buyers, and if we look at those plans, we observe that there are three most attractive plans that are currently followed viz., CLP, TLP, DPP i.e., Construction Linked Plan, Time – Linked Plan, Down Payment Plan, respectively.   Construction Linked Plan (CLP): In this category, the buyer has to pay the amounts in installments as per the progress of construction. For example, if the construction is completed up to basement level, then the buyer has to pay certain percentage, as already agreed upon, i.e., up to basement level, in terms of the agreement, as first installment. Later, when the construction is completed up to certain level, say the skeleton of the building is completed either up to second, third or fourth floor, the buyer has to pay certain further percentage of amount towards second installment. Similarly, the buyer  shall pay the entire balance amount in such instalments, as per the progress of the construction and in terms of the already mutually agreed terms & conditions of the Agreement.  Even the Banks/Financial Institutions are also ready to adopt such plan of the Project Developers/Builders and the buyer will be burdened only with such amount/s as and when released to the Project Developers on behalf of the buyer. So to make it clear, the buyer will be charged for the 1st instalment amount only till the 2nd instalment amount is released. When the 2nd instalment loan amount is released, then the interest would be charged on the amount inclusive of 1st as well as 2nd instalments, and so on.In this scheme, the Bankers also shall have an agreement with the Project Developer/builder and as such the reputed builder’s projects can only avail bank loans with agreed interest rates; while the other Project Developers/Builders can avail loans from market sources and/or from other Financial Institutions.

Time–linked plan: In this type of plan, the buyer has to pay the installments within the specified time period. This is not linked to the development of the construction and the buyer’s money can be used to construct the buildings to enable the builder to avoid bank loans and interest on it. After paying the full amount in either three or four installments, the buyer has to wait for the completion of the construction. Again here the buyer has to select the right builder who has enough funds for the construction, otherwise there is every possibility of diversion of funds by the Project Developer/Builder to other projects, in which case the buyer shall be over-burdened with interest for the loan amount availed by him, without having the house delivered to him.

Down payment plan:This is the plan financial institutions following for decades and now the builders offering the same scheme to buy the apartments. The buyer has to pay at least one fourth of the apartment value on booking and the rest will have to be paid before the completion of the project and before the registration is done.    

There are many other plans available in the market, but the buyer has to choose the right one by consulting the experts, otherwise there is every likelihood that the buyer would get caught in a trap and taking delivery of the flat may take considerably long time while the buyer is burdened with loan instalment and its interest falling due for repayment.  

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Bank legal Opinion

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REAL ESTATE REGULATORY AUTHORITY

REAL ESTATE REGULATORY AUTHORITY

All is not well with the services of the private Properties developers. On several occasions, the property purchasers a received by some of these property developers by non-adherence heir commitment and for non-adherence of building byelaws an Other statutory requirements. The resultant effect is that the purchaser after several years of purchasing their house/flats in an apartment building receive notice from the civic and town planning authorities regarding violation of building byelaws and non-compliance with other statutory requirements. Left with no other option, these flat owners tart running from post to pillar to save their house/flat and safe tension and turmoil for no fault of theirs.

In order to save these flat/house owners from the mischief.His dubious property developers, the BBMP, BMRDA, BIAAPA another town planning authorities from whom the private property developers have to get clearance should notify in their respective we its the list of projects of private property developers cleared by them.

Presently, the Bangalore Development Authority notifies me.The heir site only the list of certain unapproved layouts coming with-it.In this jurisdiction,but have not been notifying the list of approved layouts on their site.The concerned town planning authorities may kind I consider notifying the list of approved layouts also on their website. Further, in the case of apartment buildings, villa house eve loped by the private property developers, it should be made as re-requisite for all these property developers to produce a completion certificate obtained from the competent authority before registration on sale deed in favor of the purchasers by the developers. To regulate these private property developers and to protect the interest of the flat/house buyers, the Union Government has come.

With a proposal for consideration by the State Governments to institute a Real Estate Regulatory Authority to regulate the instruction, sale, transfer and management of residential buildings Apartment buildings by the property developers.It is suggested that the functions of the regulatory theory.

Old, inter alia, include verification of the credentials and the intentions of the private property developers, to take preventive step or non-adherence of statutory requirements, to regulate appropriate if the money received by the developers from the buyers. The regulatory authority may be empowered to initiate stringent penal action against the erring property developers.

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CIVIL LAW ,FAMILY LAW

Civil Matters

All Civil Suits pertaining to Partition Suits,Injunction Suits,Money Suits,Specific Performance Suits,Ejectment Suit,Suits relating to Partnership,Contract,Rent Control Cases,issues relating to House-owner and Tenant, Fixation of Fair Rent etc., is handled by Kumar Associates.

Family Law

All matters related to Marriage Disputes, Children’s custody, property settlement, adoption and guardianship of minors are settled by our team and also assists the clients with wills, inheritance and gift tax purpose and other family finances and property related matters.

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Advocate at Koramangala

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CORPORATE,COMMERCIAL MATTERS,LABOUR,INDUSTRIAL,SERVICE LAW

Corporate & Commercial Matters

The Corporate & Commercial team of Universal Legal has advised on a number of diverse transactions. Members of our team have acted on behalf of venture capitalists, private equity funds, banks, financial institutions, acquirers and sellers in transactions. We have provided on-going support to our clients at all stages of a company's activities from incorporation, business development and restructuring. Further, we have also represented clients in structuring, drafting, negotiating and finalizing of transaction documentation.

Labour, Industrial and Service Laws

Our team of Universal Legal also provides service to labor, industrial and service related issues such as Labor management disputes, industrial unrest, employment and service contracts,appointment,service conditions of labor, payment of minimum wages, bonus pension, gratuity and medical allowences,payment of compensation to the workmen who suffered during the course of employment, disciplinary actions, conducting domestic enquiries, questioning and defending the terminations, promoting the employees, workmen and staffs in the industrial establishments and government service of both sate and central in the Labor Court Labor Welfare Officer, Conciliation meetings convened by the Labor Commissioner, High Court and Industrial Tribunal and Administrative Tribunal.

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INFORMATION TECHNOLOGY,CYBER LAWS,CRIMINAL MATTERS

Information Technology and Cyber Laws

There has been immense growth of technology in the recent times and with the advent of information technology, the growth in the legal corporate has taken a drastic change. The software and IT companies in destitution need various legal assistance for their establishments and proper functioning. Various legal assistance and expertise are provided by our firm to the companies focusing in modern technology services. The legal expertise includes-Software development agreements, agreement relating to international and domestic venture of companies in Information Technology. Legal security in e-commerce and e-business transactions. Cyber jurisdiction and Indian scenario. Domain name-its formation regarding registration Handling of domain name disputes relating to cyber sqatting,hijacking, concurrent claims etc.Cyber crime disputes.

Criminal Matters

We also deal in criminal case related to Custom, Central Excise Prosecutions, Prevention of Corruption act, white collared economic offences including the offences against the state as defined in the Indian Penal Code. Negotiable Instrument act, private complaints like domestic violence, women harassment, defamation cases are also dealt with by us and appeal before the appellate courts.

• NRI matters
• Foreign direct investment
• Company law
• Business Law
• Intellectual Property Law

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Property advocates in Bangalore

Conveyancing

LEGAL ADVICE,SCRUTINY OF DOCUMENTS,LEGAL DOCUMENTATIONS

Legal Advice

Kumar Associates is doing following Legal Service :

Legal adviser for all services in banking

Bank loan matters

FEMA compliances

NDFC compliances

Negotiable instrument act matters,Cheque bouncing matters

Asset management

Banking regulation law

Debt securities

Consortium landings

Establishment/closure of bank service

Foreign exchange

Leasing and asset finance

Loan documentation

Restructing and compliances

Securitization of movable assets

Scrutiny of Documents

The purchaser's advocate must first scrutinize the title deed of the property which is the foremost step before entering into an agreement with the seller. A Clean and marketable title free from all doubts and encumbrances vested with physical possession is very important. The ownership of the title holder can be traced from the tile deeds and revenue records. Kumar Associates is highly specialized in the Document Scrutinization in Bangalore.

Legal Documentations

Real estate market strategies, entering into agreements of purchase, sale, and investment and drafting the suitable documents for sale, lease, mortgage, Settlement, gift and power of attorney should be drafted with abundant caution.

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Advocate at south Bangalore