Soumya Shekhar

Soumya Shekhar

Soumya is an independent legal consultant with over 7 years of experience. An alumnus of National Law University, Delhi and National University of Singapore, she has worked with various Tier-1 Law firms and is an expert in employment law, contract drafting and legal research. She enjoys writing and has been actively contributing articles for LegalKart for more than a year.

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How to Check Property Details Online in India?
Property

How to Check Property Details Online in India?

Checking the property details can be a very tedious job. However, you should always ensure that the person from whom you buy or rent property is the rightful owner. Now, one can check property details online as well. Let us see how!

1)  How to check if property is legal or not online?

Every state in India has an Online Registration Information System. It is a government portal where all the information about property is available. One can check the status of the property by going on the official website of the State-specific Online Registration Information System. It is a government portal where all the information about the property is available. For example: Property Details of Maharashtra and Delhi can be found on “IGR Marahstra” (https://igrmaharashtra.gov.in/) and “Delhi Online Registration Information System” (“DORIS”) (https://doris.delhigovt.nic.in/) repectively.

Next step is to go to the E-search option available on the webpage. For example, in DORIS, it is the first option from the left. After clicking on E-Search, a new window will open where one can find different options to search the property's details. One can search and verify the correctness of the property details through “Name or Property Address”. If the owner and property details are genuine, one can say that it is a legal property. One will also have to verify various property documents to ensure the property complies with the laws of state/centre.

2)  How to check property ownership online in india?

Every state has a separate website for property detail. To check for the land ownership, one needs to visit the official website of the same. Land records of the concerned states will be available on their respective official website. For example, In order to check the land records of Maharashtra, one will have to visit https://bhulekh.mahabhumi.gov.in/. Though the contents are in Marathi, you will get an option to translate the web page to english on the upper right hand corner. For Delhi the official website is https://dlrc.delhigovt.nic.in/Index.aspx. Most important thing to note here is, the interface for every website will be different. For example: After going on the official website of Maharashtra one will see a Map. One can either put the details manually to search or click their respective district on the map which will then direct the user to the records of the particular district.

3)  How to verify property documents?

Property Verification is perhaps the most important part while purchasing a property. Due Dilligence of documents is of utmost importance as it gives a clear idea about whether the property is legal or not. Whether the property title is clear helps us check whether the property has some loan which is due, etc.

Nowadays, various legal service providers can verify documents online. One can also visit lawyers in the district court who can verify the documents for the clients.

Below-mentioned documents are required for verification

  1. Sale Deed

  2. Power of Attorney

  3. Property Title

  4. Agreement to sale

  5. Encumbrance Certificate, to ensure there is no mortgage or lien on the property.

  6. Any other document like Partition deed or Will depending upon the context.

4)  Legal and Technical Verification of Property: 

Legal and Technical Verification are a rather safer way to verify a property. Whenever a lender goes to the bank to take Property Loan. Banks (Housing Finance Bank or Non-Banking Financial Companies) will scrutinise the documents for the lender before approving a loan. The Legal Team of the Bank does the documentation in-house. This ensures that lenders are not getting involved in a dubious and fraud transaction and it also helps banks while giving out loans based on the genuineness of the documents.

Technical Valuation team carries out Technical Verification of Property. Prior to granting a loan to a lender, the Valuation team physically examines the commercial capability of the property. They Physically examine the property, the condition of the property, value for which the property could be sold, the market rate and the area where the property is situated. This is done to ensure that the bank is able to recover the loan, by selling off the property in an open market, in case there is a default by the lender. For example: If the property is worth Rs. 50 Lakh in the open market, the Bank will be willing to give a loan to the lender for around Rs. 50 Lakhs only. Thus even though the lender fails to repay the loan, the Bank can sell off the property to recover the money. In such a case the Bank won’t fund 70-80 Lakhs for the same piece as it will be next to impossible for them to recover that money.

You should always before buying property check the title and other information regarding the property. With all states now having their own websites and facilities to check property details online, it is easier to assess the ownership of the property.

MoU for For Mutual Divorce
Divorce

MoU for For Mutual Divorce

MoU for Mutual Divorce

What is MoU?

A memorandum of understanding contains the loose understanding between the parties to an agreement.

Parties may begin their negotiations based upon an MoU. A memorandum of understanding is less formal than a contract but legally valid. A memorandum of understanding may sound similar to a contract, but the two are not the same. A contract, for example, is a private written agreement that is legally binding and enforceable by a judge, unlike an MOU.

An MOU is a formal agreement; it is generally not legally binding. Instead, the MOU is used to show that each side is willing to do everything it takes to advance a contract ahead. A memorandum of understanding defines the objective and scope of negotiations. In other words, the MOU serves as a starting point for discussions.

Divorce MoU template

The "MOU" in a Mutual Divorce enables parties to settle out of court. It is only then that the parties enter the courtroom to obtain the decree for divorce on mutually accepted grounds, of which the "MOU" is created first and then the "Separation Agreement."

It eliminates the possibility of further litigation and finalizes the divorce based upon mutual understanding. During the separation, the "MOU" is the document to rely on. The MoU lays down the boundaries of the division of assets among the couple. It restricts the rights and liabilities, assets and debts, and other numerous claims that one can have against another. The MoU also addresses the principal claims for maintenance and alimony. It contains all the terms that may become contentious later on and concretizes them in writing.

MoU for divorce by mutual consent

A Memorandum of Understanding (MOU) is an agreement signed between husband and wife when they divorce mutually. It outlines the terms for mutual divorce. The couple can then submit this before the court. This type of document also explains the goal of a particular course of action.

It pledges the understanding to write, making it legally obligatory to enforce the agreement. One may sue the other party for violation of such a contract. The distribution of assets and liabilities must be clearly stated in "MOU". An "MOU" like this also protects the husband's interests against fraudulent charges of Domestic Violence and 498A cases after the divorce.

It serves as a complete and final settlement, after which no further permission of lawsuit regarding the breakup of the marriage is given to the Husband and Wife. However, if either of the two parties breaches the terms of the "Separation Agreement," the aggrieved party has the legal right to sue the person responsible for the violation and force particular performance by the MOU signed.

Once Your MOU is completed it would be ready to be submitted into the legal system. Both parties must sign the Separation Agreement. In the presence of a notary public, acknowledgement of everyone's signature must be done. The couple does not need to appear in front of the notary simultaneously or utilize the same notary. Clients can have a single impartial attorney process the MOU for both of you, or the spouses' separate attorneys can collaborate on the final Separation Agreement. When both parties sign and notarize the Separation Agreement, it becomes legally binding. Enforcement of agreements, if either spouse breaks the terms. You cannot backdate an agreement to take into account the period before separation. Only until both spouses have signed and notarized the agreement are you officially separated.

Joint Venture Agreement Format & Required Documents in India
Agreement & Contract

Joint Venture Agreement Format & Required Documents in India

Joint Venture Agreement

Joint Ventures are a business arrangement between two companies looking to synergize their strengths. A joint Venture allows parties to leverage the other party’s skills and resources.

Joint Venture Agreement

A Joint Venture Agreement is a contractual document that governs the relations between Joint Venture Partners. Some key clauses of a Joint Venture Agreement are:

  • Incorporation Clause: This Clause would talk about the setting up of the new entity/special purpose vehicle.

  • Purpose: This Clause highlights the reason behind the parties entering into a joint venture agreement.

  • Management clauses: The clauses which relate to these may include Management, Procedure at Board Meetings, Managing Director, and Shareholders Meeting (all about the prospective entity under the JVA).

  • Boilerplate Clauses: Standard clauses such as termination, indemnity, jurisdiction etc. are boilerplate clauses. These are common across all Joint venture agreements.

Documents required for a Joint Venture

Now, let’s delve right into the different documents, agreements, and other requisites of a Joint Venture. There are mainly three steps of forming a joint venture, and each step consists of its own specific paperwork. These three steps and their respective documents are as follows:

  1. Preliminary agreements: Term Sheets, Memorandum or Understanding or Letter of Intent.

  2. The Joint Venture Agreement (the “JVA”): The heart of the Joint Venture formation process.

  3. Other Requirements: Smaller agreements which ensure smooth functioning of the Joint Venture.

Memorandum of understanding (“MoU”) for a Joint Venture Agreement

A MoU, forms the basis for the prospective Joint Venture Agreement. Although such MoUs are non-binding, certain clauses like confidentiality, non-compete, non-solicit, etc., are made binding.

Term Sheet for a Joint Venture Agreement

Term Sheets are along the same lines as MoU/LoI and serve almost the same purpose. However, Term Sheets are more direct. A Term Sheet for a JVA will focus much less on formalities and straightaway list down the main deal points of the joint venture arrangement. So, you can assume that it’s more about preference whether one executes a MoU/LoI or a Term Sheet.

Requirements for the Formation of a Joint Venture

Although we’ve already gone through the major requirements, let us not forget the previously mentioned third step, i.e, the other agreements necessary for the proper functioning of a joint venture. You already know that the parties to a JVA must pool in their resources to set up the prospective entity. For this purpose, the following are required:

  • Business Transfer Agreement: A party to a JVA might want to contribute certain assets or technical know-how to the prospective joint venture. Or, perhaps a party may even want to transfer their whole business to this new entity. Either way, for this purpose, a Business Transfer Agreement needs to be executed to effectuate the same.

  • Transfer of Intellectual Property: Intellectual Property like Patents are instrumental in providing the necessary leverage to the new entity. For this purpose, the parties to the contract need to License and/or Assign their intellectual property to the new entity. Such Assignment or Licensing can either be incorporated as clauses in the JVA itself, or separate agreements with regards to these can be executed.

Joint Ventures in the Real Estate and Construction Sector

JVAs are deployed across industries whenever two parties seek to collaborate. The Real-Estate and Construction Sectors are no different. A classic example of such a venture is where one party merely provides the land for developmental purposes, whereas the other party provides all the resources, construction materials and takes the pain to build the project. And then, profits are shared between the parties.

The JVAs in the Real-Estate sector are often referred to as Joint Development Agreements (“JDA”). This terminology is prevalent in the real-estate sector. In a JDA, no new entity is created under the agreement between the parties.

A Joint Venture Agreement hence is a complex agreement and before you enter into the same, do consult a lawyer. A lawyer would counsel you on the various clauses and would also assist you in the negotiation process.