Property Meaning

You might have heard or seen “property” term in various uses. Property holds great importance in both legal and common jargon. But if you are interested to know about property meaning then we are here to help you. However, property is something that a person or an entity can own. Property can be anything such as land, buildings, vehicles and even intellectual property such as patents and trademarks. Not only this but property is a tangible and intangible asset which holds value. Owning property offer many benefits such as financial security as the value appreciates over time which makes it a stable investment. Apart from that, property ownership offer sense of stability and control. So, if you are also interested to know more about the term property then make sure to follow this post till the end.
Types of property
Mainly property has been classified into two categories such as:
A- Real property- this term means immovable assets such as land and buildings. Real property is fixed and it cannot be moved from one location to another.
B- Personal property- this term means movable assets such as vehicles, furniture, electronics, and other personal belongings.
C- Intellectual property- Intellectual Property can be short for (IP) which includes the creation of mind. This can be inventions, literary, artistic works, designs, symbols, names and images used for commercial purpose.
How to buy property in India?
When you are interested to offer a pay money for any property be it land, flat, house or any space, this is called buying a property. There are several steps involved in buying properties in India:
A- Research- the process starts from researching about the area where you are interested to buy the property. You have to check some of the factors such as prices, development plans and infrastructure etc.
B- Legal check- make sure that the property has a clear title. It simply means that the seller is the actual owner of the property. Apart from that you also have to check that there are no disputes or legal issues against the property.
C- Budget- decide your budget to get a property. There are many of the points that you need to keep in mind such as down-payment, registration fees and other charges.
D- Verification- you need to verify some points about the property such as property documents like sale deeds, encumbrance certificates and property tax receipts.
E- Registration- once you have verified everything, you need to move ahead and register the property under your name through the local sub-registrar office. You will have to pay necessary stamp duty and registration charges.
When you are going to buy a property, it is important to know about the actual procedure. This will help you to stay away from any loss or fraud
How to sell property in India?
When you are going to offer your property such as flat, house, plot etc in exchange of money then this is called as selling a property. Here are some of the steps followed by the time of selling a property in India:
A- Preparation- once you have decided to sell out your property, you have to prepare it. Make sure to renovate and repair which attracts buyers.
B- Valuation- connect to any of the professional and take their help for property valuation to determine fair market price.
C- Legal check- make sure to keep all the property related documents within a file and in-check to prove that there are no legal issues.
D- Buyer verification- it is also important for you to verify about the buyer and their ability to make payments.
E- Registration- you have to visit the local sub-registrar office to register the sale deed. However, the buyer is required to pay the necessary stamp duty and registration charges.
These are some of the steps that are required to be followed by the time of selling any property.
How to rent a property in India?
When you want to have a property but you don’t live there or you don’t use that space then you can rent it out. it simply means that you have that property under your name but someone else will pay you monthly or contract basis just to stay there for specific amount of time. In India, when you want to rent a property, there are certain steps that you need to follow;
A- Preparation- when you are going to rent out your property, it is important to prepare it for someone to stay there.
B- Tenant screening- Tenant is someone who is going to pay you for renting out your space. You have to check the tenant’s potential such as their background checking, employment status and references etc.
C- Rent agreement- you have to be prepared with a rent agreement outlining terms and conditions, rent amount, security deposit and duration of the lease.
D- Legal check- ensure that your agreement is legally binding by getting notarised or registered if required.
E- Handover- once you have completed the legal check step, move ahead and sign the agreement then handover the keys to the tenant.
These are some of the essential steps to rent out your space to anyone.
Property documents
When you are going to sell, buy or rent any property you have to be ready with some of the helpful documents. We have created a list for the same;
A- Sale deed- this document records the transaction of the property.
B- Encumbrance certificate- this is certificate ensures that the property is free from any legal issues or liabilities.
C- Property tax receipts- these receipts prove that the tax of the property is paid up to date.
D- Khata certificate- this is the document to certify the property registration and transfer of ownership.
E- Occupancy certificate- this is the certificate issued by the local municipality which ensures that the property is ready to occupy.
It is important to know the type of property and property transaction process required in India.
These were some of the tips to help you get cozy and comfortable with your new house. Start following this list from number 1 to number 7 and experience a smooth and easy move.