Real Estate

Deeds and Documentation

Deeds and Documentation
 

Overview


Under the deeds & documentation, ASCC provides services for drafting of all kinds of deeds and documents. We have very strong expertise in drafting the legal documents. Leading property lawyers take second opinion from us for their document drafts. We make document full proof from all aspects of the property deal after understanding the case from our clients and make suitable suggestions in order to deal to go through. We also help incorporating "Plan-B" changes in-case "Plan-A" fails over a deadlock between two parties. Trust us, you are dealing with professionals and absolutely in safe hands for all your documentation needs. Our objective is to protect the interest of our clients always!

Our services are designed specifically for following sectors:
  • Property Transaction (Land, Industry, Warehouse or Commercial Property)
  • Scrap Transaction
  • Used Plant and Machinery Transaction
  • Disposal of Surplus Goods
 
 

Memorandum of Understanding (MoU)


We draft Memorandum of Understanding for our clients. When the deal is at a preliminary stage, it is important to draft Memorandum of Understanding. This is the starting point. Buyer and Seller can negotiate and arrive at a mutual consensus. This document represents what Buyer and Seller has agreed upon. This is also valid for Landlord and Renter.

Important Factors to be considered:
  • Plan of Action
  • Schedule of Payments
  • Conditional Payments linked to Escrow Account
  • Timing and Boundary Limit
  • Exit Conditions in case deal breaks
  • Priority Clauses
You can ask us for draft sample document page in-case you would like to review it and assess us. We will be more than happy to share it. Please note we are not in a position to share any client documents drafted by us as we abide by strict confidentiality.
 
 

Agreement to Sell


A contract between two parties in which one agrees to sell something to the other at a date in the future. In an agreement to sell, the transfer of the property is to take place at a future time or subject to some conditions to be fulfilled thereafter. At the time of the contract the property does not pass, but the buyer acquires a right in personam to the transfer of the property upon the happening of an event or the fulfilment of a condition. Under an "agreement to sell" the seller remains the owner until the agreement to sell becomes a sale. It is an executory contract.

You can ask us for draft sample document page in-case you would like to review it and assess us. We will be more than happy to share it. Please note we are not in a position to share any client documents drafted by us as we abide by strict confidentiality.
 
 

Sale Deed


In a contract of sale the property is transferred from the seller to the buyer at the time of execution of the sale deed. Its effect is to transfer to the buyer forthwith a right in rem - the property in the goods. Under a sale the buyer becomes the owner forthwith.

You can ask us for draft sample document page in-case you would like to review it and assess us. We will be more than happy to share it. Please note we are not in a position to share any client documents drafted by us as we abide by strict confidentiality.
 
 

Lease Deed


To make such a contract there must be a lessor able to grant the property, a lessee capable of accepting the grant and a subject-matter capable of being granted. A document under which a landlord and tenant set forth the rights and obligations of each party with respect to an apartment, rental unit, or other real property owned by the landlord and used by the tenant.

You can ask us for draft sample document page in-case you would like to review it and assess us. We will be more than happy to share it. Please note we are not in a position to share any client documents drafted by us as we abide by strict confidentiality.
 
 

Leave and License Agreement


The word 'licence' has been defined in section 523 of the Indian Easement Act, 1882 "where one person grants to another, or to a definite number of other persons, a right do or continue to do in or upon the immovable property of the grantor, something which would, in the absence of such a right, be unlawful, and such right does not amount to an easement or interest in the property, the right is called a licence.

In a leave and licence agreement the juridical possession of the premises is deemed to remain with the licensor and the licensee is said to be in constructive possession of the said premises. Thus a leave and licence does not create any interest in the premises in favour of the licensee but gives the licensee the mere right to use and occupy the premises for a temporary period.

Most owners prefer to give their premises on leave and license basis rather than tenancy or lease basis. A tenant is defined in section 7(13) of the Maharashtra Rent Control Act, 1999, and means any person by whom or on whose account rent is payable for any premises. A lease is defined in section 105 of the Transfer of Property Act, which provides that "A lease of immovable property is a transfer of a right to enjoy such property, made for a certain time expressed or implied or in perpetuity in consideration of a price paid or promised, or of money, a share of crops, service or any other things of value, to be rendered periodically or on specified occasions to the transferor by the transferee, who accepts the transfer on such terms."

The cardinal distinction between a lease and a licence is that in a lease there is a transfer of interest in the premises, whereas in the case of a licence there is no transfer of interest, although the licensee acquires a right to occupy the premises. When premises are given out on lease or tenancy basis the legal possession of the premises in these cases is also deemed to be transferred to the lessee and tenant respectively.

In deciding whether to give out premises on leave & licence basis some of the factors to be considered are as follows:
  • Possession: In a leave and licence agreement, the owner is deemed to be in legal or judicial possession of the premises and the licensee is in constructive possession of the premises.

  • Income Tax: In a leave and license agreement the owner has to pay tax effectively at the rate of 33% on the license fee earned and gets a standard deduction amounting to 1/4th of the license fee for repairs.

  • Municipal Tax: In a leave and license agreement the Municipal Authorities may charge taxes at the rate of up to 60% of the license fee and if there is a security deposit amount sometimes the Municipal Authorities may calculate a notional interest on the securities deposit amount and charge tax thereon.
As per the current law, you can execute Leave and License Agreement up to 5 years. Beyond 5 years, one needs to execute Lease Deed.

ASCC will help you in drafting Leave and License Agreement. You can ask us for draft sample document page in-case you would like to review it and assess us. We will be more than happy to share it. Please note we are not in a position to share any client documents drafted by us as we abide by strict confidentiality.
 
 

Mortgage Deed


The transfer of title of real estate which is made to secure the performance of some act, such as payment of money by the person making the transfer. Upon the performance of the act, the grantee agrees to convey the property back to the person who has conveyed it to him. A legal mortgage of lands may be described to be a conveyance of lands, by a debtor to his creditor, as a pledge and security for the repayment of a sum of money borrowed, or performance of a covenant with a proviso, that such conveyance shall be void on payment of the money and interest on a certain day, or the performance of such covenant by the time appointed, by which the conveyance of the land becomes absolute at law, yet the, mortgagor has an equity of redemption, that is, a right in equity on the performance of the agreement within a reasonable time, to call for a re-conveyance of the land.

You can ask us for draft sample document page in-case you would like to review it and assess us. We will be more than happy to share it. Please note we are not in a position to share any client documents drafted by us as we abide by strict confidentiality.
 
 

Release Deed


A release is the giving or discharging of a right of action which a man has or may claim against another or that which is his. A document, in the form of a Deed in which one who has limited rights to a piece of real estate (usually a Mortgagee or Lien holder) abandons those rights back to the owner of the real estate.

You can ask us for draft sample document page in-case you would like to review it and assess us. We will be more than happy to share it. Please note we are not in a position to share any client documents drafted by us as we abide by strict confidentiality.
 
 

Relinquishment Deed


A relinquishment deed is for the purpose of surrendering the rights in an immovable property.

You can ask us for draft sample document page in-case you would like to review it and assess us. We will be more than happy to share it. Please note we are not in a position to share any client documents drafted by us as we abide by strict confidentiality.
 
 

Power of Attorney


A written document in which one person (the principal) appoints another person to act as an agent on his or her behalf, thus conferring authority on the agent to perform certain acts or functions on behalf of the principal.

You can ask us for draft sample document page in-case you would like to review it and assess us. We will be more than happy to share it. Please note we are not in a position to share any client documents drafted by us as we abide by strict confidentiality.
 
 

Will


The legal declaration of a person's mind as to the manner in which he would have his property or estate disposed off after his death. It is a written instrument, legally executed, by which a man makes disposition of his estate to take effect after his death.

You can ask us for draft sample document page in-case you would like to review it and assess us. We will be more than happy to share it. Please note we are not in a position to share any client documents drafted by us as we abide by strict confidentiality.