All of creation is governed by certain laws designed to preserve the order of things. Laws are enforced to protect; without them, one cannot experience true freedom. Likewise, the court of law has granted real estate owners certain legal rights (collectively known as a bundle of rights) to protect their interests. Every home buyer ought to be aware of these rights. Here are some basic ones you should be aware of before buying a property.
Right to Possession
Right to possession of property can also be called right to exercise physical control over the property. Meaning, the legal owner of the property is entitled to occupy the property and its structures.
Though possession is a basic ownership right, it is important to keep the law of Adverse Possession in mind. According to this law, a person who has been residing in someone else’s house for an extended period of time, on fulfilment of certain legal conditions, can claim legal title to the property even though the property was not initially theirs.
Right to Using the Property
A property holds value to the owner because it offers utility. Another basic right an owner has over his property is the right to use it in any way he sees fit. He can either reside in it himself or with his family or he can even rent the property out to generate income, the choice is up to him.
Right to Exclusion
The rights to possess and use property would still be applicable had laws supporting them not existed. But, there would be a major problem – Even others could claim the property and try to use it. So, the right to exclude others from occupying or using the property is what makes a property a ‘property’. The legal owner of a property has the right to limit others (whomsoever he may desire) from entering his home.
Right of Enjoyment
The law provides the legal owner of a property the right to take part in any sort of recreational activities while occupying it (hosting home parties or inviting guests, etc.). This is based on the assumption that the activities he takes part in are not unlawful.
Right to Transfer the Property
Also known as the Right of Disposition, the right to transfer ownership of property gives the legal owner the exclusive rights to transfer the ownership of his property, either temporarily or permanently to an heir or whomsoever he may desire to bestow the ownership upon.
Looking for a home loan to purchase the house of your dreams? Well, look no further than Tata Capital, India’s leading housing finance institution. You can avail easy home loans ranging from Rs. 2,00,000 to Rs. 5,00,00,000 for a tenure of 30 years depending upon your eligibility, with home loan interest rates starting at just 9.25%. All you need to do is check your home loan eligibility using Tata Capital’s online home loan eligibility calculator and apply for your housing loan! Get in touch today.