RESIDENTIAL

Residential Property

Residential Property Services Refer to a Range of Services Provided To Homeowners, Tenants, Landlords, And Property Buyers & Investors to Facilitate The Management, Maintenance, Buying, Selling, or Renting of Residential Properties. Here Are Some Common Residential Property Services:

Buy

We help prospective buyers find and purchase residential properties that suit their needs and preferences. We guide them through the entire buying process, including property search, offer negotiation, and closing till handover of property.

Rent

Renting a residential property means paying money to live in someone else’s house or apartment. Instead of owning the property, you are a tenant and pay a monthly fee to the owner, who is called the owner of property. This arrangement allows you to live in the property for a specific period, usually with a signed agreement through both the parties with terms & conditions.

HEAVY DEPOSIT

What is Heavy Deposit?
Heavy deposit is a rental arrangement where the tenant pays a significant lump sum amount to the owner as a deposit at the beginning of the tenancy, instead of paying a monthly rental amount. The deposit is usually a substantial portion of the property’s value or several months’ worth of rent and when the property is vacated the deposit is refunded subject to terms & Condition mentioned while making agreement between owner and tenant.

How Does Heavy Deposit Work?
In a heavy deposit arrangement, the tenant pays the large deposit amount upfront, and in return, they are allowed to occupy and use the property as if it were their own home. Unlike a traditional rental agreement, where monthly rents are paid, heavy deposit tenants do not make regular monthly payments the only maintenance to be borne by tenant subject to terms & condition while making Agreement

Conclusion
Heavy deposit arrangements can be an alternative housing option for tenants and a way for house owner to secure substantial upfront payments. However, both parties should carefully consider the terms, risks, and benefits before entering into such an agreement. “Tenants should be aware of the non-refundable nature of the deposit”, and landlords should assess the impact on their rental income potential. As with any tenancy arrangement, having a well-drafted rental agreement is essential to protect the interests of both the tenant and the house owner.

1. What is Residential Property Residential property refers to a place where people live, such as a house or an apartment. It's different from commercial properties like offices or stores, which are used for business purposes.

2. Selling Process When someone decides to sell their home, they typically work with a real estate agent or list the property for sale themselves. They showcase the property to potential buyers and negotiate the price.

3. Listing Price The seller determines the initial listing price, which is the amount they want to sell the property for. This price can be influenced by factors like the property's condition, location, and market trends like area, amenities, complex, frequency, market place, maintenance of property & building etc.

4. Negotiation Buyers may make offers lower than the listing price, and both parties negotiate until they reach an agreement on the final price.

5. Purchase Agreement Once the buyer and seller agree on the price, they sign a purchase agreement, a legally binding contract that outlines the terms and conditions of the sale.

6. Inspections and Appraisals Before the sale is finalized, the buyer may conduct property inspections to identify any issues or needed repairs. Additionally, the property may be appraised to determine its value.

7. Closing The closing is the final step of the sale. It's a meeting where the ownership of the property is officially transferred to the buyer, and they pay the agreed-upon price. Various paperwork is signed during this process.

8. Transfer of Ownership After closing, the buyer becomes the new owner of the residential property, and the seller no longer holds any rights to it.

9. Closing Costs The buyer has to pay certain fees and expenses related to the sale, known as closing costs. These can include taxes, title fees, and other charges. Where as the Society/builder transfer charges are borne by both the parties subject mutually understanding.

10. Title Transfer The title of the property, which is the legal document proving ownership, is transferred from the seller to the buyer through the government registrar State wise.

Remember, each sale is unique, and the process may vary depending on local laws and regulations. It's essential for both buyers and sellers to seek professional advice and assistance throughout the transaction to ensure a smooth and successful sale.

In the context of residential property, a "long lease" typically refers to a leasehold agreement with an extended duration, often spanning several decades. It is an arrangement where the tenant (also known as the lessee) has the right to occupy the property for a significantly long period, while paying rent to the landlord (also known as the lessor).

In some regions, a long lease can last for 99 years or even more, though the exact duration may vary depending on local laws and regulations. During the lease term, the tenant enjoys the right to use and reside in the residential property as their home.

It's important to note that even though the lease is long-term, the ownership of the property remains with the landlord. The tenant holds a leasehold interest, which means they have the right to use the property for the specified period, but they do not have full ownership rights like a freehold property owner.

In a long lease agreement, the responsibilities and obligations of both the landlord and the tenant are typically outlined in the lease contract. This includes details about rent payments, maintenance and repairs, renewal options, and any specific rules or restrictions that apply during the lease period.

Long leases can be advantageous for tenants who seek more stable and extended occupancy without the commitment and financial requirements of purchasing a property. On the other hand, landlords benefit from consistent rental income over an extended period, although they retain ownership of the property.

It's essential for both parties to thoroughly understand the terms and conditions of the long lease agreement before entering into the arrangement. Seeking legal advice can help ensure that the lease agreement protects the rights and interests of both the tenant and the landlord throughout the lease duration.