What happens if you do not get possession of your home?

Here’s what you can do A property buyer, who invests his hard-earned money in buying a home and does not get its possession on time, not only fails to get a roof over his/her head but also ends up losing money, in the form of EMIs on the home loan and paying for a rented accommodation.

What to do if your property possession has been delayed?

A few months ago, a developer in Mumbai was asked to compensate buyers for delay in possession. Experts point out that a purchaser can also file a regular suit before a court of competent jurisdiction, for damages or specific performance, under the Indian Contract Act, 1872.

What does it mean to give someone a hard time?

Also found in: Dictionary, Thesaurus, Medical, Encyclopedia. 1. To tease someone about something, often for one’s own enjoyment. I hate talking to Uncle Ned at family parties—he always gives me a hard time about being a poetry major. I’m pretty sure that Kevin likes Katie, so I keep giving him a hard time about it. 2.

When does the buyer become the owner of the property?

As soon as the document is signed, the buyer becomes the complete owner of the property. Usually, a sale deed is executed only when both sellers and buyers are fully satisfied and are ready to comply with the terms and conditions as mentioned in sale agreement.

How long can someone stay in a house that has been sold?

Tenants without a written lease or month-to-month tenants receive 90 days notice to quit the property. After this time, the new owner may file for eviction from the property with the county. The previous owner is not considered a month-to-month tenant. The new owner may issue a three-day notice to vacate the property.

Can a previous owner rent a house that has been sold?

In bank leaseback programs, the previous owners rent the property back until the property sells. At this point, the previous owners must vacate the property. You need to set up a leaseback program through the new owner after the foreclosure auction.

What happens to the tenant when the property is sold?

The tenant’s agreement is tied to the property, not the owner. That means if the property sells while occupied, the tenant has the right to live there until the lease expires. The buyer has to honor the length of the original lease created between the seller and tenant. 6.

What are the rules for giving a property away?

There is nothing stopping someone from giving property away as long as the title is clear of any debt or liens and the owner files a quitclaim deed with the county recorder. The quitclaim deed means no money has changed hands, but there are tax implications to consider.