What is meant by valuation of property?

Property evaluation process evaluates the current market value of the property. Before that, few aspects like market demand for the property, construction quality, location and maintenance factors are contemplation before the market value is decided.

How does property valuation help?

Recent sales or purchases of similar properties in that area give a fair idea of the property’s market value. However, the official property valuation might certainly carry more weight. For example, you can use the property as a security against a loan from the bank. The process would become fast and smooth if the property is certified by an official valuer, since banks insist on valuation certificates before issuing loans against properties. There are chances that you might even get a higher amount of loan. Also, official valuation would come in handy at the time of selling the property. Such certification help in having a legal bearing like will statement, business balance sheets etc.

What does the term ‘Leasehold Property’ mean?

A fixed amount has to be paid by the Lessee (the person who takes the property) as lease to the Lessor (owner of the property) on annual basis. However, the ownership of land remains with the Lessor.

What are there any benefits in converting a leasehold property to a freehold one?

There are several benefits: if you convert the property to a freehold property, you become a full-fledged owner by getting the sale deed and having it registered. A freehold property has better marketability and can be sold, mortgaged or kept for standing security, which cannot be done with leasehold property.

What constitutes the sale of a property?

For completion of a sale there should be an agreement of sale with actual possession of the property. During handing over the possession, the entire amount would be paid.

What are the benefits of getting a leasehold property converted to a freehold property?

The property holder becomes the owner and it gets more marketable. The property can also be sold, mortgaged or kept for standing security.

What is the purpose of Registration?

Registration makes a property become permanent public record – a notice to the general public. Those getting transfer of property should verify whether such property has been previously encumbered. Also, according to Transfer of Property Act right, title or interest can be acquired only if the deed is registered.

Is the certified copy of a registered will available to any body?

A certified copy of a registered will is available to the testator only during his lifetime. After his death anybody can obtain after producing proof of death of testator.