The process of transferring a property into a trust presupposes that a person entitles another individual to take care of his/her trust for the benefit of a third party. There are many advantages that one may get from this type of transaction, but the most important one is the fact that the property can no longer be alienated from the beneficiary. Here are the main aspects you need to take into consideration if you plan to trust your property to a trustee.
Choosing the correct type of trust for your needs is the first and most important aspect you need to consider. There are numerous categories of trusts, which is why you need to hire a legal consultant who can provide you all the information you need to make the right choice. Public trusts presuppose that the beneficiary is a charitable entity, whereas with the private trusts the beneficiaries are particular individuals.
Not all properties may be turned into trusts; therefore it is important that you let your legal representative know what you plan to achieve with this transaction. Generally, houses, real estates and valuable objects are the properties that can be transferred into trusts. Objects that have a very small value may not be turned into trusts because the benefits would be too small.
After you have determined what trust you need for your property, you can move on to the next step, which is, identifying the parties involved. Make sure the trustee is a responsible person who can take care of your property. On the other hand, the selection of the beneficiary is just as important because this person will eventually benefit of your properties. As a consequence, it is important that you carefully consider your choices, so that everyone is happy in the end.
There are many online programs advising you how to draft your own documents for this transfer of property, but they are not recommended to people who are not familiar with the legal system. If you want to benefit of the best services, you will contact a firm that is specialized in transferring properties into trusts and you will, thus, get personalized help for your situation.
Legal consultancy companies will continue to take care of your trust even after the deal is over. As a matter of fact, the constant maintenance of the document is obligatory to make sure that the trust is not affected by the changes that occur in your life, such as, marriage, birth, divorce, etc. Thanks to the help of the specialized companies you will be able to verify the status of your trust every three years.
Hike in Collector rates – Property market in Zirakpur suffers Owning a property in chandigarh has become a costly affair as the collector rate and the fee for getting building plan approved has been hiked by the authorities. A common man who is thinking of owning a small residential house in this region is hit badly by the hiked collector rates. Imagine, before April 1st, 2011, owning a small six Marla (150 sq yards) plot could be accomplished with the payment of Rs 75,000 (as collector rates) as compared to Rs 1,35,000 today for the same. The buyer will have to also pay Rs 45,000 for getting approval for building plan. The information about the hike is drafted on the basis of categories focused on location, for example the location of the property in concern is on the main road, on the link road, their placement in the municipal limit of Zirakpur etc. Registration rates for the land on the main road have been increased from Rs 1 cr to Rs 3.5 cr per acre. Similarly, the land rates have been fixed at Rs 1.5-2 cr per acre for the inner parts of property in zirakpur. Collector Rates Zirakpur Property LocationsPrevious NEW Main Road ( Per acre)Rs 1 cr3.5 cr Agricultural Land in Inner parts ( per acre)Rs 1.5 crRs 1.5-2 cr Commercial Property ( per sq yard)Rs 9,000Rs 18,000 Residential plots in named colony ( per sq yard) Rs 5,000Rs 9,000 Independent residential plots ( per sq yard)Rs 4,500Rs 8,000 Building Map Fees Residential Plot SizePreviousNEW 50-125 sq yardsRs 80Rs 323 flat rate for all sizes 250 sq yardsRs 213 Commercial plots All sizes Rs 350RS 2,815
For commercial properties the rates have been increased from Rs 9000 to Rs 18,000 per sq yard. The rates in approved residential colonies have been increased to Rs 9000 from Rs 5000 and for residential sites without any name of the colony; the rate has been fixed at Rs 8,000 per sq yard.
Hiking and fixing a same cost for building map approval fees for all sizes of plots will have direct impact on the property owner of small residential houses as it was Rs 80 instead of Rs 323 per sq yard now. For commercial property, there is a substantial hike in the rates; it has been increased from Rs 350 per sq yard to Rs 2,815 per sq yard. According to property consultants, -an end customer / buyer in the region would opt for flats in developments instead of plots due to hike in collector rates and building map approval fees-.
The task of moving can be really hard on your wallet especially after taking care of closing costs and travel expenses. The search for reliable moving companies that offer their quality moving services can only add to the overall cost of your relocation. there are moving companies like American Van Lines that offer affordable moving costs and reasonable moving company insurance policies but moving services are just a fraction of the price of moving. The real cost of your move will not take shape until after you have settled into your new home. Home maintenance and repairs are expenses that first time homeowners are unfamiliar with. Things like roofing and plumbing can be costly to repair especially if you are new in town and have not had the time to find an affordable contractor to handle these repairs for you. This leads many homeowners to use illegitimate or unlicensed contractors for their home repairs.
Spotting a shady contractor may be difficult to do but if you know what to look for you should be able to tell who is looking for their next victim and who is running a respectable business. Some contractors will try to force you into making a rushed decision by trying to scare you into using their services. Remember this the next time you have to evaluate a potential contractor for your home repairs. Since there is not definite way to tell exactly how long your home will last without repairs, you should avoid contractors that use comments that speak of impending doom like “your home is going to come down on your head”. A legitimate contractor would give you the results of their assessments without mentioning any bad scenarios.
Price quotes are another way to tell if you are dealing with a reputable contactor. Most shady contractors will pretend as if they can asses the cost of a complicated repair with a simple glance. Even the most experienced contractors need to carefully examine your repairs before they can honestly tell how much you should be charged. Once your home has been evaluated, they will insist on giving you a details inventory of how your repair costs was determined.
Any contractor that asks for their payment upfront may not have the best intentions in mind. A legitimate contractor may ask for a down payment or a percentage of their total repair cost. You will also be able get these agreements in writing from a legitimate contractor.
Many people think that the only way to find property development projects is to connect with a real estate agent. This is far from true. The fact is that it is possible to locate many different potential properties by using the internet. Here is why.
You are not limited by geography
If you are looking for property development projects in another city you will be able to find them much more easily using the internet. There are often photographs and pieces of information available that can tell a potential investor a lot about a property. Because you can do it remotely it is often possible to create a list of potential properties you will want to see in person and will be able to hit the ground running. Making the most of any house- or property-hunting trip can really save valuable time and money.
You can access information about the market in general as well as specific properties. It may be difficult to get information on market conditions during a short visit to a location. But, if you are able to put together information on the market and any comparables before you arrive you may end up being in a stronger position as a buyer than if you are coming into an area with no advance information.
You are not restricted to real estate agents alone
By looking online you may be able to get information on short sales, foreclosures and properties that are being sold by their owners rather than by real estate agents. Having the widest selection of properties to choose from can really help you find the property development project that meets your needs and budget best.
You are not necessarily restricted to one agent
If you speak to a real estate agent about a potential property development opportunity you may find that said agent believes you have entered into a contract with them. If you end up dealing with another agent this can cause legal issues and added stress as well. By researching potential properties online you can decide which agents you want to work with either because they are offering the properties that you are most interested in or you like the way they market properties and represent their clients.
There are drawbacks to looking for property development projects online. Unless you are working with an agent who has judgment that you trust you may not feel comfortable taking their advice about a potential property.
By learning how to research and locate property development opportunities online you may find that you will be able to break into the development market as quickly and easily as possible. In todays real estate market you never know when a deal is going to become available and it is definitely worth keeping your eyes open to sudden development opportunities.