A property is a system of rights that gives people legal control of valuable things. Depending on the nature of the property and owner may have the right to share, rent,consume, alter,sell, exchange and transfer it. The owner has the right to properly use it under the granted rights. There are three broad forms of property. They are private, public and collective property. Rights of possession, exclusion,disposition, right to have the property appraised in fair manner, right to dispose of the waste are legal rights of an owner. When you buy a property some rights related to the property are automatically conferred to you. Buying a property is a costly affair. Right of possession is an essential document for legal ownership of a property. If you have purchased a home by paying a lump sum amount with a home loan finance company you can obtain a title document immediately. In case of default over the loan the lender has the right to take legal recourse against your property. Lender may have the right on the property over any subsequent transferee even though the borrower is in possession.
Failure to pay property tax dues can result in a loss of possession. Exclusion rights are synonyms with the right to privacy and choice. The title owner of the property has rights with the choice of people who will enter his house. In the control and enjoyment rights,the owners are well within their right to use the property the way they want. Disposition rights are the sale or transfer of ownership of the property to someone else. The owner is well within his rights to sell or rent his property.
Property rights are legal and theoretical ownership of resources. Properties are secured by laws clearly defined by the state. Property rights give the owner to do with the property what they choose. One does not need anyone’s permission to sell his property.Do not need the permission of children. Right of succession is very important. The law of succession states the rules of devolution of property in case a person dies without making a will.
A will is a legal declaration. A will becomes enforceable after the death of the testator. It provides no rights to the person who inherits until the death of the testator. A testator can also change his will at any time. A will can be made at any time in the life of a person. A will has to be executed by the testator by signing his thumb impression. It should be attested by two or more witnesses. The registration of the will is not compulsory. The test can withdraw the will.
If a testator intends to make a few changes to the will he can do so by making a codicil to the will. A will is not unalterable. It can be altered at any time. Legal heirs can apply for a legal heir certificate.
Hindu Succession act is relating to the succession and inheritance of property. Deal with the intestate or unwilled succession. It combines all the aspects of Hindu Succession. It provides uniform rules for succession and reduces the conflict that arose due to confusion over different rules.According to this law living children will have the rights.