#transferofpropertyact

[legalupanishad]

How to obtain a Real estate license in India: Step-by-step

This article on 'Steps to obtain a Real estate license in India' was written by Deekhsha Kushwaha, an intern at Legal Upanishad.

Introduction

Real estate is one of the growing sectors in the world. In India, it is the second most growing industry. According to a survey by the ministry of housing and urban, there is a high chance of real estate in 2030 reaching a market of 1 trillion USD. Apart from this, it is the second growing sector, after agriculture in India. 7-8 percent growth of GDP (Gross Domestic Product) in India due to real estate. In this article, we are going to study, what is real estate and how to get a license for real estate from an Indian perspective.

What is the real state?

Actual property is called real estate. Which is included - land and improvements consisting of buildings,  fixtures,  roads, structures, and use systems. Property rights confer land rights, modifications, and environmental assets such as minerals, plants, animals, water, and so on. There are many kinds of real estate. There are some important categories: - Land - Residential - Commercial - Industrial Each category has a unique purpose and utility. This sector is also expected to attract more non-resident Indian (NRI) investment, both short and long-term. The most popular property investment destination for NRIs is expected to be Bengaluru, followed by Ahmedabad, Pune, Chennai, Goa, Delhi, and Dehradun.

How to get a license for the Real estate?

The process of taking a license is not difficult as someone thinks. In fact, it is quite simple. Whoever wants to take a license, must follow the simple steps given below. These steps will help you provide knowledge on getting a license in India for real estate. Step 1. - The first step is to contact your local government to see if there are any special requirements for real estate licensing in your area. If they do, you must ensure that you have met all of the requirements before proceeding to the next step. Step 2. - After you've checked with your local government to see what their requirements are, contact a few different real estate schools in your area and inquire about their programmes. Some schools provide online courses, which can be useful if you have a hectic schedule. Step 2. - After you've narrowed down your school options, the next step is to enroll in the programme of your choice and begin classes. To obtain your license, most programmes will require you to complete both classroom and field training. Step 2. - The final step in obtaining your real estate license is to pass the state-level exam after successfully completing your coursework and field training. Congratulations! In India, you are now a licensed real estate agent!

How to obtain a Real estate license in India: Step-by-step

The requirement to get a license

If someone wants a real estate license in India, There are many formalities that need to be fulfilled. Here are some important points- - The first thing needs to fulfill, the person must complete is his age of 21. - The second thing is he must complete his/her 12 grade. - The Third step is must complete his accredited real estate education program. Along with these, you have to pass a state license exam. Then finally you have got your license then you should keep your license active, you must complete continuing education courses every year.

Benefits of getting a license

A real estate license in India enables a person to work as a broker or agent in the purchase, sale, or rental of real estate. In India, having a real estate license has numerous advantages. - A larger pool of potential clients: With an Indian real estate license, you will have access to a larger pool of potential clients. This is due to the fact that people looking to buy, sell, or rent property will frequently seek the services of a licensed professional. - Greater earning potential: As an Indian licensed real estate professional, you will be able to earn commissions on property sales. Working as an unlicensed individual may result in a higher earning potential. - Credibility: Having a real estate license in India will boost your credibility among clients and colleagues. This is due to the fact that obtaining a license necessitates fulfilling educational and professional requirements that instill trust and confidence. - Working independently: You will be able to work independently as a licensed real estate agent in India. This means that you can work from home and set your own hours. If you want to work in real estate, getting your real estate license should be one of your top priorities. There are numerous advantages to having a real estate license in India, which can lead to greater success in this field.

Uses of real estate license

For using your real estate license in India you should keep these things in mind- - The license should be issued by the Indian government. - This can be accomplished by contacting the Registrar of Companies and obtaining an application form. You must also have your fingerprints taken and submit them along with your application. - You can begin working as a real estate agent in India once you have obtained your license. You must find a broker who is willing to collaborate with you. - Once you've found a broker, you can begin showing properties and assisting people in buying and selling homes in India.

Suggestions

Registration and getting a real estate license are very easy in India. The demand for real estate professionals has been becoming day by day. It has an amazing career option for the upcoming generation. Anyone who fulfilled the above requirement that has been mentioned may make their career in this field. Every field required hard work and consistency, so this field also required these qualities from your side.

Conclusion

The real estate sector is a fantastic career opportunity. If you want to get a real estate license in India, the process is fairly simple. All you have to do is complete a real estate course and pass the exam. Once you receive your license, you will be able to work as a real estate agent, assisting people in the purchase and sale of the property. If you're seeking a new career challenge or a way to supplement your income, becoming a real estate agent is an excellent choice.

References

- Learn How To Get A Real Estate License In India 2023, Available at, https://top5foru.info/learn-how-to-get-a-real-estate-license-in-india-2023/. (last visited on February 08, 2023). - How to Become a Real Estate Agent in India? RERA Registration and Guidelines, India, Available at, https://www.magicbricks.com/blog/how-to-become-a-real-estate-agent/125634.html. (last visited on February 08, 2023). Read the full article

[legalupanishad]

Section 41 of the Transfer of Property Act: Obtensible Owner

This article on 'SECTION 41 OF THE TRANSFER OF PROPERTY ACT, 1882' was written by an intern at Legal Upanishad.

INTRODUCTION

Section 41 of the Act, of 1882 protects the transferee from the Ostensible owner. The ostensible owner is the one who is not actually the real owner but in the eye of the public ostensible owner is the real owner. The real owner is the one who had given the consent either expressed or implied to the ostensible owner with regard to the ownership in the eye of the public. The ostensible owner has all the power and can sell the property to the bonafide purchaser for consideration and the real owner can not sue the ostensible owner on the ground that he is not the real owner of the immovable property. In the transaction made by the ostensible owner, it is required that it is made to a bonafide purchaser and the purchaser is required to make sure that the transferor is having the power to transfer the immovable property to the purchaser. In Partnership Act, 1932 Doctrine of Holding Out is discussed under section 28 of the Act. The Benami Transaction Act of 1988 has introduced some modifications in the law of section 41 of the Transfer of Property Act, of 1882.

OSTENSIBLE OWNER

The ostensible owner is the person who is getting the ownership of the immovable property either expressed or implied with the consent of the real owner. The ostensible owner is the one who is known to the public as a real owner of the immovable property. If the ostensible owner sells the property of the real owner for consideration to the bonafide third party, so this transaction can not be considered voidable on the ground that the real owner in the eye of the public is not the real owner of the immovable property actually. The real owner cannot take the defence on this ground that the ostensible owner does not have the right to sell the immovable property. An ostensible owner has all the rights without owing the property really.

Modifications introduced by the Benami Transaction Act, of 1988

Some modifications were introduced in section 41 of the Transfer of Property Act, 1882 by the Benami Transaction Act, 1988. And this Act takes away all the rights of the actual owner with respect to the recovery of the property. No suit can be initiated against the ostensible owner or any other person by the actual owner or on behalf of the real owner for the property which was held benami, it was specified as per the Act of 1988. A real owner can not at all recover his property by showing his secret title because the ostensible owner had got the title from the real owner and has all the rights which the real owner has and can sell the immovable property as well. It is required in this sale transaction that the sale is made with the third because of having the bonafide interest. But in this case of the ostensible and real owner, there is one exception when the defence of the real owner is allowed. That defence is allowed in this case, if the property is held as a coparcener in a Hindu Undivided Family, as trustee, or in any other fiduciary capacity for the benefit of the coparcener and another person. Section 41 of the Transfer of Property Act, of 1882 is based on the principle that when there are cases when two innocent persons were suffering from the fraud of a third party then in the eye of the law the burden is on the person who has created this situation and in this cases the hardship is caused by the strict enforcement of the general rule that is “Nemo dat quod non-habet” which means no one can confer a better title in property than he himself possesses. This principle says that if two innocent persons are then the law would penalize the one whose indiscretion had created the fraud and the law would favour the one who is having possession of the immovable property.    

EQUITABLE ESTOPPEL RULE

If consent is given by the real owner to the ostensible owner by entrusting the ostensible owner with documents and showing to the public that the ostensible owner is the real owner and he is having a good title then the real owner can not say it in the public that he is having the title of the property, not the ostensible owner. The real owner cannot claim on the basis of his secret title for the recovery of the immovable property.

PRINCIPLE OF NATURAL EQUITY

This principle says that when one man allows another person to hold his property as his own property in the eye of the public and third party can purchase that property from the ostensible owner too. And the real owner cannot claim it because the third person is in the belief that the ostensible owner is the real owner. This principle of natural equity is universally applicable. In Ram Kumar v. Mcqueen case, a suit was filed by Mcqueen for the recovery of 3 and a half Bigha of land and a house as well. The suit was filed by Mcqueen on the basis of the Will made by his father whose name is Mcdonald. In 1843 the land was purchased by Mcdonald's from the Banno Bibi in the name of Banno Bibi and it was a Benami purchase made by Mcdonald's. For 24 years Mcdonald and his son had resided without raising any argument. Mcqueen was the daughter of Banno Bibi and the original purchaser of the property was Ram Dhan Kundoo. In 1834 Mcdonald died and the actual buyer Ram Dhan Kundoo paid all the price and some more construction was made by Ram Dhan on the land. The reason for filing the suit is that Banno Bibi is only benamidar and Mcdonald is the real owner of the property. The Hon’ble Court has laid down the law specified under section 41 of the Transfer of Property Act, 1882, and dismissed the suit.

CONCLUSION

The doctrine of holding out is the doctrine that gives protection to the third party who is innocent. The aim of this doctrine is to give protection to the transferee who is purchasing from the ostensible owner. The real owner cannot claim defence for the immovable property on the basis of his secret title because the law would question why you kept it secret and what is fraud involved in it. The act in itself is leading to some kind of fraud or cheating. So it will not be justified in the eye of the law. The sale made by the ostensible owner to the third party would not be declared invalid that would be considered valid and the real owner cannot claim that the transaction is voidable.

List of References:

- Tejaswini Kaushal, Section 41 of Transfer of Property Act, 1882, iPleaders Blog, 15 May 2022, available at: https://blog.ipleaders.in/section-41-of-transfer-of-property-act-1882/       - Siddhant Sharma, Ostensible owner under TPA, Lawctopus, 4 April 2015, available at: https://www.lawctopus.com/academike/ostensible-owner-under-tpa/ - Dr. G.P. Tripathi, “The Transfer of Property Act 1882”, p. 244, Central Law Publications.  - Tejaswini Kaushal, “Section 41 of Transfer of Property Act, 1882”,2022.  - Supra Note 1. - Ram Kumar v. Mcqueen, 18 E.R. 166. Read the full article