“Lease” is a word which everyone is aware of, and hears it day in and day out while dealing the transactions related to immovable property. Lease can be defined as the right to enjoy an immovable property for a certain period of time, in consideration of a price paid by the person getting possession of the property. Under Black’s Law dictionary, “Lease” can be defined as  a conveyance of lands tenements to a person for life, for a term of years, or at will, in consideration of rent or some other recompense.  Oxford Dictionary of Law defines it as “ a contract under which an owner of property grants another person exclusive possession of the property for an agreed period, in return for rent and sometimes for a capital sum known as a premium. Section 105 of Transfer of Property Act, 1882 defines lease and one would be easily able to derive some of the important characteristics of a lease such as transfer of an interest, parties to the lease, subject matter of lease etc....

NEW DELHI: The process of weeding out fake lawyers has begun across the country. Bar Council of India chairman Manan Kumar Mishra told TOI on Wednesday that results of an ongoing verification process may surprise many and far exceed the initial estimates that over 30% lawyers have fake degrees. "We have implemented the BCI Certificate and Place of Practice (Verification) Rules 2015 and have now made it mandatory for all lawyers to re-register in a new format where they have to compulsorily submit all their certificates starting class X board results," the BCI chairman said. These certificates will then be verified with respective universities and boards and the entire verification process is likely to be completed by 2016. All lawyers who have not practised in the last five years, will remain advocates but will not be allowed to practise. The Bar Council with the help of state governments have started setting up lawyers' academy in various states. The ...

Basic Information-  In the language of Black's Law Dictionary, the concept of Memorandum of Understanding is considered as a non-committal written statement detailing the preliminary understanding of the parties who plan to enter into a contract. As per the terminology states Memorandum of understanding (hereinafter the MoU) means, mutually agreed set of statements for the understanding. In simpler language, MoU is an agreement between two or more than two parties. It is considered that MoU is just an agreement, but sometimes it can be used a legal instrument in the arena of contracts; the MoU can be presented as an effective and technical tool for establishing clear objective and targets. The MoU is exchange of words between the parties, and the MoU can be enforceable if those words say so. In India, the MoUs are governed under Indian Contract Act 1972. As we have discussed that MoU is an agreement; the Indian Contract Act defines Agreement as a promise or a set of promises ...

NEW DELHI: The Delhi high court wants to know the number of properties under rent control in the city. Last week, a bench of Justices B D Ahmed and Sanjeev Sachdeva sought such a list from the Centre and state government. HC is hearing a petition challenging the legality of the Delhi Rent Control Act on the ground it is an archaic peace of legislation violating fundamental rights of landlords. While seeking records of the properties, located mostly in prime areas of the city, the landlords who own them receive a pittance of rent as the DRC Act 1957 places a bar on increasing rent from tenants, the court remarked it seems "tenants are smiling and landlords are crying" because of the law. Appearing for an association of women landlords, advocate Shobha Aggarwal also drew the court's attention to a chart of minimum wage rate in Delhi. She pointed out that about 50% of properties under rent control fetch a monthly rent less than even the daily minimum wage of an unsk...

Are you planning to buy your dream house? Have you made the final choice for your ideal home and just left with signing of the house agreement? Is your home loan approved? Are you also done with all the other major formalities? If the answer to the above questions is a yes, which makes you think that half of your burden is gone and the things ahead will go on in a smooth and orderly fashion, then you actually need to rethink. I say this because, even with the major work done, one still has the big task of protecting his/ her dream coming true, from the legal traps of the builder. In such a scenario, some points that need to be remembered and certain measures that should be taken against those tricks. Actual selling price of the house:  According to the property agreement, the buyer is required to bear the purchase price of the house. This cost includes the utility expenses such as water, electricity, parking, various taxes levied, and registration costs too, at times....

मैं लिख रहा हूँ अक्सर कि एक सीमा के बाद निजी सम्पति अगली पीढी को नहीं जानी चाहिए.......बहुत मित्र तो इसे वामपंथ/ कम्युनिस्ट सोच कह कर ही खारिज कर रहे हैं.....आपको एक मिसाल देता हूँ......भारत में ज़मींदारी खत्म हुई कोई साठ साल पहले......पहले जो भी ज़मीन का मालिक था वोही रहता था...लेकिन कानून बदला गया....अब जो खेती कर रहा था उसे मालिक जैसे हक़ दिए गए.....उसे “भुमीदार” कहा जाने लगा...यह एक बड़ा बदलाव आया...."ज़मींदार से भुमिदार". भुमिदार ज़रूरी नहीं मालिक हो... वो खेती मज़दूर भी हो सकता था....वो बस खेती करता होना चाहिए किसी भूभाग पर....उसे हटा नहीं सकते....वो लगान देगा...किराया देगा...लेकिन उसकी अगली पीढी भी यदि चाहे तो खेती करेगी वहीं. कल अगर ज़मीन को सरकार छीन ले, अधिग्रहित कर ले तो उसका मुआवज़ा भी भुमिदार को मिलेगा यह था बड़ा फर्क यही फर्क मैं चाहता हूँ बाकी प्रॉपर्टी में आये......पूँजी पीढी दर पीढी ही सफर न करती रहे...चंद खानदानों की मल्कियत ही न बनी रहे ...एक सीमा के बाद पूंजी पब्लिक डोमेन में जानी चाहिए इसे दूसरे ढंग से समझें....आप कोई इजाद करते हैं...आपको पेटेंट मिल सकता...

There is a theory in business, usage of OPM, other people's money. In other words, it is resourcing capital. In other words,it is taking loans. An idea is propagated that it is essential to use OPM to grow in business, which is right also but there are dangerous pitfalls in the way, hence the need of some understanding. See, loans are two edged swords, they can make you and it can mar you too. As soon as you take a loan from bank, your repayment to the banks get commenced as Equated monthly Instalment's (EMI), which means that not only interest but a certain part of the capital is out of your hands every month, making your capital lesser forceful. Superficially it seems that it is something good that not only interest but a certain amount of loan is re-paid every month but business-wise the whole process is not very wise. You lose processing fee as the loan gets sanctioned, then you lose the 'loan capital' every month, and if the loan does not get allo...

"LIFE INSURANCE"  Never mix life insurance with investment plans, be it money back or endowment, all wrong choices, as return from the life insurance companies is lowest and the plans are for very long periods, for decades, and before-time-exits or irregularities in paying premiums, cost heavy to the policy holders. And if anyone opts for a life-insurance-cum-investment plan, the one is certainly going to stay under-insured, defeating the very purpose of Life insurance, which simply means in case of death of the main earner/s of a family, the family's financial balance might not get affected. Do you know most of the Indians never got any benefit of Life insurance? Why, because before the advent of private players, LIC never promoted pure risk cover policy, term plan, the one and only Life insurance, LIC went on feeding people with its endowment plans, and money back plans, all shit, which kept people under insured but generated low interest rated capital f...