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Buying a home where we are staying on rent for 40 years
06-Sep-2023 (In Property Law)
We are staying in a rental home from last 40/50 years. Land lady is now interested to sell the property, expressed her interest to us if we are interested to buy it with some discounted rate to current market price. In the registry paper it is mentioned that father-in-law of current land lady (Second party) bought the land from first party in 1943 at the premium of Rs. 1500 and a fixed jama of Rs. 7.50 which can't increase or decrease. It also says that Property can be enjoyed (construct home, well, garden etc.) by second party, his son, heirs and representative in succession and assignee in succession with power to effect all kinds of transfer such as gift, sale etc. Second party will not get any remission in respect of the amount of Jama (Rs. 7.50 per year). Second party bound to pay cess or any other amount fixed by government. Should we buy it?
Yes you can buy it. But be remember the fact that the land lady is not the only owner of the property as she is not the sole heir if her father in law. It is better to contact a good lawyer, apprise him about all facts, documents and act accordingly as per his advice.
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Adv. Kumar Abhimanyu Pratap
Patna | 400+ Answers
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