What is lien and how should I mark lien on the back of a fixed deposit receipt?
A lien is defined as a right of the banker to retain any property of his customer for the general balance (any debt) due from the customer, even if there is no express contract to that effect. (Section 171 in The Indian Contract Act, 1872). The salient features of banker’s lien are as follows:I. No agreement is necessary for the creation of a lien in favour of a banker, as the same is provided by the law.II. Lien does not transfer the ownership of the property from the customer to the banker.III. It also confers on the banker the right to sell the property after giving a reasonable notice to the customer, in case the customer fails to repay the bank dues on due date.On the back of the deposit you can write as “Lien to loan NO. …/2018” with date and put your initials on it. M J SUBRAMANYAM
Can an existing fixed deposit be transferred or gifted to another person prior to maturity in India? What taxes would the beneficiary to pay?
Three points are involved.Existing Fixed Deposit — Can be preclosed, subject to your loosing some portion of interest agreed upon till the date of maturity. Get the proceeds credited to your savings account. FD as it is cannot be transfered.Gifting to another Person - Use the proceeds credited to your account in any way your sweet will desires. It is your money, spend, gift, donate, do anything within legal framework.Taxability in the hands of beneficiary .. If it is a gift to a relative as specified in Gift Tax, the said relative has no tax burden on your gifts. http://www.incometaxindia.gov.in...)If you are gifting to a non relative it is taxable depending upon the amount. ( see the above link, which is self explanatory)
Do you get a new house title/deed when you refinance?
When you refinance a title company/or attorney who are authorized agents of larger title companies, like Stewart Title, Old Republic or Lawyers Title, will order a preliminary title commitment which is a search of the public records for the subject property that shows various items regarding the property such as the current liens against the property and the current owner of the property called current vesting. The current vesting comes from the deed that is recorded in the county records so a new deed is not created unless the vesting is changing since the original purchase date. Also, the owner would currently have an owners title policy that was done at the time of the original purchase that they can send to the title company to get a re-issue credit on the new lenders title policy that is issued for the refinance. It makes the new lenders title commitment cheaper for the refinance. So to answer your question no new deed or owners title is created from a refinance unless the vesting on the deed changes.
How can the HOA kick you out of your house when you own it?
How can the HOA kick you out of your house when you own it?Your HOA cannot directly kick you out of your home. There is a bit of a legal process. The HOA can do this because while you own your home, the HOA owns the neighborhood in which your home lives. That means you are responsible to pay dues to the HOA which controls your neighborhood. If you break HOA rules, you may get fined. If you fail to pay fines or HOA dues, the HOA can put a lien on your house for the dues and fines and lawyers fees owed. You cannot sell or refinance your home until that lien is paid.And if the lien goes unpaid for long enough, the HOA can choose to foreclose on that lien, which means that the home will be sold to pay the outstanding liens against the house.You must, as a homeowner, maintain your financial obligations that you agreed to when you bought your home. Remember that stack of papers you spent an hour signing (and you never knew you could sign your name that many times)? One of those was the covenants on file with the City which says that you agree that the HOA runs the show in your neighborhood and you have to play along or face financial penalties. You also agreed that if you don’t pay, the HOA can take what you owe out of the cost of the home. You agreed that the HOA would be the primary non-mortgage lienholder, and could use your house as the collateral for unpaid HOA debts. The bank may be the mortgage lienholder, but the HOA is usually the first non-mortgage lienholder in line behind any mortgage liens. So even if you’re paying your mortgage on time but you fail to pay HOA dues or fines, you can still have a lien foreclosed, and you can be evicted and your house can be forcibly sold in a foreclosure sale to cover what you owe.I oversaw two foreclosures for failure to pay HOA dues and fines during my tenure on our Board of Directors. It’s a very lengthy process, but we worked as closely with the homeowner as they would allow. In one case, we worked out a payment plan with the homeowner which allowed him to stay in his house. In another, the homeowner simply wouldn’t play nice at all. Tangentially, he ended up going to jail on a DV charge. A real sweetheart, that one. We threatened to foreclose, and while we were preparing to file, the bank decided to foreclose which meant we got paid without paying for the foreclosure. Phew.
Do I own a house that was deeded to me in probate?
Generally, yes. But there may be exceptions: if there were uncleared liens on the house, for example, or if there are any defects in the title.If the title in the house that was willed to you was defective, then you don’t own it now because the person who willed it to you didn’t own it at the time he or she died, and thus the estate couldn’t convey it to you because it wasn’t part of the estate. Normally, when someone buys a house, they also purchase title insurance that compensates them should any defect be found in the title, rendering the transfer from the seller to the buyer invalid. However, if you did not record the testamentary transfer with the appropriate government recording office in a timely manner, you might not be entitled to the benefit of the title insurance that was purchased at the time of purchase by the person who willed the property to you. People who inherit property often neglect to properly record the testamentary transfer (often to save the recording expense), and thus end up in trouble because of this.In addition, if there are liens on the property at the time of the owner’s death, the property cannot be legally transferred until the lien is cleared. In this case, a purported conveyance from the estate of the deceased to the inheritor is ineffective because of the lien, and thus the property continues to be held by the estate, the apparent conveyance notwithstanding. The only ways to get out of this situation are for the lienholder to be convinced to release the lien, or for a judge to invalidate the lien and issue a quieted title free of all liens and encumbrances, which a judge will not normally do without giving the lienholder a chance to explain why a quieted title should not issue. Note that attempting to record the testamentary transfer will often expose if there are uncleared liens on the property, because the recording office will typically check to see if there are any recorded liens on the property before recording the transfer, and if it finds them will refuse to record the transfer.
What is the difference between bond, equity, share, and debenture?
The common thing about all is that these all provide you benefits in terms of interest, dividends and share in profits. Equity shares are issued by the companies to collect money from the market by giving the share holders right in ownership. The return from the shares in terms of dividend. Shares are traded online through different online share trading portals and you can buy or sell the shares at any time, which is not possible with debentures or bonds. On the other hand, debentures are issued to get loan from the public. These are like liability for the company. You get interest on your debentures. These are more secure than shares. Though bonds and debentures are more or like same, the only difference between them is that bonds are issued by government bodies, while debentures are issued by private companies.
What is the step by step process for buying property in India?
Buying your own property may be a cherished dream, but it doesn't take much for it to turn into a nightmare. Given that real estate is among our most expensive purchases, landing a lemon can prove to be a financial disaster.The only way to avoid such a situation is to take time out to conduct due diligence before finalizing any property deal. Of course, a reliable shortcut is to buy into a project that is backed by financial intermediaries like banks.You can also engage a lawyer to carry out due diligence, but as a smart buyer, it's best to pore through the documents yourself.Here is a checklist of documents or things to consider before buying a Flat:1. Sale Deed / Title deed / Mother deed / Conveyance Deed2. RTC Extracts.3. Katha Certificate and Extracts.4. Mutation Register Extracts5. Joint Development Agreement6. General Power of Attorney7. Building plan sanctioned by the Statutory Authority8. NOC from Electricity Deptt/Pollution Control Board/Water Works/ Air Port Authority9. Supplementary agreement / Ratification Deed (if any)10. Allotment Letter from the Builder/Co-Operative Society/Housing Board/BDA.11. Builder Buyer Agreement - BBA12. Construction Agreement between Builder & Owner13. Copy of possession letter from the builder14. Payment receipts paid towards the builder15. If any loan on the property (Current or past) / Original Property Documents with Bank16. Sale agreement with the Seller17. Latest Tax Paid Receipt till Date of Registration (Property Tax/Municipal Tax etc)18. Encumbrance Certificate up to date for latest 13 years or from the date of registration till date19. Demand Letters from the Builder20. NOC from the Society/Building association.21. No-due certificate from the building association.22. Approved plan of construction/extension & license for construction.23. Conversion order/betterment charges paid receipt.24. Layout approval plan sanction25. Auction Sale confirmation letter from Local Development Authority26. Release deed (If applicable)27. Completion Certificate28. Occupancy Certificate29. Loan/Charge/Mortgage by Builder:30. Deed of Declaration31. Latest Electricity Bill32. Maintenance Bill or Common Area Bills & Receipts33. ID & Address proof of Seller. Verify Signature on PAN CardSponsored: Zricks.comFor best real estate deals in Gurgaon, Contact Us Today. Experience a tailored service.
What happens when you don't pay your auto loan?
When you buy a car from a private party, the bank will often ask for a copy of the title prior to issuing a loan. When you buy from a dealer, they do not. They issue a check payable to you and the dealer (or just to the dealer) and on the back there is a notice that endorsement of the check constitutes an agreement to record a lien in the banks favor on the title. What happened here is that the dealer took the check, and your down payment, and failed to deliver title to you, or to record the lien. You were a victim of fraud, but the bank did nothing wrong. You still owe the bank the money you borrowed. The only involvement that the bank had in this transaction was loaning you money. They did not guarantee the title, or recommend the dealer. They just loaned you a sum of money to make a purchase. If you loan me $1000 to buy a new computer system from Dell, and after I get the computer, someone breaks into my house and steals it, would you think that I should not have to repay you? Of course not! This is the same situation with the bank. They loaned you money, they want to be repaid. Get a lawyer involved and file against the bond of the dealer. You may also want to file suit against the dealer and try to seize any assets that they may have. Another thing the lawyer could look at is the possibility that you could have a claim under your auto insurance.The car was insured against theft, and it was in effect stolen from you. Pay the car payments until you can get money from the bond or an insurance claim to pay the loan off. You borrowed the money and owe it. If you do not pay, the bank can sue you, and seize your assets (bank accounts) and attach your wages. Good luck