One of the most important issues that has to be concerned is that there are a vast number of legal issues that are faced in real estate. Making safe investments has become quite difficult because of an increase in these legal issues. Despite various laws regarding real estate, people are unable to overcome the legal problems and end up losing their properties as well.
Find out more about the different types of legal issues faced in real estate business.
Incomplete Documents
At times people simply start the selling process by taking some downpayment from the customers but they do not consider the fact that much of the documents might not be complete. For example, a seller may not be having a non-objection certificate for his property but would be claiming simply with words that the property has no legal issues. The buyers could be lured into the deal with the lower prices but could lead to legal issues by the concerned authorities as well.
Property Seizures
Property Seizures (Qabza) is perhaps the most important issue that is being faced in local real estate markets. People are highly tense due to this and do not rent out their properties because many people who have a strong and influential background tend to seize their properties. Legal cases are registered but it takes months or even years to come up to the solution and sometimes these cases go on unsolved.
Taxation
It is the ethical responsibility of the primary owner of the property to pay off all the required taxes on time and not purposely delay anything. If he does delay or does not pay the tax, it would become an issue and the development authorities might seize the property. Before buying or renting out an accommodation, do consider the taxation factor.
