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Every Home Buyer Should Be Aware of These Basic Rights Before Buying a House!
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Your house is an asset that you usually retain for a lifetime. And as you own it, there are various rights that you enjoy. Often people are unaware of their basic rights as a buyer and are troubled by the seller and neighbours. Before calling yourself a proud owner of a house property, you must know the rights that have been provided to you by the law to protect your interest.
Here are some rights that you must know before buying a house & availing a home loan.
As a legal owner of the house, you have the exclusive right to transfer the property. Also called the right of disposition, through this right, you exclusively can transfer the ownership of the property for compensation or by will. You can transfer the ownership of the property permanently or temporarily to your heir or anyone you think fit.
It means that once you are the rightful owner of the house, you have the right to enjoy possession of the house. In other words, you have the right to exercise physical control over the property and, as a legal owner, to occupy the property and its structures. Moreover, you must also know about the law of adverse possession. According to this law, if you are residing in someone else's house legally for an extended period, you have some rights to it. Even though the property legally doesn't belong to you, you can claim a legal title to the property.
Your house is an asset that you usually retain for a lifetime. And as you own it, there are various rights that you enjoy. Often people are unaware of their basic rights as a buyer and are troubled by the seller and neighbours. Before calling yourself a proud owner of a house property, you must know the rights that have been provided to you by the law to protect your interest.
Here are some rights that you must know before buying a house & availing a home loan.
As a legal owner of the house, you have the exclusive right to transfer the property. Also called the right of disposition, through this right, you exclusively can transfer the ownership of the property for compensation or by will. You can transfer the ownership of the property permanently or temporarily to your heir or anyone you think fit.
It means that once you are the rightful owner of the house, you have the right to enjoy possession of the house. In other words, you have the right to exercise physical control over the property and, as a legal owner, to occupy the property and its structures. Moreover, you must also know about the law of adverse possession. According to this law, if you are residing in someone else's house legally for an extended period, you have some rights to it. Even though the property legally doesn't belong to you, you can claim a legal title to the property.
Once you buy the property by paying its right value, you have the exclusive right to use the property as you wish. You can either reside in the property yourself and with family or let it out to generate income if you think it fits. You have the exclusive right to use the property for self-occupation or rent.
Being a legal owner of the property, you have all the rights to enjoy and live your life in the house your way. You can indulge in any lawful recreational activity like hosting parties, inviting guests, celebrating festivals as long as it does not trouble the neighbours. However, you must not indulge in any unlawful or criminal activity on your property as it can lead to a breach of law.
The right to exclusion gives you the right to exclude others from using and staying on your property. Nobody else can enter or stay on your property without your permission with this right.
Now when you know the basic rights of a homeowner, nobody can stop you from living a comfortable life in your house. Be it through your savings or home loan, investing in a house is always worth it. If you plan to avail a housing loan, ensure that you check your affordability with a home loan calculator. So, apply for home loan, today.
Once you buy the property by paying its right value, you have the exclusive right to use the property as you wish. You can either reside in the property yourself and with family or let it out to generate income if you think it fits. You have the exclusive right to use the property for self-occupation or rent.
Being a legal owner of the property, you have all the rights to enjoy and live your life in the house your way. You can indulge in any lawful recreational activity like hosting parties, inviting guests, celebrating festivals as long as it does not trouble the neighbours. However, you must not indulge in any unlawful or criminal activity on your property as it can lead to a breach of law.
The right to exclusion gives you the right to exclude others from using and staying on your property. Nobody else can enter or stay on your property without your permission with this right.
Now when you know the basic rights of a homeowner, nobody can stop you from living a comfortable life in your house. Be it through your savings or home loan, investing in a house is always worth it. If you plan to avail a housing loan, ensure that you check your affordability with a home loan calculator. So, apply for home loan, today.
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