Free hold property means the property which is free from all encumbrances and the owner of the property is entilted to deal with the same wiithout any restrictions. There are not limitations, permissions required from any authority to deal with / develop the propety. The ownership is full and unconditional with no tenancy / leasehold / easementay rights on any part of the property.
Apart from the purchase price, additional costs may include stamp duty, registration charges, legal fees, brokerage fees (if applicable), and maintenance charges. It's essential to factor in these costs when budgeting for your property purchase.
Before investing in a property developed by a real estate developer, research their track record, reputation, completed projects, and customer reviews. It's also advisable to verify their credentials, certifications, and compliance with regulatory authorities.
Factors to consider include proximity to essential amenities such as schools, hospitals, markets, and transportation hubs, as well as factors like safety, infrastructure development, future growth prospects, and resale value.
Property owners may be subject to taxes such as property tax, capital gains tax (if selling the property), and income tax (if earning rental income). Tax benefits such as deductions on home loan interest and principal repayment may also apply.
Property registration involves executing a sale deed or conveyance deed and registering it with the local Sub Registrar of Assurances. The buyer and seller must be present along with witnesses, and the necessary stamp duty and registration fees must be paid.
Disputes related to property can be resolved through legal means such as negotiation, mediation, arbitration, or litigation, depending on the nature and severity of the dispute. Consulting a qualified legal expert is advisable in such cases.
Property owners in a housing society have rights such as voting in general body meetings, access to common amenities, and participation in decision-making processes. They also have responsibilities such as paying maintenance charges, complying with society bylaws, and maintaining communal harmony.