Ownership is a bundle of rights

In a civilised society, the right to property is guaranteed by the constitution .Ownership rights include the rights to own , possess, occupy and dispose off a property. Transactions in real estates are regulated by the relevant laws. The important acts are: The Transfer of Property Act, The Contract Act, Limitation Act, Urban Land Ceiling and Regulation Act and Indian Registration Act. The rights to enjoy a property and derive benefits from it are subject to the provisions in these and other relevant acts, the common law and customs. The Transfer of Property Act specifies what may be transferred, rights and liabilities of the buyer and the seller or the lessor and the lessee of an immovable property and the conditions for a transfer or an exchange. Agreements are drawn or vetted by members of legal profession as these have to stand the test of law, for enforcement.

Provisions in the Transfer of Property Act affect every individual in the society. Thus there is a sustained effort to explain the provisions of the Act and the case laws. It enables even non legal professionals, such as valuers, to administer the provisions. The value of a property is based on the legal rights as outlined in the title deed or the instrument of transfer. It is necessary to ascertain the legal status of a property before any attempt is made to value the same. A title is acquired by descent, will, purchase, or gift and is recognised as the proof of ownership. Thus the first requirement is to verify the title. Verification of the title and the conditions in the deed are entrusted to a member of the legal profession for investigation. Sometimes an individual comes into physical possession of a property without acquiring the title to it. It does not constitute the proof of ownership. Expert legal opinion is necessary to acquire the title to such a property. This is so, even if it is purchased or obtained from a person who was in lawful possession of the same. Except those through the courts, transfer deeds satisfying the provisions under the Transfer of Property Act and Indian Registration Act are required to be registered in the office of the Registrar or Sub-Registrar havig the jurisdiction. No other mode of transfer of a property between private parties is recognised by law. Thus it is essential to know the features of such an agreement.