Irrevocable Life Insurance Trust Agreement
Magic Masons explains everything about buying property in Goa
- Can I see the title deeds?
- What be my undivided share in the property?
- They are building within the permitted FSI?
- Do you give a letter of assignment?
- How about a comprehensive settlement of the building?
- Can I have a copy of an approved plan enable PDA and planning before starting construction?
- What are your commitments after completing and returning the floor?
1. To own a flat that is yet to be built. You must first purchase an undivided share of ownership in which the floor will be built. Before buying this, you must make sure that the title to the property are in order. Land titles are the set of documents establishing unequivocally the property of the seller of the property and their right to sell.
2. Therefore, to obtain a written opinion on the law degree from the constructor, along with photocopies of the title deeds. Certified by a lawyer. If this is not available, obtain an opinion from its own defender. We must also see the purchase contract between the owner and builder.
3. The manner in which the owner acquires the property decides the key documents be considered:
A. The property was purchased by the Owner:
See the record of registration for which it was acquired.
B. Property came to them by the will (ie, legacy):
This is known as probate. View the will probated. If no Executor / Executrix has been appointment, see the letters of administration granted by the District High Court of Justice according to law.
C. Property decentralized through succession:
If the previous owner died without a will, the legal heirs and successors to obtain a deed of succession Secretary issued by the Sub-Inventry or assets of the District Court, which must be seen (get a copy noterised).
D. Property developed through a Gift partition / / Solution / Exchange:
The Act concerning the transfer of title – Gift Deed / Settlement Deed / Deed of Relenquishment / Exchange Writing – must be seen.
4. The supporting documents of other ancillary / to be considered are:
A. Form I and IV, in the name of owners, issued under the seal of the Mamlatdar.
B. Nil-Assessment Certificate (EC) in the last 31 years, showing no preference mortgage or other encumbrances are still valid on the date of purchase. Exercise caution if unpaid mortgage or other lien on the property is shown on the Certificate of Assessment.
C. The property is sold must be free of restrictions for sale under the Urban Land Ceiling Act (ULC Act). If an authorization certificate for the Property issued by the ULC authorities is not available, then it must be ensured that, with reference to land held by the owner (s), and the nature of their family membership, built-up area of the building it owned and / contiguous land around the area accumulated fall within the limits of the property and therefore can be freely said.
5. If the property is not transferred by the owner (s) directly, but through an agent, acting as Agent Power of Attorney (POA) of the owner (s), request an original or certified copy and check it. A power can be determined through a notarial deed or registration of documents. However, power of attorney can not be accepted for transfer of ownership of all governmental and financial organizations.
6. Besides the above, it is advisable to check the following:
A. Property Tax demand notices and receipts for payments to the Corporation.
B. Water and Sewerage Tax demand notices and receipts of payments to the Municipal Authority or Panchayat.
C. Electricity Bill and receipts security deposits and additional deposits. The last electricity bill is the best source of proof for the payment of contributions by the owners of the Panchayat or municipality.
2. What will my undivided share in the property?
His undivided share of land should be equal to:
The built-up area of your floor and in the approved plan / Total built-up area of the project and the plan approved This is expressed as a percentage of total land. Therefore, the percentage of undivided shares of land all flat owners in a complex must be equal to 100. This ensures that the title to the entire country and the whole building for the group of owners of apartment complex.
Deed of Sale to transfer the undivided share in their favor must be duly registered before the start of construction of the house.
3. They are building within the permitted FSI?
1. The space index (FSI) is an important parameter that you should know.
FSI = Total buildt urban area complex plan / total surface plot on which to build.
2. The permissible FSI for all non-residential multistorey buildings in order to use all the areas mentioned then is 1.5: Primary Residential, mixed residential, commercial and institutional areas
3. The total construction plans reported in the offered by the developer should not exceed the permitted FSI.
4. This FSI is fixed by the Planning and Development Authority (DPA) which is the regulatory body the architectural, structural and environmental parameters relating to development within the State of Goa.
5. The rules and regulations governing the parameters detailed in previous Development Control Regulation (DCR), a copy of which are available on the PDA.
Exceeding the permissible FSI, you as owner one story runs the risk of demolishing the building.
4. May I have a letter of assignment?
Insist on a Letter of Award at the time of booking, you must clearly indicate:
>> All inclusive and firm fixed price (indicating clearly the various components such as the cost of land, registration and stamp duty for transfer of undivided share property, and the cost of construction) and the payment schedule.
>> Plan of the apartment (on the pattern of the system), built in the area and the features offered.
>> Home and committed delivery time and commitment for damages for any delay.
>> Post-warranty product delivery by the manufacturer.
If the manufacturer does not provide you with a letter of award facing the uncertainty of not knowing
>> The exact amount you'll end up paying for your floor.
>> When you get possession of his apartment.
>> If you get all the features promised.
5. How about a comprehensive settlement of the building?
1. The Construction Agreement demonstrate commitments to the land costs (your partner), stamp duty and registration fee, cost of construction, the payment schedule, list of characteristics, time delivery, after delivery guarantee, etc.
2. If we define the responsibilities and obligations of both the contractor (or builder) and the bidder (or buyer) and usually are placed in a Rs.10.00 stamp paper and signed by the builder and the buyer in the presence of witnesses.
3. The Construction Agreement is the only source of his title housing, in relation to property taxes and the law of demand on their behalf. Since it is the document of ownership, funding agencies, which require, when they apply for a loan.
6. Can I have a copy of PDA approved plan and permit the planning, before the start of construction?
1. The plan given to you at the time of the reservation can not be fully under control standards for Development and the plan actually approved by the PDA, therefore, may be different. Therefore, insisting that he is given a copy of the approved plans and planning permission before construction began on the complex. Check if your floor area in the approved plan is like with the award letter.
2. If you have a copy the approved plan and planning permission, can monitor the actual construction and ensure that it complies with the approved plan. If the building is not built according to approved plan you as the owner of an apartment, could face the threat of demolition.
7. What are your obligations after complete and return the floor?
1. Make sure the builder gives you the certificate of compliance issued by the PDA, which confirms that construction is according to the approved plan.
2. Make sure your Builder provides the Flat Owners Association (which would be a member) with a set of structural drawings that cover plumbing, electrical, drainage and water supply details.
3. Make sure the Builder agrees to correct the defects in the apartment and the complex in materials or workmanship.
4. The completion certificate confirms the commitment of the completed including his apartment complex with the plan approved PDA's, and eliminates any possibility of demolishing the building.
5. Obsence In the drawings, maintenance of your floor (and building) will be difficult.
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Notice of reduction:
A reminder that occur in the owner (s) or occupant (s) of a property from which emerges a private nuisance, warning of intention to enter land in order to reduce discomfort.
Title absolute
1. Property rights a deed of mortgage, which gives the right, in some certain circumstances, to demand repayment in full of the outstanding debt of the due date.
2. A clause in a deed or contract that provides for early termination of a passionate interest in the land, under certain circumstances, allowing drive future interest.
Lease / sale:
A contract to enter into a lease (or sale), so that be enforceable either must be in writing and signed by the person against whom it is given by the alleged breach of contract and should not be a sufficient measure of share performance.
Asset User options:
The value of land and buildings, reflecting a future use that is different from that of the current use.
Repayment:
1. (United Kingdom) The amortization of capital cost of a loss of physical assets through a sinking fund.
2. (USA) Payment of a debt in equal payments of principal concern, as opposed to payments of interest only. Anchor tenant, one or more department or variety Chainstores, or supermarkets, introduced into a shopping center in key positions to attract the audience of city center in order to encourage other retailers to hire shops Route N. The greater the evolution the more anchors required.
Annuity:
A sum of money paid each year during the life of the recipient. An annuity is usually paid as a legal obligation under a contract or commitment, or through a pension plan, and may be paid in installments more than once every twelve months.
Poll assets in the property market:
This term applies whether the valuation of land and buildings or plant and machinery. The term is used often to describe an expert opinion of the value of a property that may be incorporated into company accounts, where ownership of the property is not necessarily to be transferred, but the valuation is required for acquisitions, share flotation or mortgages.
Assignment:
The transfer of an ownership interest, especially a lease, from one place to another.
Atrium:
An entrance hall of a building, often through a growing number of storeys and containing lifts, reception areas and plants. Originally the hall or main room of a Roman house.
Global Payment:
A loan repayment of a bond, usually but not necessarily the payment end, which is greater in the amount of the contributions of others.
Bare Shell:
Represents the condition of the property after completion of construction activity and facilities of basic construction. A bare shell includes basic flooring – tiled, mosaic, cement or granite and covered walls. Apart from this, pantry and bathroom can also be operated in such conditions.
Basic income:
A network of monthly rent maintenance and interest costs charged or quoted by the owners of the property. Basic income is comprised solely of the payment made by the use of the property in question under a lease. Costs charged as operating expenses adjustment costs and building service charges are not usually included in the base rent.
Bayana:
An Indian term used to denote the token money given to owners informally freeze negotiations on a particular property, after the original terms and conditions have been formalized.
Breach of contract:
An act, or omission, contrary to meet specific performance to rescind the contract and / or claim damages, the remedy available depending on the nature of the offense.
Broker / Dealer:
A person or company acting as a means of bringing owners and proposed buyers, with a view to completing a transaction in goods roots.
Commission:
1. Commission paid to an agent.
2. The activity of an agent to bring together both parties in a transaction.
Building bylaws:
Control of local authorities in building standards promulgated to regulate and control the land use, property and areas in cities and towns.
Construction contract:
A contract between an owner or occupier of the land and a building contractor, setting forth the terms under which construction would take place, the basis of remuneration, time scale, and penalties, in if necessary, for breach of contract terms.
Business Center:
Commercial premises usable by the occupants for a short period a membership base in the center. Usually, charges for a Business Center, full service accommodation, which is usually substantially higher than the rental of a space office, and taller than a standard rental office space, and usually includes cost of HVAC, cleaning, electrical and security systems.
Park Business:
A high-tech garden area, other commercial services, as distinct from high-tech park or a science park. Building density is lower than would be usual in a traditional industrial park. Business parks are preferentially located on the highway, rail communications and the airport within a short distance.
Exemption of fee:
In a funding agreement between a promoter and a study prospective buyer, pre-determined return on investment will be used to capitalize the income received annually at the time of the sale to determine price buy.
Cap:
1. On a given date, the conversion capital in the value of establishing a series of net income, actual or estimated over a period.
2. A method of calculating a final purchase price of a development using an agreed formula to convert actual or presumed, the incomes of the initial lease capitalism. These amounts will be deducted from capitalized interim payments from a fund for financing the purchase, any amount of attention from developers.
3. In relation to the reserves of a company, conversion into capital of money, which is distributed as a matter of capitalization.
Area of influence:
1. The area of land that is their way into a watercourse, lake or reservoir.
2. By analogy, the area containing people who may be expected to obtain goods, services, employment or other benefits of a particular property. More particularly in relation to local retail, where the success of forecasting depends on the accuracy of the estimate of number of buyers (with a catchment population) who may be attracted to different parts of the area and the average expenditure, which was expected of them.
The central business district:
The functional center around which the rest of the city is comparison shopping, offices, leisure facilities, buildings for recreational use, public museums, art galleries and government functions. In general, the area of higher values of land within a city.
Settlement Area:
One area that must be cleared of all buildings. In general, issued a statement through the government, which is usually followed by land acquisition and settlement of the area. Certificate of Completion / statement:
1. (UK) statement prepared by attorneys, usually features a buyer and seller, respectively, following the transfer of an interest in the property, giving a list of the sums received leading to a balance that is the final amount due to the seller. In some cases the statement is prepared at a later date and may show a figure reimbursement by the buyer the seller.
2. A certificate from the local development authority certifying that all necessary works have been completed and the property is fit for occupation.
Condominium (U.S.):
A building or structure of two or more units, the interior space of the individual property and the balance of the property (land and buildings) was owned in common by the owners of individual units.
Transportation:
A document of title transfer from one person to another.
Current performance:
The interest rate paid, that is, or would be a case where the valuation date, assuming that the property is left in its full rental value. It will be the same as the performance of the reversal in the reversal is the full rental value, and the same long-term performance when credit under the contract rent is full rental value.
Developer:
An employer who has an interest in a property, initiates its development and ensures that this takes out (for occupation, investment or dealing) and from the outset accepts the responsibility to provide or make available the necessary funds needed to finance the project.
Control of development:
The powers of a local planning authority to control development and land use, including inter alia,
a) the refusal or grant (with or without conditions) of planning permission;
b) the issue of enforcement notices;
c) implementation of the revocation, modification or suspension orders;
d) the grant or refusal of approvals listed building;
e) the designations of conversion areas;
Performance Development:
In an assessment to determine a low income, the rate at which costs are capitalized to find the annual deduction of the income of the occupation, including:
a) an investment return
b) Developer annual allocation of risk and benefit and in some cases
c) a component of the annual sinking fund
Discount cash flows:
Techniques used in investment and development appraisal whereby future inflows and outflows of cash associated with a particular project are expressed in present codes. The most commonly used forms of DCF are the internal rate of return (IRR) and net present value (NPV). The techniques can be used for purposes such as the valuation of land and investment, the ranking of projects or their components.
Serfdom (UK):
A right belonging to a parcel of land overlooking the dominant owners use the land owner's servant in a particular manner, or limit the legal rights otherwise enjoyed by the owner servant, for example, a right of way, the right to light, right to food. Strictly speaking, the easement can not exist "in gross", ie personal and unattached to the land, but rights similar to easements can be created by law, usually for the benefit of utilities, and these are commonly referred to as "statutory easements".
Effective Rent:
The gross rent payable per month by the occupiers, which includes base rent, maintenance charges, imputed costs of loss of deposit interest security and advance rent. The effective rent indicates the total cash flow of an occupant in the account each month lease of any property.
Equity mortgage related:
A mortgage that the interest on the principal in part or in whole is calculated, usually annually, depending on the safety, eg may reflect annual increase or possible decreases in annual yield, or the value of the property which secures the mortgage.
Adjustment clause specified in the lease agreements in which the renewal of the lease term are built in:
This is an increase in base rent for each renewal of a lease of the base rent for each renewal of a lease and it is usually a percentage previously agreed or negotiated before renewal of the lease.
Facilities Management:
The coordination of many specialized disciplines to create the best possible working environment for staff.
No rent:
The rent determined by rent officer (or, on appeal, by a rent assessment committee) under a lease regulated and registered.
FERA:
A law to regulate the trading of specific foreign currency payments, securities, Import and export of currency and acquisition of property by foreigners. Under Article 31 (1) Regulation for the Common Foreign Exchange Act (FERA) of 1973, is mandatory for foreign corporations, which are not incorporated in India to obtain permission from the Reserve Bank of India (RBI) to acquire, possess, transfer or dispose of any form (wait for a lease for a period not exceeding five years) real estate in India.
Fire Certificate:
A certificate covering safety issues required by the regulations for hotels, boarding houses, factories, shops and offices of railway facilities, excluding those buildings containing less than a number minimum number of employees. To obtain a fire certificate, apply to a fire certificate, apply to a fire officer, who then inspects the building and issues a list of requirements (eg fire doors). Once the officer is satisfied that the fire that the requirements shall be issued fire certificate. It allows firefighters at an emergency, which among other things, prior knowledge of the number of people allowed on each floor, but also informing staff if any unauthorized flammable / explosive materials in the compound.
Fitouts:
They refer to interior decoration required in a permanent property including HVAC ducting, fire protection system implementation, establishment of workstations and telephone / computer cabling, among others, to make the property fit for use.
Flatted Factory:
An industrial building of more than one floor, usually with two or more goods lifts, and constructed or converted for multiple occupation. The building is divided into small units occupied by separately, used for manufacturing, assembly and storage associated.
Force Majeure:
A force that can not resist, in other words, something beyond the control of the parties involved. It includes acts of God and acts of man, for example, riots, strikes, arson. In contracts of many insurance policies, you specify an amount for damages caused by force majeure. For example, the financial responsibility of a construction contractor for not meeting a specific date may be relieved to the extent that it had to be force majeure. This is a common clause in most property contracts.
Foreclosure:
1. (UK) The mortgagees restricted power to extinguish the right of the mortgagor of redemption by transferring the mortgagor's interest in the property itself, if the mortgagors default in paying its debts, or to comply with other terms of the deed of mortgage.
2. (USA) The legal process whereby a lender can sell mortgage interest in the property to satisfy debt: also called "foreclosure sale". It also applies to the extinguishment of a mortgagors right of redemption. Freehold:
In common parlance, this is used as shorthand for the tenure of an estate in fee simple absolute in possession. Strictly speaking, however, includes both fees freehold, involves interest and leases for life. Facade (online): The total length of a parcel of land or a building beside the road as they the plot or building facades. In the case of contiguous buildings individual facades are usually measured in the middle of any wall of the parties.
Oiled:
Lease Back The removal by an owner of freehold or lease of its interest in a property or property leased property where the rent is geared to a fixed percentage of some variables, often rack rental value.
Cause of Gold (UK):
A clause in a lease which provides for rent to be reviewed by reference to the price of gold.
Green field site:
An area of land, usually on the outskirts of a town or city or outside the major urban areas, hitherto undeveloped but for which development is now proposed.
Gross External Area (GEA):
The total surface area of a building taking each floor into account. As described in the RICS / ISVA Code of Measuring Practice (UK), this includes: external walls and projections, internal walls and partitions, columns, pillars, fireplaces, breasts, stairs and lift wells, tanks and machine shops, fuel tanks or above the main roof and open-sided covered areas and enclosed parking, parking areas, terraces, etc.
Hi-hi-tech building (high technology building):
Primarily a modern industrial building which is particularly suited to flexible applications and space needs of business organizations dedicated to technology modern. These activities usually require more office space or laboratory than a traditional factory and also more sophisticated and adaptable installations for services and communications.
The high point of loading:
A loading concentration of abnormally heavy floor at one point or more particular sites in a building or other structure that additional support may be required.
HVAC:
Refers to the heating, ventilation and air conditioning installed in a building to regulate temperature. This includes air conditioning plants, chillers and piping systems that ensure uniform transfer of cold air or hot, as the case may be throughout the building.
India Stamp Act of 1899:
A legal statute, which provides for payment of stamp duty in the case of all real estate transactions that the duty of local governments. The value of the stamp duty depends on the payment of rent and the term of the lease or sale value, as the case may be. This duty is paid by purchasing non judicial Indian Stamp Paper, in which the Lease / documented sales agreements.
Improvements:
Generally, the physical changes that increase the capital value of land or buildings. These may include additional buildings, extensions to existing buildings, installation of new services, such as central heating and air conditioning and infrastructure. On the other hand, mere replacement by a modern equivalent if something worn normally be considered as a repair rather than an improvement. The legal and tax consequences.
Scripture:
A deed between two or more parties, each has its own copy. Originally copies were all included in one document from which each was broken or cut along wavy (intended) online. Institutional investors: These are generally including banks, pension funds, insurance companies, investment funds and investment trusts, which are together commonly in the field investment, "the institutions". Return on investment: The annual return is considered for a specific valuation in an investment that is expressed as the ratio of annual net income (actual or estimated) in the capital value. It is therefore a measure of investor opinion on the prospects and the risks associated with investment. The better the prospects and reduce risk, the lower the expected return and therefore the greater the value of capital. Performance required an estimated investment in the light of such factors as:
a) security in real terms of capital invested;
b) security in real terms and regularity of income;
c) the ability to adjust income to reflect market conditions;
d) the complexity and cost of management;
e) the ease and likely cost of implementing the capital;
f) the fiscal situation
Internal rate of return (IRR):
1. The interest rate (in percentage) in which all future cash flows (positive and negative) should be updated so that the net present value of flows cash should be zero. It is by trial and error by applying present values at different interest rates, in turn to the net cash flow. It's something that is called the discount rate of cash flow return.
2. An alternative explanation might be: the higher interest rate (in percentage) at which funded f generated cash flow sufficient to repay the original outlay at the end of life of the project.
Agent common:
One or two or more agents jointly instructions from a director to act on their behalf. In the case of estate agents this is normally on the basis that if any of the agents effect the sale, lease or other common representative (s) will share the remuneration in agreed proportions. None of these agents will be entitled to a commission if the transaction is concluded as a result of the introduction of another person.
Common Agent Single
One of two or more agents jointly instructed as the only players entitled to represent the principal. It is common for agents together to share any commission earned on an agreed basis, irrespective of the effects that the agent for the sale or rental.
Kiosk:
A small retail outlet closed, normally without toilet facilities and the area of retail, often located in a public competition or other place where it can remain open place where it can remain open only during peak hours and be closed securely when no customers. Kiosks are sometimes included in managed shopping schemes.
Land Assembly:
The process of forming a single site of a number of areas, usually for eventual development or redevelopment. This will include acquisition of individual interest eventual development or redevelopment. This will include the purchase of individual interests, disposal or discharge of restrictions or taxes and others to obtain physical possession, when necessary, to the occupants.
Owner:
The owner of an interest in the land that in consideration of rent or other payments (eg a premium), grants the right to exclusive possession of all or part of their land to another person during a specified period or determinable by a lease or rental.
Lease agreement:
An agreement, usually in writing between landlord and tenant, which allows the transfer of ownership to the lessee under a contract, and grants the use and control rights to the tenant by the duration of the lease. Apart from financial terms and conditions, several clauses describing the terms binding and other terms of the agreement also documented.
License:
The granting of a legal right to do something that would otherwise be illegal or unlawful. It may be gratuitous, contractual or with an interest in the land. The grantor of the license is the licensor and the licensee is the licensee. A gratuitous ( "simple" or "naked") always license can be revoked (ie, canceled), but the reversibility of a contractual license depends on the terms of the contract. A license, together with interest in the land may be irrevocable and unlike the other two categories, can be binding on successors in title of the licensor. An example of the license is permission, usually requires written specifically given by a landlord to a tenant, which allows you to do something that otherwise would go against a term contract lease. A license does not address the transfer of any interest in land, but may authorize the licensee to enter the licensor's land for specific purposes license, the licensor may enter the land and use any manner not inconsistent with the rights of the licensee. However, the owner may authorize by a license of any act or omission by a tenant, which would otherwise be a breach of the terms of the lease.
Bearing:
The ability of an element in a building structure to support a load, besides its own, either vertically or laterally. Thus, a cargo load-bearing wall is one, that supports the part of the structure, besides its own weight.
Maintenance on jargon Property Information:
The maintenance of a building, structure or physical function in a wind for example, determined and weather tight condition. The maintenance cost approved may be deductible from income tax.
Mattha:
The facade of a building with the main road.
Mortgage:
The transport of a legal or equitable interest in the freehold or lease as collateral for a loan with the possibility of redemption on repayment the loan. The lender (creditor) has powers of recovery in the event of default by the borrower (mortgagor). A mortgage is a form of load the ground and can be legal or equitable.
Negotiation:
Debate, writing or otherwise, between two or more parties, not the individual parts, with the aim of reaching a common agreement.
No confirmed use:
The use of a property, which does not conform to the allocation of area for planning purposes. This property may have been built in accordance with planning requirements in the time and there was a change in policy, more generally, the property was built before planning control was introduced.
Value Method NPV (net present):
A method used in the analysis of discounted cash flow to find the sum of money represents the difference between the current value of all cash inflows and outflows associated with the project by discounting each with a performance target.
Open market value:
1. The best price that can reasonably be expected to arise in the outstretched arms of an interest in a property in the valuation date, subject to the legal assumptions are necessary.
2. For the purpose of asset valuations this is defined by the Royal Institute of Chartered Surveyors (UK) as the best price you could reasonably expect to obtain an interest in a property on the date of valuation assuming:
-a willing seller
-a reasonable period to negotiate the sale
-values remain stable during this period
-that the property will be freely exposed to the market, and
-which is not taken into account for any higher price that can be granted by a person with special interest.
Costs expenses incurred by the owner of an interest in the property, usually calculated on an annual basis. eg management, repairs, taxes, insurance and rent payable to the holder of a higher interest, as applicable to their contract or other liabilities. It is prudent to provide for future annual issues involving expenditure at intervals of more a year.
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About the Author
Goa property
Golowin Legal, LLC – Elder Law, Estate Planning & Asset Protection
