Overview
Freehold property ownership allows you to have full control over the property and you are free to modify, transfer ownership or use it in compliance with the local laws. Your freehold property is registered in your name and do not involve any lease agreements or periodic payments. It provides you with a higher level of ownership security and legal rights.
What are the Legal Aspects of a Freehold Property?
The legal aspects of freehold property include the following:Title Deed
The title deed for freehold property is the most important document of owning a freehold property. The reason is it that it is a testimony to the ownership of your land and the house or building constructed on it. It includes essential information about your property—detailed description of the property, ownership details, encumbrances, purchase price, and legal conveyance.
How to Register Freehold Property?
The registration of your property is a legal process that involves the ownership of you property, such as land or building in public records with a government entity, like county clerk’s office or a local land registry. Freehold property legal process involves property title verification, sale agreement creation, encumbrance certificate, payment of stamp duty and registration fees, drafting of sale deed, and property registration.Compliance with Local Laws and Regulations
Adhering to local laws and regulations while owning a freehold property means following the rules and regulations set by local authorities in regard to property use, modifications and maintenance. Local laws and regulations include building codes compliance, observance of zoning laws, securing planning permissions, following environmental regulations, maintaining property standards, and paying property taxes.Flexibility
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• Unrestricted Ownership: As an owner of the freehold property, you get unrestricted ownership of your property. It means that your property is free from hold and does not have any restrictions. You do not need any renewal documents to have ownership of your property. You can rent it, sell it, or pass it for inheritance.• Time Period of Ownership: Since the property is free from hold, there is no restriction on your ownership. Your freehold property rights remain protected until you sell it.
• Ownership Rights: One of the best advantages of freehold property is that you get to enjoy ownership rights. You can make any changes, rent, sell, or lease the property without any frowns.
• Finance: You can have freehold property financing by getting financial help from banks and financial institutions.
• Maintenance Costs: You are responsible for all maintenance and damage costs on your freehold property. You get to enjoy complete ownership of your property and the maintenance cost comes along with it.
• Usage Restrictions: There are no usage restrictions on your freehold property. You can build parking space, keep any pet, or rent your property.
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