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Re: GOA - Buyer Beware!
Technical? Yup. Click on it.;)
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Re: GOA - Buyer Beware!
Originally Posted by noni
(Post 4973775)
Hi, Hope you have battened down the hatches for the next storm. It has been horrific over here. There is a possibility of a damn bursting and houses are under several feet of water in Yorkshire etc. With parts of the M1 closed, and according to the forecast worse on the way.
Seen it on the news:eek:. It must be damn miserable for those caught up in it. We are actually getting off light in NI for a change. Are you near all this flooding? If so crack open the noff, down a prozac, put on your favourite CD and dream of Goa. By the way, this is not good advice..........but what the hell.:ohmy: Kind Regards, Remy |
Re: GOA - Buyer Beware!
Originally Posted by leavinggoa
(Post 4973456)
Registration of Foreigners
By the way, I hope all you good people who have "bought" or bought, fill out Form C under the Registration of Foreigners Rules 1939 and submit same to your local police station within 48 hours of arrival.:D I expect there'll be a few "do whats?":blink: so I've scanned one.:D more relevant forms here under Form Download hth AndyD 8-)# |
Re: GOA - Buyer Beware!
Originally Posted by a_f_d
(Post 4974913)
that looks like the form that hotels etc. have to fill in - see this
more relevant forms here under Form Download hth AndyD 8-)# |
Re: GOA - Buyer Beware!
By law every foreign visitor must be registered with the local police. That is the form hotels and guest houses use. Even if you have a relative staying at your house, you still must register them. It's the law.:rofl:
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Re: GOA - Buyer Beware!
Buying/ selling a house? Some LEGAL must-knows
This has just been posted on IM. http://www.rediff.com/getahead/2007/jun/27home.htm |
Re: GOA - Buyer Beware!
Hi leavinggoa,
The para below from your last post seems to confirm douglass theory that agreements to sale signed by non resident FNs are invalid , sales deeds too. FNs, resident or not, cannot engage in partnerships or proprietory businesses either. Any person who buys or agrees to buy property for a consideration paid or promised to be paid or part-paid and part-promised to be paid is the buyer. It is one of the essentials of a valid sale that the buyer must not be disqualified under any law in force even for the time being in force from acting as a buyer. regards douglas |
Re: GOA - Buyer Beware!
Yes. That's the bit that struck me.
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Re: GOA - Buyer Beware!
leavinggoa linked to this
the same stuff is available elsewhere but that site has it very clearly set out, thanks for the link Douglas said: The para below from your last post seems to confirm douglass theory that agreements to sale signed by non resident FNs are invalid , sales deeds too. FNs, resident or not, cannot engage in partnerships or proprietory businesses either. AndyD 8-)# |
Re: GOA - Buyer Beware!
Originally Posted by a_f_d
(Post 4979570)
leavinggoa linked to this
the same stuff is available elsewhere but that site has it very clearly set out, thanks for the link Douglas said: Well we've had this discussion before, but to re-state my pov: Douglas is correct about sales deeds but not about Agreements to Sale (which refer to a future event). I'm not sure whether a special meaning is being given to 'partnerships or proprietory businesses' here, but FEMA certainly permits foreign ownership of or participation in Indian companies or branches of foreign companies. The Master Circular itemises the %age investment allowed for different types of activity (fwiw - this thread passim - it also defines Real Estate business as dealing in land or buildings for profit; quite distinct from a real estate agency which is in the business of introducing buyer and seller for a fee). AndyD 8-)# The way i read it is - Any person who buys = refers to a sales deed or agrees to buy property for a consideration paid = refers to an agreement to sale For the benefit of newbies, I agree with you that FNs can own shares in cos engaging in certain activities in india and that company ownership of immovable property is permitted for suitable purpose. But remember that the co is a separate legal entity to the warm blooded FN shareholders and directors, who are not permitted to directly own businesses in india as warm blooded individuals. Ergo, the fact that a co can purchase immovable property and vehicles in india for suitable purpose, is down to the fact that the co is deemed to be resident, not necessarily the warm blooded FNs connected with it. regards douglas |
Re: GOA - Buyer Beware!
Originally Posted by Douglas M
(Post 4979754)
H, a-f-d
The way i read it is - Any person who buys = refers to a sales deed or agrees to buy property for a consideration paid = refers to an agreement to sale For the benefit of newbies, I agree with you that FNs can own shares in cos engaging in certain activities in india and that company ownership of immovable property is permitted for suitable purpose. But remember that the co is a separate legal entity to the warm blooded FN shareholders and directors, who are not permitted to directly own businesses in india as warm blooded individuals. Ergo, the fact that a co can purchase immovable property and vehicles in india for suitable purpose, is down to the fact that the co is deemed to be resident, not necessarily the warm blooded FNs connected with it. regards douglas the FEMA rules refer to the transfer of immovable property, now as I have quoted before: CONTRACT OF SALE As per Section 54 of the T. P. Act, a contract for the sale of immovable property is a contract laying down that the 'Sale' of such property shall take place on the terms settled between the parties in the said contract. Such contract for sale does not create any interest in or charge on such immovable property. The contract for sale does not result in any transfer of ownership. However a sort of obligation is created in respect of the ownership of the property. AndyD 8-)# |
Re: GOA - Buyer Beware!
Originally Posted by a_f_d
(Post 4980566)
Hi Douglas,
the FEMA rules refer to the transfer of immovable property, now as I have quoted before: that's a quote from these people but the Act is readily available. AndyD 8-)# I agree that FEMA refers to transferring, and the act of transferring includes buying. However, in this case,the lawyer is not just referring to the act of buying, but also agreeing to buy , related but separate issues in this case i think. The law can operate on two or more tracks simultaneously eg applying different statutes and or case law. In this case we have two issues and maybe more than one track. The "buying" bit probably refers to FEMA as you say, the "agreeing to buy" maybe refers to contract legislation, or case law. There must be a reason why this lawyer worded his/her response in this way. regards douglas |
Re: GOA - Buyer Beware!
There must be a reason why this lawyer worded his/her response in this way. regards douglas seems to me that a lot of people automatically give answers that relate to FERA if they aren't routinely involved in these matters. AndyD 8-)# |
Re: GOA - Buyer Beware!
Originally Posted by Douglas M
(Post 4981431)
Hi a-f-d,
I agree that FEMA refers to transferring, and the act of transferring includes buying. However, in this case,the lawyer is not just referring to the act of buying, but also agreeing to buy , related but separate issues in this case i think. The law can operate on two or more tracks simultaneously eg applying different statutes and or case law. In this case we have two issues and maybe more than one track. The "buying" bit probably refers to FEMA as you say, the "agreeing to buy" maybe refers to contract legislation, or case law. There must be a reason why this lawyer worded his/her response in this way. regards douglas Been worried about you, thought you had been washed away with the Monsoon, or Mrs. D. had you under control. The more I read about FEMA the more confused I am. The Register is closed to FN so you can't register your property, can't get a visa over 180 days. and you can't legally buy if you are a FN. That's it - am i right, or more confused than I thought?:confused: |
Re: GOA - Buyer Beware!
Originally Posted by noni
(Post 4981533)
Hi Douglas,
Been worried about you, thought you had been washed away with the Monsoon, or Mrs. D. had you under control. The more I read about FEMA the more confused I am. The Register is closed to FN so you can't register your property, can't get a visa over 180 days. and you can't legally buy if you are a FN. That's it - am i right, or more confused than I thought?:confused: I am still around Noni, but a little more subdued than usual due to mrs douglas practicing her control and restraint techniques with much greater effectiveness than usual. In the past, I used to laugh off her attempts at an arm lock and takedown and just do as i pleased, but since she bought the stun gun, (half price with every 3 XL damart vests) the balance of power has changed somewhat in the douglas household, hence the minimal activity of late. The monsoon in this part of malaysia is delightful, it rains mostly during late afternoon or at night and so far no signs of flooding . On your first two points you are in practice correct, on the third non resident FNs cannot buy and never could, but in theory FNs can still buy in india if they fulfill the residency requirement. However, most FNs cannot currently fulfill the requirement for residency due to your first two points. Goan chicken and egg conundrum once again. kind regards douglas |
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