Sometimes, the myths and misconceptions about property ownership lead to many legal complications and losses

The key to clarity is clearing some of these misunderstandings so that one can make informed decisions. Here are four common myths about property ownership and their truths:

1. Verbal Agreements Are Legally Binding

A common notion is that a verbal agreement is sufficient to prove ownership or seal the deal regarding the property. The verbal agreements might be considered for small transactions, but they will not be accepted in the case of property. Under the law, any agreement over real estate needs to be in writing, suitably stamped, and registered also to be used. Otherwise, such deals can easily be challenged, leaving the buyer vulnerable.

2. Once You Pay, the Property is Yours

The payee is of the view that when he pays the full purchase amount, he becomes the legal owner of the property. That, however, is not true because the ownership is transferred only upon the execution and registration of the sale deed with the concerned authority. In the absence of this process, the buyer does not have a claim over the property even if he pays the full amount, which again helps avoid future disputes.

3. Co-ownership is treated as equal right

The second false notion is that sharing joint ownership means equality of rights amongst all the owners. On the contrary, this is also based on what was indicated by terms of agreement either on property papers or other such related documents. There should always be clear percentages defined for every co-owner to prevent further confusion after it is too late, mainly during the sale of a piece of land or division through inheritance.

4. Inheritance Automatically Does Not Impart Right to Property

People usually believe that inheritance automatically imparts the right to own property. Not at all, though. Legal heirs have to undergo specific formalities like obtaining a succession certificate, probate, or legal heir certificate, depending upon the case. Without such documents, although the heir may have legitimate claims, they can neither transfer nor sell ownership.

Understanding these myths and the realities behind them ensures a smoother property ownership journey, safeguarding both financial investments and peace of mind.