Real Estate Regulator in India

The Real Estate (Regulation and Development) Bill, 2013, is a bill to protect home buyers from unscrupulous developers and builders by setting up real estate regulator. This shall cover up all projects coming up on more than 1000 Sq mtr of land or involving more than 12 apartments. It also contains provision for mandatory public disclosure of all project details. Tough penal provisions have been prescribed under the bill for putting out misleading advertisement. To monitor and regulate real estate agents, this bill provides for registering them the proposed real estate regulator. To curb the menace of money being diverted to other project and consequently delay in completion of project, this bill provides that the developer will have to deposit 70% of the funds received for particular project. Adjudication officer under this bill shall not be below the rank of joint secretary. Further, it is also proposed to appoint a real estate appellate authority.

Opening bank account of executor

When a person writes a “will”, he nominates a person to as the “executor” of the will. The responsibility of the executor is to divide the property and other assets (“estate”) of the deceased among legal heirs or successors of the deceased. On death of the person, the executor has to approach the court and get the will probated. A copy of the will certified by a court is called “probate”. After obtaining the probate, the executor will take necessary action to execute the will. For this purpose, he may need to open a bank account in to which the balance of the deceased will be transferred. Accounts may be opened in the name of executors in the following manner: “XXXXX, Executor to the estate of YYYYY deceased.” Caution: (i) If more than one executor is appointed, they have to do it jointly. They may jointly authorize one of them to operate bank accounts. (ii) An executor cannot borrow on behalf of the estate. Hence, care should be take not to allow any overdraft in the account of an executor. (iii) Bank should exercise caution allow transfer of money from such account to the personal account of the executor.