Gurgaon: MCG seals 52 properties

With the date of auction approach, the Municipal Corporation of Gurugram (MCG) has, because Wednesday, sealed fifty-two homes of constructing proprietors who did not pay belongings tax mcg client login. The MCG has often been sporting properties out sealing drives as it is going to begin auctioning properties of Gurgaon tax defaulters from August 8 to recover dues. On July 20, the MCG had also sealed 70 stores in Sector seventy-four after their owners did not pay the property tax dues. Since Wednesday, municipal business enterprise officers have sealed residences at Mehrauli-Gurgaon Road (MG Road), sectors 37, 4, 7, and Palam Vihar. These residences consist of stores located in department shops in Sector 4, in MG Road and at the Vyapar Kendra in Palam Vihar.

“Around 600 homes have been sealed within the city thus far, and proprietors set free after warnings. While maximum tax defaulters cleared their dues and reclaimed their properties, the final who did no longer achieve this face the chance in their homes being auctioned from August underneath Section one hundred thirty (way of convalescing tax or fee) of the Haryana Municipal Act, 1994,” stated SS Rohilla, spokesperson, MCG. With rebate schemes now not on provide, the MCG has warned defaulters to pay their tax dues by means of August 31 or their institutions may want to move underneath the hammer. The company will begin the auctioning process with 20 homes of tax defaulters that have been sealed in February. In 2016-17 financial, the MCG has accumulated around Rs500 crore in property tax due to the Rs387 crore gathered ultimate economic pro wall property.

Black’s Law Dictionary basically defines ” Fiduciary” is a term derived from the Roman law, which means, as a noun, a person or legal entity, holding the character of a trustee, concerning the trust and confidence involved as scrupulous good-faith and candor towards another’s affairs. A fiduciary also has duties which are described as involving good-faith, trust, special confidence, and candor toward another’s interests. Typical fiduciary duties are imposed on and include such relationships as executor, administrator, trustee, real estate agents, attorneys, and, of course, property managers. A person or company manages money or property, i.e., the manager, for other people must exercise a standard of care in that the interests of the money or property owners are placed above and beyond those of the property manager. In some states, like California, a property manager is statutorily defined as an individual or entity with the same duties as a trustee, i.e., a fiduciary, where is Gurgaon India.

The way I always explain it to clients, using my hands to demonstrate, is that my interests and at the top of my head (one hand at the crown of my head), but the client’s interest rise above and beyond my head and take precedence over my own (holding both of my hands above my head in a clasped position). Most people understand the gesture and comprehend that my interests are much lower than those of the clients in our relationship as a property manager and a lawyer.

Common Fiduciary Duties Owed by Property Managers

Since a property manager is a fiduciary, they must act with the highest good faith and fair dealing concerning the owner’s asset and disclose all material information that may affect the owner’s decision-making. They can’t in any way, shape, or form act adversely to the owner’s interests. This may sound easy, but there are situations that arise that tempt even the best property managers to sometimes not act in their client’s best interests to suit their own self-interested convenience. Unfortunate as that may sound, it happens regularly. The following is a shortlist of some common sense duties, rights, and wrongs when a fiduciary relationship exists between a manager and an owner.

A manager should have a written agreement with their clients and may even be legally entitled to profit from services they provide to the owner; however, a manager may not secretly profit from this relationship. For example, a manager may charge an eight percent markup on vendors’ materials and services to the owner’s property. This is legal and acceptable, provided that the agreement between the parties is in concert with the markup. If this markup was not in the agreement then the law requires a property manager to disgorge or relinquish any and all secret profits derived from the relationship. There are so many possible examples of this, but a common one is a manager making a percentage profit on work and services provided to their clients but not disclosed; like a new roof, bathroom remodels, repairs to interior walls, etc.

A property manager is required to disclose

any rental offers received along with documentation of those offers such that the property owner is well informed about all potential tenants. It is easy for a manager to fail to provide names of potential tenants that don’t necessarily qualify or are poor credit risks as this would involve more work for the manager. A property manager is statutorily required to act for the sole benefit of the asset owner in matters that evolve from the relationship, whether or not those matters are seemingly insignificant or they are significantly material. Information about a tenant who falls behind on their rent must be immediately communicated to the asset owner. If your management company uses a software system that allows an “Owner Portal,” this information is readily available to see and anytime one has access to the internet.

If a manager receives information that a tenant has caused damage to a property the owner should be notified as soon as feasibly possible. It is easy for the manager to not disclose this information for fear of confronting the disgruntled owner or just not wanting to deal with the conflict associated with that situation. A trust account that holds deposits and rent monies for the basset owner’s benefits a common ground for fiduciary duty breaches. The law precludes a manager from the client trust funds’ commingling with broker or manager owned funds.