Title documents Review/verification
Property Title Verification In India
Land records, in their present state, are mostly physical records that aren’t computerised or digitalised. This makes the manual process for title verification of a property, a cumbersome, time-consuming, cost-ineffective process that’s heavily reliant on local legal counsels or agents. the govt of India is spearheading a drive to digitise all land records and make a centralised database for land ownership across rural, semi-urban, and concrete areas.
If you’re curious about buying land in India, then you want to know that various state rules are applicable on an equivalent , and hence these rules may vary from one state to a different . Besides, there are many Central Government laws which also regulate the ownership of property.
Herein we shall affect investigation of title required for various purposes including sale, lease, sublease and mortgage. For the aim of brevity the reference of sale shall also mean to incorporate purposes of lease, sublease, license and mortgage where applicable.
The procedure of Title Verification for Property
A search of the Title or legal description of the property is undertaken in most land transactions by the Attorney or a Title company. The Attorney/Title Company has got to first undergo the previous records of the property. The property may need “Chain of Titles”. The Attorney has got to see whether there’s any Encumbrance on the property.
Sometimes a Legal Heirship Certificate is additionally essential to work out the Title of the Property if there’s quite one person because the owner of the property. it’s essential to define the connection of the owners. But this is often generally done if the Owner of the property may be a dead person which person has quite one personal representative . In such a case it’s essential to point out the connection of the deceased and his personal representative . It also has got to be checked whether any Objection has been raised on the Sale of the said property.
Mother Deed is important to trace the origin of the property. it’s a document that helps within the further sale of the property, thereby establishing the new ownership. just in case of absence of the first Mother Deed, certified copies should be obtained from the registering authorities. Mother Deed includes the change in ownership of the property, be it through sale, partition, gift or inheritance. it’s vital that the Mother Deed records the references to previous ownership during a sequence and will be continuous and unbroken. just in case of a missing sequence, one should ask the records from the registering offices, revenue records or the recitals (preamble) in other documents. The sequence should be updated until the present owner.
What is a sale Deed?
A sale deed is a official document that showcases the transfer of title, rights, and ownership of a property from a seller to a buyer.
It is the foremost important document that legally reports the proof for the customer and seller. it’s an important document for both the customer or the transferee and therefore the seller or the transferor. the acquisition or sale of the property isn’t legally complete until a purchase deed is signed between the customer and therefore the seller. Normally, a sale deed is signed only after both the parties are satisfied and suits the terms and conditions.
What should a sale deed include?
In general, a sale deed should include the below-mentioned details-
Descriptions of the parties involved- the complete name, complete address, contact details, age & occupation for every of the buyers and sellers.
Description of the property being transferred- id number, correct address, dimensions of the property, construction details of the building, if there’s any.
Indemnity & encumbrance clause- This includes a declaration from the vendor that the property being transferred is free from every encumbrance, litigation, and charge. Also, the vendor indemnifies the customer from any pending charges during this regard.
The seller should settle a pending loan taken with the concerned property as a mortgage, before proceeding with the sale. the customer has every right to look at the related documents before registration.
The sale consideration- It’s the worth at which the transfer deal is closed. This section should also mention the advance amount paid if there’s any. The parties should explicitly agree on the dates of payment, the mode of payment, etc. the worth and therefore the details of the transactions made should be mentioned in both figures and numbers. The sale deed should also mention the receipts of the sale transaction.
Delivery & possession of the property- the deed should specifically mention the date of handover to and possession by the customer .