Introduction to Property Verification
While you buy a property, it is indeed a joyous moment for you as well as your family. It is an altogether remarkable experience both financially and emotionally. Thus in order to have a hassle-free future, one must check all kind of confusions regarding the property. The following must be checked for property verification.
The Agreement for the selling and the earnest money
The execution of sale deed
Possession of the property
The Registration along with the Completion of payment of the property.
Documents required for Property Verification
The following documents are required for the verification pROCedure of the Property verification:
Conveyance Deed, Sale Deed and Relinquishment Deed
The Agreement To Sell
GPA/Power Of Attorney
If there is any form of Will
Mutation Details or Freehold details etc.
Importance of Title Verification
The following are the benefits of Property Title Verification in India:
The title is proof of ownership. If there is a land title present, then at times of disputes, it acts as an authoritative record for the land or property ownership.
Every owner of the property title is allowed to have a valid copy of the title. The number of copies issued is held by the Register of deeds for the record keeping.
In cases of a Trust or Company based ownership, the administrator (who is recognised) can issue the copy of the title in the name of the Trust or Company, respectively. It helps in the prevention of disputes.
The Landowners sometimes might conduct Title Searches in order to look for revealing the potential issues.
If there is a new property owner, then the Title Search helps the owner to have a trust on the previous owner.
In the case of Title Transference, Title insurance negates the risk which might be associated with it.