Property Verification

PROPERTY VERIFICATION

 

Acting with due diligence is always advisable than being sorry on the later spot. The real estate industry in a fast growing one which makes it exposed to various fraudulent activities like forging, misrepresentation, etc. Therefore it is advisable to conduct verification of all the documents before entering into an agreement with the seller to ensure any discrepancies in the future. This will also eliminate various risk and assist you in planning your purchase. Property verification is of two types:

FULL SEARCH REPORT: The history of the property to 30 years prior to the purchase will be collected. This is mainly done in case of a purchase of the property.

LIMITED SEARCH REPORT: The report is created for the purpose of the lease, where the history to 15 years prior to the lease will be collected.

Panomics Legal Mentors is an online legal service platform where a team of expert legal professionals from India, offering a variety of legal services relating to legal notices, negotiable instruments, company registrations, intellectual property, tax services, personal and property services.

The average process time for servicing is within 14 days, subject to government processing time and documents submitted by clients. Panomics Legal Mentors will help you to register a Private Limited Company from the comfort of your home, offering you services that are very specialized and tailored for each individual.

Get a free Consultation for Company registration with Our Top Rated Experts with a simple registration.

WHY CHOOSE Panomics Legal Mentors?

 

This organization comprises of expert legal professionals, who use their expertise will conduct property verification of your desire to purchase and shall cover all the legal requirements and needs of the parties. The experience and the knowledge that our professionals hold can help you at collecting and processing all the documents more systemized and plan your purchase by avoiding confusions or difficulties in the future.

We also have arrangements for timely addressing of clients issues and a team to keep you updated about the process.

ADVANTAGES

 

1. ELIMINATE RISKS: – The verification ensures the reliability over the documents; this shall eliminate the various risk of being prone to fraudulent acts or misrepresentations.

2. PLAN YOUR PURCHASE: – The buyer can plan their purchase by foreseeing possible hurdles that may arise in the future.

3.  PEACEFUL POSSESSION: – The buyer can possess the property without facing many hurdles of multiple claims over the property as all the aspects are already verified before the purchase.

DOCUMENTS REQUIRED

  1. Property Title: Property title shows the current owner of the property along with the current records at sub-registrar’s office.
  2. Encumbrance Certificate: This certificate is issued, when the property is free from encumbrances such as liens, property tax, mortgages, etc.
  3. Mortgage Documents: All the mortgage documents must be verified and the buyer must be willing to buy it and the mortgage must be paid by the seller.
  4. Sanctioned plan: Sanction plan is something, that must be sanctioned by the government.
  5. Property Tax receipt: These are the property receipts in which the seller has been paying tax on the property to the government.

 

Click here to know more about “Property Registration”

 

PROCESS

 

  1. Ascertain the legal capacity of the seller to sell the property.
  2. Identify the nature of owner’s right over the property, for example, if the ownership Is freehold, absolute ownership, through government allotment, perpetual succession or tenancy right has to be determined to ensure the transferability right of the owner.
  3. Origin of the ownership right hold by the current owner has to be spotted. There are various means through which a person acquires ownership over a property like through purchase, perpetual lease, will, gift, inheritance, and partition.
  4. See if construction is permitted in the land. If there is any construction in existence within the land then its legality has to be examined.
  5. Check whether the property is encumbered.
  6. Check whether the property is acquired by the government to ensure that the title vests with the original owner at the time of purchase.
  7. Check the validity of the title held by the owner by examining the registration document of the property with the Sub-Registrar of Properties and details of payment of stamp duties and registration fee.