Title verification of property in India. -
Land is a subject within the powers of the state governments under the Constitution of India and, therefore, property laws in India can vary from state to state. Apart from local laws, several laws enforced by the central government also govern the ownership of property (including interest in property) through purchase / sale, transfer, mortgage, inheritance or gift. Transfer of property other than agricultural land, registration of deeds and documents are in the concurrent list. When a person acquires or owns any immovable property, the law also gives him the right to use, lease, sell, rent or transfer / gift the land. The owner also has the right to pledge his or her immovable property as security for the loan.
In this we will deal with the title checks required for various purposes including sales, leases, subleases and mortgages. The purpose of brevity shall include the purposes of the lease, sublease, license and mortgage in the context of the sale where applicable.
Below you can see our important services like how to apply for a food license, how long does it take for a trademark registration and what is the process of the industry base registration.
Title is a legal term, it means the ownership of property. Property title is the major concern of all at the time of purchase of property. Every property has a title. Title is the basis of right of ownership or right of ownership. The title may be created by the operation of the act or law of the parties.
The title of immovable property is considered to be related to the relevant "document" and "property". There is a very wide import of the word "document". The general document 'under common law' means any substance expressed or described on any substance, based on a letter, figure or mark for the purpose of filing that case. Documents related to property or commercial transactions are usually called instruments or deeds.
Importance of title verification
A title proves ownership. A land title serves as an official record for land ownership, barring a valid legal dispute. Without the appropriate title, the legal system will not recognize an unrecognized deed or informal contract.
All owners can have their own duplicate title: each owner of a land title can hold a legally valid copy of the title. The Register of Deeds will give a note of each owner's copy in the recordkeeping system to confirm the validity of each county-issued copy. In the case of trusts and company-based ownership, a recognized administrator may hold a copy of the title on behalf of the trust or company.
(Accessing a copy of the title can facilitate land negotiations and prevent disputes.)
Get property advice
Potential landowners often conduct title searches to uncover potential issues: During a title search, an investigator will look through years of land documentation to identify potential issues with land ownership. A title search may prevent new owners from accepting liability for previous issues. For example, a property owner may not sell or transfer ownership rights to a property with unresolved tax issues. An outstanding lien can invalidate any ownership transaction.
Title searches include information about property taxes, property deeds agreements, CCs and Rupees (covenants, conditions and restrictions), deed documentation and issues with unresolved ownership claims, and more. If the previous property owner has given rights to a company or individual to rest or use the property, the search will also reveal these recorded covenants.
While buyers and lenders typically use title searches during the purchase / sale process, many other parties may benefit from title search. Home builders, businesses, and government officials can use title searches for risk management and investment protection purposes.
Title insurance reduces the risk associated with title transfer: To reduce the effects of issues not discovered during the title search, many land buyers invest in title insurance as part of the closing costs of the transaction. Owner title insurance often provides coverage for losses up to the full price of the title in the event that the issued future jeopardizes the claim of ownership. Owner's insurance policies will also cover dispute resolution legal costs, including losses awarded to another party up to the policy limit. The title insurance of the lender protects the lender's agreement with the borrower. In the event of a land dispute, the policy will cover the loss and legal expenses of the lender.
It is clear that title verification is an essential activity before purchasing a property.
Title verification process for the property
Top of property in most real estate transactions by attorney or title company
0 Comments