Buying a property can be an overwhelming experience, both financially and emotionally. Hence, it is absolutely necessary to ensure that all the legal intricacies are absolutely unambiguous so that there is no legal hassle in the future. The intricacies to be kept in check are: Legal due diligence on the property by the buyer & an inquiry into the seller’s capacity to pay; Agreement to sell and earnest money; execution of sale deed; possession, Registration and completion of payment.
Procedure for Property Verification
Connect To Lawyers
We will connect you to property lawyers, who will generate all the required reports from the sub-registrar office.
Once the documents are received, the lawyers will verify all the property-related documents for checking the title and rights of the seller. The documents will also be verified to check that the documents have been registered and appropriate stamp duty has been paid.
FAQs on Property Verification
When should the property documents be verified?
If you’re a businessman taking a property on long-term lease, are purchasing a home (whether against a loan or not) or taking a loan against a property, this verification procedure is essential.
What are the benefits of verifying property documents?
It will give you complete peace of mind to know that there are no other claimants to your property. This is a big deal, given the vast sums involved in such a transaction.
Who conducts the verification of my documents?
This will be done through expert property lawyers.
How long will it take for the procedure to be over?
If all the documents are in order, property verification will take no longer than a week.
What all frauds can be committed by a seller in a sales transaction?
There are numerous frauds that can be committed. For example, the seller may not have the right to sell the property, or have only a partial right to sell it. Moreover, there may be a claim by some other person or party over the property. The registration takes place at the office of the Registrar or Sub-Registrar.
For how many years will the title search report be prepared?
You will receive Title Search report for the past 13 years as part of this package.