PROPERTY TITLE SEARCH / VALUATION
Title is a legal term which means ownership of a property. Any person who wishes to buy or sell a property he must first and foremost ensure and establish the ownership of the property. Ownership is established through the title deeds and documents. Use of property, Valuation, Claims on the Property etc. are also important checks on a property. The property must not be subject matter of any litigation between parties. It is imperative for a buyer or seller beforesigning the deedthat he has had the Property Title Search and Valuation done toverify all the particulars regarding the property.
For persons buying/selling a parcel of land; that the land should have all clearances according to the local laws of the state and as per the enactments by the centre; if any applicable. The person who owns the landmust have the right to use, lease, sell, and gift or transfer the deed. The land should be free from any encumbrances and not subject to acquisition or acquisition proceedings. The revenue record of the land must be clear and should show the ownership and no remarks should be on the record which are a hindrance to the ownership of the land.
While undertaking a Property Title Search and Valuation for a parcel of land, commercial building or residential property the important points to be noted are as follows:
- Th ownership: The property must be owned by the person who is claiming ownership as per the records of the competent authority and appropriate departments.
- There must not be any dispute or claim by a third party on the property as the government records or the records of the courts. A court must not have granted a stay on the property or attached the property against any claims.
- Where the ownership is by one person or more than one person or multiple owners;name and address of the owners and their interest in property and related registered deeds, sale deeds or other documents must be obtained.
- In case of any mortgage, lease or tenancy, all documents and record should form a part of the search. In case the lease and tenancy are registered; a copy of the same should be obtained.
- Any arrears of property tax or utility bills such as electricity/water bills must be included in the search.
- The current assessment of the government value and fair market value are an important aspect of the Property Title Search and Valuation.
Title deeds/ Documents: Sale deeds, Gift Deeds, Transfer deeds, conveyance deed which are registered with the office of the Sub Registrar are considered as title deeds. Where there is inheritance; registered Will if any, Transfer documents, mutations and order of the court where required are important to establish title to the Property. Where the property is agricultural land and has been inherited; the relevant record would be the revenue record from the local revenue office and certified copy of the mutations. It is suggested to undertake a search for more than 20 years to have a clear picture the title ownership.
In a sale transaction; the owner must have all therecords, documents and registered deedsand all the other legal documents that are necessary establish his ownership to the property. The Purchaser or a buyer should undertake this exercise of reviewing the entire paperwork before entering into any agreement.
Property Title Search and Valuation of the property helps a person understand the current market value assessment of the property. The valuation must be by an authorized and registered government valuer and not a local real estate agent. The value is based on a lot of aspects such as area where the property is located, type of property, size of the property, location, connectivity to the roads, proximity to the commercial areas, proximity to any landmark such as Airport, railway station or important public building; construction if any on the property, quality of construction, current market scenario in the area where the property is located.
Legal Help NRI has an exclusive and dedicated team looking after the Property Title Search and Valuation. Our teams work across India and assist the clients in these searches for a property anywhere in India. We are of the firm belief that before initiating or starting any process for a property; a person must start must undertake a search on the assets to evaluate all the pros and cons of such a property.
Most of our NRI clients seek assistance in this area to understand the value of their property and understand the ownership of the property.
An example is that a Client has been living in Fremont, California for the last 40 years. His father had assets in Delhi and Chandigarh. His interest was to sell the properties. There was record to establish the ownership of his father but in this duration of 15 years which after the death of the father, the client had taken no steps vis a vis the properties. Property Title Search and Valuation Report in a scenario like this becomes helpful as the team could understand the current status of ownership, tenancy if any, claims by any person, valuation (if the sale process had to take place).
Our endeavor is to offer our client with services to our client as per the requirement. The objective is to watch the interest of theclient.