Property Verification - An Overview
Verifying ownership of a property is important. It assures that the person claiming possession is the owner and it is free of litigation. When purchasing or selling a property in India, the need for property verification cannot be overseen. It is known as property due diligence or title verification. It involves verifying the ownership and title of a property for various purposes.
In the past, property records in India were not digitised, resulting in limited accessibility to information. This gave rise to many legal disputes on property ownership and conflicting claims. The process involves examining the title document, and confirming the seller's identity. It involves claims, or liens against the property, checking tax records, and figuring out the land's intended use. This process helps minimise the occurrence of future legal disputes related to the property.
Benefits of Property Document Verification
- Property documents verification provides assurance that the property is clear of any litigation
- A verification report for the property simplifies the loan application
- Verifying the property assures that the owner has complete permission and rights for sales
- If false or incorrect documents have been supplied, the contract may also be rejected
- Utilising online property verification services safeguards sellers from fraudulent buyers
- It prevents buyers from reselling a property that has already been sold to another potential buyer.
Document Required for Property Document Verification
Documents Required
The real estate property business in India has been made simpler with Vakilsearch. To ensure a worthwhile investment, the following documents are to be submitted for property due diligence:
- Sales deed
- Will partition deed
- Power of attorney
- Agreement to sale
- Relinquishment deed
Chain Of Documents
Property Title
The property title represents the current ownership status of the property. It will be registered at the sub-registrar's office.
Mortgage Documents
If there are any mortgages associated with the property, it is necessary to verify the relevant documents. The buyer must be willing to purchase the property with the mortgages in place. The seller must settle the mortgages before the sale.
Encumbrance Certificate
A certificate of encumbrance is given to attest to the absence of any encumbrances on the property. It includes mortgages, liens, and unpaid property taxes.
Procedure for Property Papers Verification
Step 1: Contact our team and provide us with all relevant property documents
Step 2: We will assign a qualified lawyer or property expert to handle your case
Step 3: The assigned lawyer or expert will verify the title deed and ownership chain of the property
Step 4: We will conduct a thorough check to identify any encumbrances or liens on the property
Step 5: The lawyer or expert will get an encumbrance certificate from the authority
Step 6: We will review the property tax receipts to ensure that all payments are up-to-date
Step 7: The assigned professional will verify the building plan approvals with regulations
Step 8: The lawyer or expert will cross-check all gathered information with authorities
Step 9: We will verify the seller's identity and legal capacity to sell the property
Step 10: The assigned lawyer or expert will provide a comprehensive legal opinion.
Why Do You Need to Verify a Property?
It helps in buying or selling real estate in India. It entails verifying the ownership and legality of the property. This ensures a simple and lawful transaction. By conducting a property document verification, one may make sure the property is owned by the rightful owner. We make sure that there are no liens or other legal difficulties. The property verification process encompasses the following steps:
- Examining ownership documents
- Validating the seller's identity
- Checking for ongoing legal disputes or litigation
- Verifying property tax records
- Investigating encumbrances like mortgages or liens
- Confirming land-use permissions and approvals from local authorities.
Vakilsearch property verification helps in ensuring the legality, validity, and legal impediments.
Time Required for Property Verification
The time required for property documents verification can vary depending on the following factors:
- The type of property: The type of property can affect the time required for verification. For example, a residential property may require less verification than a commercial property.
- The location of the property: The location of the property can also affect the time required for verification. For example, a property in a remote area may require more verification than a property in a major city.
- The availability of records: The availability of records can also affect the time required for verification. For example, if the property has a long history, it may take longer to verify the records.
- The complexity of the transaction: The complexity of the transaction can also affect the time required for verification. For example, a property with multiple owners or a property that is being used as collateral for a loan may require more verification.
Why Vakilsearch?
Vakilsearch is regarded as a reliable source for property document verification. We save you time and provide you peace of mind by ensuring accurate documentation, title searches, and property due diligence. You can get in touch with real estate solicitors who will obtain the necessary reports from the sub-registrar office. The attorneys will review all property-related papers after they have been received in order to confirm the seller's title and rights. The property paperwork will also be checked to ensure that the correct stamp duty has been paid and that the documents have been registered.
FAQs on Property Documents Verification
Recent Updates
5,300 acres of land were the subject of 237 sale deed registration that were done illegally at 38 Sub-Registrar offices around Tamil Nadu. The response to the revelation resulted in the suspension of nine officers. Around 60 officers were discovered to have been involved in the registration of 6,892 acres of land in violation of an order from a Supreme
Court-appointed panel that had prohibited the registration of these particular assets in a large registration scam that was uncovered in July 2022. To curb this a few amendments were made. As per the amendments, the Registrar may first send a show-cause notice to individuals suspected of malpractice under the authority of Sections 77-A and 77-B of the modified legislation, asking them to provide justification for the registration's continued status.
The registration may be cancelled if the Registrar is not persuaded by the responses. The aggrieved may file a grievance with the Inspector-general of registration within 30 days of cancellation, according to Section 77-B of the modified Act.
According to the modified Act, violators of the rules who register documents, including government employees, face ‘punishment with imprisonment for a time which may be extended to three years, with fine or with both’ the registration of transactions that are forbidden by any central or state Act is also prohibited.