Importance of title Search of Property in India
A title is a legal term; it means the ownership right to property. A title search of the property is the prime concern of everyone at the time of purchasing of property in India. Every property has a title. A title is the evidence of the right of ownership or the ground of right of ownership of property and land. The title can be created by an act of parties or by operation of law.
Property Management Lawyers – To get your land records documents
Title to immovable property is ascertained by perusing relevant “Documents” and “Deeds” concerning to such property. The term “Document” has very wide import. Under general law ‘document’ means any matter expressed or described upon any substance through letters, figures or mark for the goal of recording that matter. The documents relating to the property or property documents or commercial transactions are generally called Instruments or Deeds.
Title Verification of land records in India
- A title shows ownership: Barring a valid legal dispute, a property or land title works as an authoritative land record or property ownership. Without the appropriate title, the legal system will not identify an unfiled deed or informal agreement.
- All property owners can hold their own duplicate titles: Individual owner of a land title can hold a legally legitimate copy of the title. The registry of title deed will make a note of each owner’s copy in the record keeping system to verify the validity of each county-issued copy. In the matter of trust and company-based ownership, a recognized administrator may hold a copy of the title deed on the trust’s or company’s behalf.
(Access to a copy of the title deed can facilitate land negotiations and prevent various disputes.)
- Prospective landowners often conduct title searches to uncover potential issues: During a title search, an investigator will look at years’ worth of land documentation to identify potential issues with land ownership. A title search can prevent unsuspecting new owners from accepting liability for past issues. For example, a property owner cannot sell or transfer ownership rights of property with unresolved tax issues. An outstanding lien can provide any ownership transaction invalid.
Title search show information about property taxes, land and property work agreements, CC&Rs (covenants, conditions, and restrictions), issues with deed documentation and unresolved title ownership claims, and more. If a past property owner gave a company or property usage rights or person easement, the title search will also reveal these recorded contracts.
While buyers and lenders usually use title searches during the buying and selling process, many other parties may benefit from a title search. Homebuilders, businesses, and government officials may use title searches for risk management as well as for investment protection purposes.
- Title insurance balances the risk associated with title transference: To minimize the effects of issues not identified during a title search, many land buyers invest in title insurance as part of the closing prices of a transaction. Owner’s title insurance often renders coverage for losses up to the full price of the title in the matter that an issued jeopardizes a claim to ownership in the future. Owner’s insurance policies will also include dispute resolution legal costs covering damages awarded to another party up to policy limits. Lender’s title insurance protects the lender’s agreement with the borrower. In the matter of a land dispute, the policy will cover the lender’s losses and legal expenses.
It is always recommended to hire a property lawyer before facing any issue regarding property search especially if you are an NRI Since It is clear that the Title Search is an essential activity before buying a property in India.
A systematic approach under the guidance of the law firm related to search, registry, land title, land record search and then, getting the property ownership documents and land records in order.
As a Property lawyer, we ensure that our all clients get accurate legal advice for property related matters at every stage of the legal court matter with the help of Property Management Lawyers in Punjab, Chandigarh, Gujarat, and Delhi.
