By doing Title verification of property one can scrutinize that the transferor is the real owner of the property and subsequently he has the power to transfer the rightful possession or title of the property is completely free from any encumbrances and deformities. Moreover, such verifications will likewise assist you with mitigating the danger invloved with the transaction.
For real estate, the title refers to the rights arising out of lawful ownership of property. A clear title is conclusive proof of ownership. In this way, whenever a real estate transaction materializes, an intensive title search must be done to guarantee a reasonable and attractive title because a defective title may land you in legal and financial trouble.
In case the property is under construction it is important to scrutinize whether the developer is the owner of the land or he has enrolled into a joint development agreement with the landowner. In the case of the latter, a power of attorney must be executed between the landowner and the developer and the said must be scrutinized. It must also be scrutinized if the builder is complying with all local construction and safety rules, if the builder had sought necessary permissions and if the construction is in compliance with the sale agreement.
Sometimes property can be used as collateral to take a loan, which means the property is subject to lien or mortgage and cannot be transacted further without the prior permission of the lender
It is also important to ascertain that there is no pending litigation having the said property as the subject matter. It can be determined by searching civil courts under whose jurisdiction the said property lies. According to Section 55 of the Transfer of Property Act, 1882 the seller is bound to disclose any material defect on the property and he is also liable to answer all such questions put to him by the buyer of the property about the title of the property. Following the above mentioned key-points title verification is conducted on basis of finding and a search report is formulated.
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