Property Verification
● Effortless property registration with our specialists.
● service assistance for verification.
- Property Verification: An Overview
● Verifying property ownership is crucial to ensure that the person claiming possession is indeed the owner and that the property is free from litigation. In India, verification, also known as property due diligence or title verification, is an essential step when buying or selling a property. This process involves confirming ownership and title for various purposes.
● Historically, property records in India were not digitized, leading to limited access to information and numerous legal disputes over ownership. The verification process includes examining title documents, confirming the seller’s identity, identifying any claims or liens on the property, checking tax records, and determining the land’s intended use. Proper verification helps reduce the likelihood of future legal disputes.
- Benefits of Property Document Verification
● Property document verification ensures that the property is free from any litigation.
● A verification report streamlines the loan application process.
● Confirming the property’s legitimacy guarantees that the owner has full rights to sell.
● Contracts may be rejected if false or incorrect documents are presented.
● Online property verification services protect sellers from fraudulent buyers.
● It prevents buyers from reselling a property that has already been sold to someone else.
- Required Documents for Verifying Ownership and Properties
To facilitate property due diligence, the following documents should be submitted:
● Sales deed
● Will or partition deed
● Power of attorney
● Agreement to sell
● Relinquishment deed
Chain of Documents :
● Property Title
The property title reflects the current ownership status and is registered with the sub-registrar’s office.
● Mortgage Documents
If the property has any mortgages, it’s essential to verify these documents. The buyer should be aware that they are purchasing the property with any existing mortgages, and the seller must resolve these mortgages prior to the sale.
● Encumbrance Certificate
An encumbrance certificate verifies that the property is free from any encumbrances, including mortgages, liens, and unpaid property taxes.
- Procedure for Verifying Property Details
1. Contact Our Team: Reach out and provide all relevant property documents.
2. Assign a Specialist: We will designate a qualified lawyer or property expert to manage your case.
3. Verify Ownership: The assigned professional will check the title deed and the chain of ownership.
4. Conduct Thorough Checks: We will perform a detailed examination to identify any encumbrances or liens on the property.
5. Obtain an Encumbrance Certificate: The lawyer or expert will secure an encumbrance certificate from the relevant authority.
6. Review Tax Receipts: We will verify that all property tax payments are current.
7. Check Building Approvals: The assigned professional will ensure that building plan approvals comply with regulations.
8. Cross-Check Information: The lawyer or expert will validate all collected information with the appropriate authorities.
9. Verify Seller’s Identity: We will confirm the seller’s identity and their legal ability to sell the property.
10. Provide Legal Opinion: The assigned lawyer or expert will deliver a comprehensive legal opinion on the property.
- Importance of Ensuring Property Authenticity and Accuracy
Verifying a property is essential for ensuring a smooth and lawful transaction in the real estate market. This process confirms that the property is owned by the rightful owner and that there are no legal issues such as liens or disputes.
Key steps include:
● Examining ownership documents
● Validating the seller’s identity
● Checking for ongoing litigation
● Reviewing property tax records
● Investigating any encumbrances
● Confirming land-use permissions and approvals
GTS’s property verification services help ensure the legality and validity of the property, as well as identify any potential legal obstacles.
- Time Required for Accurate Verification Process
● Type of Property:
Different property types may require varying levels of verification. For instance, residential properties typically need less scrutiny than commercial ones.
● Location of the Property:
The property’s location can influence verification duration; properties in remote areas may require more extensive checks compared to those in major cities.
● Availability of Records:
If the property has a long history, accessing and verifying the necessary records may take more time.
● Complexity of the Transaction:
Transactions involving multiple owners or properties used as collateral for loans generally require more thorough verification, which can extend the timeline.
- Why Choose GTS?
GTS is a trusted partner for property document verification. We streamline the process, ensuring accurate documentation, title searches, and thorough due diligence. Our real estate solicitors will obtain necessary reports from the sub-registrar’s office and verify all property-related documents to confirm the seller’s title and rights, ensuring compliance with stamp duty requirements and registration processes.
- Frequently Asked Questions (FAQs)
Property verification is vital because it guarantees that the property you plan to purchase has a clear title, free from legal disputes and with valid ownership. This process helps safeguard you against potential legal issues that may arise in the future.
Property due diligence encompasses several critical steps, including: Verifying Ownership Documents, Checking for Encumbrances, Conducting Title Searches, Examining Property Tax Records, Investigating Legal Disputes
The time required for property verification varies based on the complexity of the case. Generally, it takes a few weeks to complete the necessary checks and produce a thorough report.
While you can conduct some basic checks, property verification involves legal intricacies that are best handled by professionals. It’s advisable to hire experts with experience in property law to ensure a thorough and accurate process.
If property verification uncovers any issues, you can negotiate with the seller to address them. Seeking legal advice is also recommended, and in some cases, you may choose to reconsider the purchase entirely. This approach helps you avoid potential risks and complications related to the property.
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