WHAT IS PROPERTY VERIFICATION
Buying a property or land can be an overwhelming experience, both financially and emotionally. Hence, it is absolutely necessary to ensure that all the legal intricacies are absolutely unambiguous so that there is no legal hassle in the future. The intricacies to be kept in check are: Legal due diligence on the property by the buyer & an inquiry into the seller's capacity to pay; Agreement to sell and earnest money; execution of sale deed; possession, Registration and completion of payment.
Whenever someone wants to buy a property or take a home loan or mortgaging property against a loan or taking property on lease for long term, it is necessary for them to check out all the documents related to the property before making a decision to buy so that in future the owner doesn’t get into legal trouble because of improper documents..
Property - Land, House, Apartment, or Villa - is probably the biggest investment you will make in your lifetime. While buying property is a dream achievement for most, for a few it often turns into a nightmare.Due to the complex regulations and laws, investing in property is a very difficult task. Most buyers spend months - first asking for and trying to procure the numerous documents, and then more time, effort and money in trying to verify their authenticity
But not anymore. MyLawyers.in’s Property Verification Services is headed by expert property lawyers. Our property lawyers put your documents under the proverbial microscope, acquire other necessary documents from relevant sources, and give you a detailed report about the property status.
BENEFITS OF PROPERTY VERIFICATION
- Assurance that property involved in transaction is free from litigations
- Easier to take loans against property after verification
- Assurance that seller has right to sell the property
- Avoiding a transaction if fake or forged documents are presented
- The seller might try to sell the same property multiple times and fraud people which can be avoided through property verification online.
Documents required for verification
- Property title: Property title shows the current ownership of the property and it is present in the records at sub registrar’s office.
- Mortgage documents: If there are any mortgages on the property then the documents related to it must be verified and buyer must be willing to buy it along with mortgages or mortgage must be paid by the seller.
- Encumbrance certificate: It is a certificate issued when the property is free from encumbrances like liens,mortgages,property tax etc.
- Sanctioned plan and built up area: Sanctioned plan is something that has been sanctioned by the government and built up area is something where actual construction on property has taken place.If there is difference in these two, it might create trouble.
- Property Tax Receipts: These are the receipts proving that the seller has been paying tax on the property to the government on regular basis.
- Khata Extract/Khata Certificate
