NRI Title Search Lawyers to your rescue
Purchasing property is a demanding task, right from searching the suitable property up until the final transfer of the title. It involves a legal process of documentation and research to circumvent any future trouble with the law. Title search is one such important step during the purchase of the property. It is beneficial if the concerned buyer, appoints an authorised NRI Title search lawyer, to look into the past transactions and records of the proposed property.
Apart from the property buyers, a lot of commercial institutions and insurance companies, hire the services of NRI Title search lawyers, especially while dealing with the NRI properties.
What is Title Search?
Title Search is an examination of the current and past records of the property. It involves checking the public records to ascertain the propriety of the ownership and its extent. Title search traces the history of the property, from its past transfers, all the owners and title deed. It looks for any outstanding encumbrances, deficiencies, dispute or litigation regarding the property, to have a clean transfer to the buyer without any impending responsibilities of the previous owner.
Why is Title Search done?
Title Search is, basically, investigation of the property to be purchased, to make sure that the buyer is getting what he is being promised. It is mandatory to avoid any misappropriation or passing on of impending burdens on to the shoulder of the buyer by the builder or the owner of the property. It is also conducted by the banks in case of loans and mortgages. All of the tax-related transactions, the construction plan, approvals; in gist, everything is looked into in the Title Search. The standard procedure prevalent is of researching past 33 years of the documentation of any property.
When is Title Search done?
The first step of buying any property is to look for the suitable property. It is done either by the buyer himself or an agent/broker is hired for the same. Once the property is finalised to be bought, the next step is of Title Search. It is one of the most important parts of the sale/purchase agreement, for the entire agreement is based on this research.
Who does the Title Search?
Title search is a specialised field, having trained professionals who conduct such researches for future buyers, banks, commercial institutions, insurance companies, builders etc. In most cases, these are the legal professionals/ lawyers.
NRI Title search lawyer, are the ones who specifically deals with the NRI Clientele. If you are an NRI buyer, make sure to have a skilled NRI Title search lawyer. NRI Title search lawyers are the most equipped professionals to peep into the past records as they know what to look for and where. And indeed have the legal proficiency to understand the complex document.
How is Title Search done?
A title search is usually conducted in various steps, according to the requirement of the property in question. These steps may include:
1) Collecting Information – All the information regarding the current and past deeds of the property is collected, either from the owner himself or from the concerned authorities. It is the foundation of the title search process as it forms the basis of all the comparisons between what is promised and what actually is at the offer.
2) Matching the documents – Once all the information required is collected, it is checked for their legal competence. It means, that a suitable authority, in this case, a NRI Title search lawyer goes through all the collected information and ascertain whether these are legally appropriate. In case of the documents provided by the owner, they are matched with the official records to rule out any forging.
3) Spot Surveys – Spot surveys establish the ownership rights. For this, NRI Title search lawyer conducts interview with the neighbours and builder to ensure that the seller is the owner and has the right to make the sale. NRI Title search lawyers also search about the legality of the possession, any loan or dispute, that may hinder the clean transfer of the property.
4) Look for Ratification Deed – Ratification deed is the supplementary agreement, to change the main clause. It might entirely change the nature of the original agreement. It is necessary for the seller to make the buyer aware of any such deed for a transparent and lawful transaction. NRI Title search lawyer will look for ratification deed, if any, and studies it.
5) No Dues – Government levy various taxes and charges on the property, according to the law of the land. It is apparent that the owner pay these taxes to have undisputed rights. NRI Title search lawyer looks for any unsettled dues, so that the buyer is not duped to pay the unpaid taxes or charges of the seller.
Types of Title Search
Title Search is broadly divided into full coverage search and limited coverage search. These can be further described as –
Full Coverage Search –
A full coverage search is done for the sale/resale agreement and involves the scouting of all the documents, inclusive of the liens, agreements, conditions and restrictions, ordinances, proceedings of bankruptcy against the owner etc. that have some impact on the real property.
NRI Title search lawyers will furnish all the required information from different authorities and compile a report. The report is then reviewed to see whether are in accordance with the law and offer a clean transfer of the property.
Limited Coverage Search –
It involves the researching the lien documents of the property, and bankruptcy proceedings, if any, against the owner. These are usually conducted for the refinance purposes by the banks. Banks too appoint the NRI Title search lawyer to carry out the title search for them.
If you are an NRI looking to buy or sale property back home, avail the experienced team of NRI Title search lawyers from Lexlords Management Services. Our team of NRI Title search lawyers possess vast experience and prowess to efficiently carry out the Title Search.