As there is a sudden economic growth in the market of property, the flimsy legal system has encouraged arbitrary legal practices for the buying and selling of any property. Due to such prevailing conditions it becomes mandatory for the parties to contract to scrutinize the document before dealing with any verification of the property. [1]Purchasing a property can be an experience filled with exhilaration both financially and emotionally. Thus, it is totally important to guarantee that all the lawful complexities are completely unambiguous so that there is no legitimate issue later on. The complexities that could hassle in the future could be related to Legal due persistence on the property by the purchaser and an investigation into the merchant’s ability to pay; Agreement to sell and earnest cash; execution of offer deed; ownership, Registration and culmination of installment. Fundamentally property verification is a process of detecting whether the property legally belongs to the seller which is mainly carried by the financial institutes. It helps in estimating the overall value of the property, the complete analysis of the property is undertaken by the process of property verification. The legitimacy of the property is also determined through such verification. This procedure is also beneficial while financing from banks and other institutions as the Clarence chit that we get from this process help in advancing loans without any trouble. This process helps in acquiring of property with all legitimate ways. Property verification tells us whether the property which is involved business has any arbitrary document attached to it or not. By and large, it takes 5 to 8 days in finishing the property confirmation process through LegalDocs.
Why is Property Verification essential?
[2]Whenever we are buying a property, or taking it on lease or taking an advance against the property, we need to do the property verification to check the authenticity of the documents related to the possession of the property.
The procedure of property verification
Take the assistance of the lawyer: Before buying a property its necessary for all of us to know the subject matter related to the possession, a 360-degree analysis is necessary to know whether the property is claimed by other claimants. Lawyers residing somewhere near to the place of the property should be employed since they know the details of the transaction and the property which is used in the transaction. The lawyer hired should be well versed with all the laws related to the verification of the property. Verification of the property is a great task so as to undertake the same, the requirement of all the legal instruments are necessary. Lawyers that deal with property related issues are mandatory in managing these operations to have an unambiguous legal proceeding with all the necessary documents.
Taking assistance from various agencies concerned: There are the institutions that help in providing assistance for faster completion of the verification. The professionals involved are highly aware of the arena and they are the experts of their field. Their far fetch knowledge helps in a speedy process. They not only provide quality service that is required for this verification but also helps in further documentation.
Things Associated with the Verification
Research as to verification of the property is undertaken then, keeping in consideration all the documents related to the property. Research becomes an important element for the buyer as it indicates the legality of the property and its applicability. After collection of all these details, a report is submitted and after the auditing and verification, the adept knowledge of the expertise team arrives on this matter.
Essential Documents Required in the Process of Property Verification
- Sale Deed
- Conveyance Deed
- Agreement ton sale
- GPA/power of attorney
- Will
- Relinquishment deed
- Partition Deed
- Freehold/mutation details
Benefits of Property Verification in India
- [4]Confirmation that property associated with exchange is liberated from litigation.
- Simpler to take advances against the property after the process of verification.
- Confirmation that the property representative has the option to sell the property.
- Obviating from a transaction if phoney or forged documents are conferred.
- The seller may attempt to sell a similar property on different occasions and misrepresent individuals, which can be kept away from through property checks on the web.
[1] https://vakilsearch.com/property-verification#section3
[2] http://www.propertydocumentverification.com/blog/property-verification/
[3] https://vakilsearch.com/property-verification#section3
[4] https://legaldocs.co.in/property-verification.
This article is authored by Janvi Parihar, 2nd-year B.com L.L.B (Hons) student of Institute of Law Nirma University.
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