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Thursday, May 19, 2016

Research the Property Title

 

Research the property title

Title Verification is an important part of acquisition of a house. Given below is an indicative checklist of documents to be verified by a prospective purchaser before deciding on purchase of a house. Generally, the banks also insist on these documents before sanctioning a loan. So if you are taking loan to purchase a house, you must keep all these documents handy. These documents should be scrutinized before you give any advance to the seller in case you are buying a house.

 

 

If you are purchasing freehold residential plot or house

Main documents to be verified in such cases are:

  • Sale deed through which the seller got his title to the property
  • Earlier sale deeds - to verify the chain of past owners of the property
  • Registration details of sale deed (which establishes title of the property to the purchaser)
  • Copy of the sale deed for registration purposes
  • Agreement to sell the property. This always precedes the sale deed.
  • Receipts of payments made by the purchaser to the seller
  • Possession certificate
  • Sanctioned map of the house, completion certificate and payment of house tax etc.

These documents will have to be prepared and signed.


If seller is a power of attorney (POA) of a property or signally sold by a Govt. Development Authority

In such a case, these following documents need to be referred to:

  • Allotment letter issued by the authority
  • Possession letter
  • Receipts of payments made to authority
  • Permission to mortgage
  • Authorization letter signed by the seller
  • Verification of signature of seller from his bank
  • General power of attorney held by seller
  • Special power of attorney held by seller
  • Will issued by original allotte in account of seller
  • Agreement to sell the property


If you are purchasing a flat in a group housing society from an original member of the society

In such a case, these documents could be verified:

  • Share certificate issued by the society
  • Lease deed of society
  • Registration details of the society
  • Bye-laws of the society
  • No objection certificate from the society
  • Approved building plan
  • Undertaking from the society (in case the property is still under construction)
  • Allotment letter
  • Possession letter
  • Receipts of payments made to Local civic authorities
  • Permission to mortgage, if required to take loan
  • Authorization letter signed by seller
  • Verify receipts of payments made by purchaser to seller

In case you are purchasing a flat in a group housing society from a power of attorney holder, include these to the above:

  • General power of attorney
  • Special power of attorney
  • Will
  • Verify agreement to sell the property


These lists of documents do not constitute an exhaustive list; it always pays to be cautious. They are indicative, take out time to verify title and other related documents. Satisfy yourself that the seller is eligible to sell the property under reference.

In case purchasing a flat from a Builder:

When you are purchasing a flat from a builder in a building under construction or fully constructed. In such a case, these documents could be verified:

  • Approved plan of the building along with the number of floors.
  • Ensure that urban land ceiling NOC (if applicable) has been obtained or not.
  • NOC from water and electricity authorities also have to be obtained.
  • NOC from lift authorities.
  • Ensure that the floor that you are buying is approved.
  • Check if the land on which the builder is building is his or he has undertaken an agreement with a landlord. If so, check the title of the land ownership with the help of an advocate.
  • Check the building byelaws as applicable in that area and ensure that the builder is building without any violation of front setback, side setbacks, height, etc.
  • Check specifications given in the agreement to sell of the sale brochure. Is he providing the same actually on the ground or not?
  • Check the reputation of the builder.
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