All About Property Or Land Search In India
By Nemi Bhavsar
Property search or land search is also known as title search. Property Search refers to the enquiries made by the property lawyer to gather more information about a property that a client wants to or is planning to purchase. It is one of the parts of the home buying process where real estate attorney will conduct various searches with the relevant parties and local authority.
The following are some of the main aspects of property search or land search or property ownership search:
2)Water and Property
Why it is important to do property ownership search in India?
In India, it is very important to conduct a property title search. Property search must be done to verify if the property to be purchased has any sort of impeccable title and if it is free from any such kind of charges. Considering the budget of the property, a title search of the property will be helpful to avoid any sort of legal discrepancies.
Benefits of Property Ownership Search
Usually, the property search is conducted prior to the purchase of the properties, especially properties owned by banks. A complete title search or property search will provides all details about existing liens and outstanding if any. Apart from that it will also verify the other legal issues and judgments involving the property, deeds or any other important public records.Irrespective of the above-mentioned aspects, a comprehensive title search or property search by a real estate attorney will make sure hassle free transaction for the client and will protect them from any type of legal discrepancies in the future.
Difference between Government Price & Market Price
Generally, property value is determined by the Government. The estimated market value of the property is determined and maintained by the government. Ideally, it should be the market value of the property. However, in most of the cases the value determined by the government is lower the market value of the property but it may be higher in rare cases. Thus, the State government also has the authority to fix the market value of the properties in their respective states.
Why Measurement of property is required?
Measuring a property’s floor area is important and crucial for various reasons including the calculation of service charge for lease agreements, illustration of property for marketing purposes and etc. The ways to measure properties may differ across India as it depends on the standard area used for measurement. For example, in Punjab, some floor measurement may include car parks, common areas and parking spaces.
Role of Property Management Companies in Property Search / Land Search in India
Property Management Companies helps to ensure the authenticity of the documents of the property. They screen the applications and make sure that the property is not suspicious, disputed or not related to the person who claims to be the owner of the property.
From the above analysis and explanation, it can be concluded that property search or title search or land search is very important. It is a vital aspect and a property search must be conducted before buying any property so that any sort of legal complications can be avoided in future.