1) How to know property(NA Plot, Farmhouse) that we are buying is not a disputed land? I have basic idea of 7/12 Extract and Encumbrance Certificate are required. 2) Taking help from a local Advocate by providing them with above mentioned two documents (7/12 Extract and Encumbrance Certificate) will work? 3) Loan facility is available for a NA plot - does that makes it somewhat reliable property? 4) Out of the track question - but can anyone suggest or knows legal property or property dealer from whom we can think of buying NA plots near Pune, Mumbai.
First answer received in 30 minutes.
Lawyers are available now to answer your questions.
1) ask seller to produce original documents of title
2) take 30 years title search
3) ask lawyer to give in writing that title is clear and marketable . he will after taking search give his opinion
4) banks generally do due diligence before sanctioning loan . they check whether title is clear and marketable
5) do not know any property dealer for purchase of NA plots
Thanks for the quick response. 1) I didn't understood - take 30 years title search. What do you mean by Title Search. Does that mean buyer need to have all details of 30 years of respective property? OR it's a deed title in the name of the seller and if he has the full right to sell it. Can a Lawyer help in verifying and validating those document ? 2) What if the Deed/Title is in hold with multiple people? Do we need clearance from all? If someone doesn't provide clearance can't we construct anything on that property? 3) Bank is providing 80% Loan for a property. So due diligence from bank can be considered ? 4) Is there any portal online/offline to check background of Selling Agency? Thanks, Saurabh
1) a title search is performed primarily to determine
Does the seller have a saleable interest in the property?
Do any liens exist on the property
2) it is done to check whether seller has full rights to sell the property
3) if there are number of co owners their consent is needed for sale of property
4)bank will do due diligence before sanction of loan
1. You have to undertake a title search in the office of sub-registrar to ascertain if the title is free and marketable. This will include collecting and perusing every document in the chain of title and also those documents which are of revenue nature.
2. The assistance of a local advocate should be taken to initiate the process and take it to a logical conclusion.
3. Do not rely on sanction of loan to the property. The banks botch up their own due diligence.
If the title vests in more than one person then each co-owner has to sign the sale deed in favour of the prospective buyer.
1. First obtain the title documents of the seller, including his previous title link documents, get the patta passbook, encumbrance certificate for 30 years, NA conversion records/approval from authority
2. You certainly have to obtain legal opinion from an experienced lawyer by producing before him all the documents necessary for rendering proper legal opinion on the property;
3. Loan eligibility is different to that of the tracing of title and disputes;
4. You can search for one through internet, this is not a legal question.
1) I didn't understood - take 30 years title search. What do you mean by Title Search. Does that mean buyer need to have all details of 30 years of respective property? OR it's a deed title in the name of the seller and if he has the full right to sell it. Can a Lawyer help in verifying and validating those document ?
The title search is nothing but tracing of title to more than 30 years back to the present date, this can be done by moving an application before the registrar's office, this can be done by an advocate.
2) What if the Deed/Title is in hold with multiple people? Do we need clearance from all? If someone doesn't provide clearance can't we construct anything on that property?
If the property is jointly owned by several people then all the owners have to sign the registered sale deed in favor of the buyer.
3) Bank is providing 80% Loan for a property. So due diligence from bank can be considered ?
Legal adviser of bank will communicate to you the required documents in this regard.
4) Is there any portal online/offline to check background of Selling Agency?
You have to see and verify from their website about this.