Property Title search
Why Choose Dastawezz ?
In the context of real estate, the Title basically refers to the rights arising out of lawful ownership of property. A clear title is conclusive proof of ownership. So, whenever a real estate transaction takes place a thorough title search is done to ensure clear and marketable title because a defective title may land you in legal and financial trouble.Title verification is a process of checking and verifying property documents for ascertaining the legal ownership of property and determining any defects in the title of the property. Generally, title verification is conducted by a real-estate attorney or a professional title search company and after that a report called ‘Abstract of Title’ or ‘Title Search Report’ is produced on the basis of verification.Generally, a title search is conducted for a time period ranging from twelve to thirty years, which can be extended or reduced as per the objective of the party and nature of the transaction.
A Search Report must cover the following points –
- Firstly, the search report must specify the details and particulars as to location, measurements, area of the property.
- It must elucidate who is the owner of the property whether it is individual, company, trust, or other legal person. It should also include a legal opinion on the issue- how the legal personality of the owner will impact on the title of the property.
- It must include a table of scrutinized records, deeds and documents and the documents which are verified by the authorities must be outlined.
- It must clarify the nature of the right of the transferor, if it is absolute in terms of enjoyment, possession and disposal or not.
- It must specify if there is any charge or dues or lien on the property.
- It should specify if the property in question is subject to mortgage.
- It should inform if there is any kind of encumbrances upon the property for example unpaid tax mortgages, unpaid loans etc.
- Search Report must specify if there is any third party interest on the property.
- It must elucidate if the property is the subject matter of any ongoing litigation or if it is in the process of acquisition by the government.
- At last, it must conclude that if the title of the property is clear and marketable.
- Further, any specific advice, comment or opinion can also be inserted in conclusion.
ADVANTAGES / FEATURES
A property derives its value from the title itself. A property with a defective title holds no value, only a clear title can set a seal on the fact that you have an explicit right to own the property and sell it further.
So, while investing money into real-estate it becomes crucial to scrutinize whether or not you will have a clear marketable title, which determines that ownership rights are free from any doubts, risks and clear of any kind of claims, encumbrances and defects.