Is your property safe?
Now a days, we read or come across many news about the frauds and cheating in property matters. As property investment is one of the biggest and safest investments in today’s world and for the land owner it is an important asset for the lifetime, it shows the importance of holding a property under your name with clear title. The basic reason behind the property being not clear title or going into litigation is because of the negligence of the buyer or the property owner.
Buying a property is a safe investment only if the property is purchased by taking all care and caution while purchasing it. Buying a property is merely an affair of transferring the title of the property. And it can be done only when the title or the supporting documents are clean and clear.
If you are already an owner of a property, it is extremely necessary to have frequent check on the legal status of your asset. You can do it by keeping fresh records of the property related papers and by keeping the information about latest land and revenue related plans of the government and the local municipal authorities.
If you smell any threat or any such thing that might be affecting your title on the property, it is always recommended to investigate the matter immediately by collecting all the fresh records of the property and also to issue a public notice in the local newspaper about the title of the property. You can also take help of any Legal professional in that area.
Before purchasing a property it is extremely necessary to do the thorough and proper legal search of the property you are willing to purchase, even though you are buying a it from a reputed brand or from any known person.
The Legal search of the property begins with the title of the owner and the history of the property. Even while purchasing a flat or a commercial property or resale property it is always necessary to verify all the property related documents and the history of the property you are planning to purchase.
To verify the history of the property, you can check the updated current 7/12 extract of the property duly issued by the office of local Talathi.
Through the 7/12 extract you can come to know the name / names of the owner / owners, the Hissa (share) of the owner, the property Gat Number or the Survey Number, if any other person or entity does have any right in the property then it is mentioned in the column of the other rights in the 7/12 extract, and all the mutations (Ferfar) numbers of the past transactions made in relation of the same property.
You can avail those mutation records and past transaction documents from the regional record office of the Sub registrar. You can even get the copy of those documents by paying the charges specified by the government.
It is necessary to verify all those documents mentioned in the mutations of the property you are planning to purchase.
Remember, the documents which are duly registrar in the office of the Sub registrar only come under the Government records and with their mutation number.
It is also necessary to get a fresh copy of the zone certificate of the property. The zone certificate will help you in knowing the exact reserved zone of that property by the municipal corporation. If the property is reserved or acquired or to be acquired by the Municipal Corporation for some specific reason, then the use of the land for some other purpose is illegal.
You can verify the copy of the exact demarcation map of the property duly stamped and signed by the Government office to check and know the dimensions and directions of the property.
To verify whether any person or authority or institution has any encumbrance or right or interest in the same property or any such transaction which is not in the records, it is always advisable to issue a public notice in the local newspaper about the title of the property.
It is also necessary to check the Development Plan of the Municipal corporation or the local authorities.
Adv. Yogen Kakade
Advocates & Consultants