sagar 02 December 2017

Search and title report for loan

Dear sir/Ma'am, I would like to know which act in maharashtra governs rules regarding search and title report for bank loan. And if you can oblige me by stating the same Thanks and regards, Sagar Agarwal

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5 Replies

N.K.Assumi (Advocate) 02 December 2017

There is no rules governing Title Investigation Report or Escrow Report. It is the function of lawyer assign by the bank or financial institutions to prepare for loan etc. This is no easy function and require lots of legal research in preparation of escrow report.

sagar 02 December 2017

Hello Sir, Thank you for your prompt reply. I am actually going through a case against bank for loan on my property on basis of fraud by my uncle in year 2011. The lawyer of bank has done search only in one haveli and given clear title whereas we had registered lis pendence already in 2010 and the same has been hidden. So is there any guideline by RBI for searching in all haveli or something ? Thanks

Kumar Doab (FIN) 02 December 2017

The concerned bank can cite the internal SOP and RBI guidelines and other codes if any.

sagar 02 December 2017

Thank you again Sir. But the concerned bank is also involved because of corrupt bank officers and are not co operating. Though civil criminal and DRT cases are ongoing. Would appreciate if you have any information for the same ... Thanks again