digvijay kurade (planning to do practice) 30 May 2009

search report

with respect to the search reports,bank requires for granting loan ,which documents are to be searched and from which offices?

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N.K.Assumi (Advocate) 30 May 2009

Loan is for which scheme? Is it for House building loan?

digvijay kurade (planning to do practice) 30 May 2009

any loan in which any property is being mortgaged

N.K.Assumi (Advocate) 30 May 2009

There are various methods by which title to a parcel of real property can be examined.

The job of searching the public records to identify existing rights is not an easy task. The title searcher or Abstracter reviews the public records to find all aspects of title, which can be examined and recognized. From the title search, the title examiner produces an opinion of title, from which the company will issue its insurance, loan etc.

In many cases title are traced back that far; instead, local customs and title examiner try to bring out the perfect history from their source or root, to the present day. Each transfer of ownership is a link, in what is referred to as the chain of title. As each transaction takes place, there is potential for a problem. Even if the entire chain of title appears to be in order, the chain is still subject to interpretation. When searching a title, what we are trying to determine are the various rights and interests that make up each link in the chain as it has passed from one owner to another.

Title is composed of three basic elements.

1. Rights and interest that are disclosed in the public records or physical inspection of the property eg, deeds, mortgages, leases, parties in possession, utility, easements etc.

2. Rights and interests that are not recorded but exist eg, limitations imposed by laws and statues etc.

3. Rights and interest that are hidden eg, forgeries, secret, marriages and unknown heirs.

Every title is made up of many different rights and interests that may be owned by different people. The owners of the property own the most valuable of the property’s rights and interests, but other people may also have rights to the property, such as the easements for utilities or mortgages, etc.

Each title can be compared to sticks in a bundle. The rights and interests are represented by the sticks. The owner own what we call a “fee simple’ title, that is, they have purchased the most vital and valuable sticks including rights of possession, use,occupancy,enjoymebnt and inheritance etc. Also within the bundle are sticks that may be owned by other parties. These are called encumbrances and may consist of easements, mortgages, liens etc.

When a person purchases a parcel of real estate, it is not only the physical property itself that he or she acquires, but the seller’s rights and interests “the seller’s title” in the property. It is essential for the prospective purchaser to know before the transaction take place, precisely what rights or interests the seller can convey. The purchaser also needs to know who else may have rights or interests in the property, and about any encumbrances against the property that may affect the use or enjoyment of the property. The title search, must cover all these rights and interest. Thus the task of title searcher or escrow report is not that easy task.

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digvijay kurade (planning to do practice) 30 May 2009

thnx a lot sir...!

Y V Vishweshwar Rao (Advocate ) 31 July 2009

The Documents wich are being offered as securitry to bank and its link docuewmtns , revenue , Mpl Records and Registration offoce records pertainign t to the Proerty - will be searched . it deferes from case top case - dependign on the facts and nature of the property and documents !