Is What You See, What You Get??
The world today is abuzz with a counterfeit for every possible product, an Iphone which features an apple bitten on both sides, a camera that claims to have Carla Zeiss lens, movies available on torrentz, the latest Xbox games at dirt cheap prices and the list goes on and on. One entrant to this list that has been increasing in frequency over the past decade or so. It is very possible that almost all of you would have encountered either a person or a news article stating how someone was duped into buying a property to which the seller had no valid title. One thing that every property buyer needs to do before parting with their money is to verify the title of the person selling the property. Title, in this context, refers to the ownership of the property. Before you buy you need to check whether the seller is actually the owner of the property as per legal records. Some of the laws that need to be considered while verifying the title are as follows,
- Transfer of Property Act
- Indian Registration Act
- Indian Stamp Act
- Indian Contract Act
- Indian Succession Act
- And other state laws passed by the respective state’s legislature.
Investigation or verification of title is required not only to establish whether the seller has a clear title but also to know whether the property is free from encumbrances. The rights that need to be present in order for the seller to have a clear title are as follows,
- Right to possession of the property.
- Right to prevent interference in the property by third parties.
- Right to enjoy the benefits arising out of the property.
- Liberty to change the form of the property or even destroy it.
It is generally advised that while verifying the title deeds the title deeds for the last 30 years be verified. Other things that need to checked include whether the property lies in any regulated zones where construction is regulated or prohibited. The procedure for verification of title deeds differs from state to state and hence it is advisable that the help of a professional is sought for the same.
So, the next time you want to buy a property it is better to get the title verified because, as the age old adage goes ‘prevention is better than cure.’