How Can Property Verification Protect Your Life Savings From Financial Loss?
Buying property is usually the biggest financial deal in an individual’s lifetime. It involves multiple decades’ worth of savings, loans and investment put towards purchasing a single family home, plot, shop or commercial property.
But how do you know if the property you are buying is legally safe to buy?
Looks can be deceiving. The seller may have papers that appear legitimate. The property may even have official Government registration. But there could be hidden issues with the title, previous sales transactions, mortgages, family member claims, authority permissions or pending legal suits.
Property due diligence checks are conducted to reveal these risks before you pay your money.
BK Singh and his team at Property Lawyer Delhi help buyers of property in Delhi know the legal standing of a property before they decide to proceed with such a large transaction. We strive to give you a better understanding of the title, associated paperwork and any glaring legal issues so that you can decide for yourself.
Why Should You Verify a Property Before Paying Your Hard-Earned Money?
Why Conduct Title Check before Buying a Property?
Because buying a property is not as easy as finding a ‘right’ property at a ‘right’ price.
The important question is: Does the person selling the property have a clear legal title to sell in the first place?
Many buyers face legal challenges when there are missing links in title documents, previous transactions weren’t properly worded, a property has been inherited, there is a mortgage against the property or even when someone else has an adverse claim. The Transfer of Property Act, 1882 even lays down certain important obligations on a seller for disclosure of material defects in the property or title and production of title deeds under certain circumstances.
That’s why it pays to find out about a property title before you buy instead of trying to remedy title defects after purchase.
Buying property in Delhi NCR, Noida, Ghaziabad, Greater Noida, Gurugram, Faridabad or anywhere else in India? Get legal due diligence done to uncover issues before the sale deed becomes irrevocable.
What Does Property Verification Actually Mean?
Property verification means verifying the property documents and its history to check whether the intended transaction looks genuine on paper (from documents/ legal point of view).
Property verification involves verification of title documents, previous sale deeds, succession certs, registered documents, power of attorney(if any), available encumbrance certificates, mutation details (if any) and any other pertinent documents related to the property in question.
Verification doesn't insure you that there wont be any dispute in future.
Verification is meant to reduce unforeseen legal and financial risk which can be avoided by proper professional due-diligence before entering into such hefty financial investment.
What Does Advocate BK Singh Check During Property Verification?
It varies from property to property depending upon the documents produced. Generally a due diligence will cover points like :-
- Title of present owner & title claimed by the seller
- All the old title documents and the chain of transactions
- Sale deed/gift deed/partition deed/patta of inheritance
- Any relevant Powers of Attorney if any.
- Registration details which can be verified at the registrar's office.
- Mutation and revenue records if relevant.
- Any issues regarding mortgage or encumbrance.
- Issues regarding family/ succession & ownership
- Description, size and identification of the property.
- Sanction letters/building plan from authority/ development documents subject to location of the property.
- Discrepancies, if any, in between documents.
- Documents provided by the seller/ developer.
- Any suspicious circumstances which need additional investigations.
- Advocate BK Singh will not treat a flat like agriculture land or vice versa.
One cannot apply same standard due diligence for buyer of a flat, builder properties, ancestral properties, agriculture properties, commercial properties and properties allotted by authority. Each type of property may differ in documents and diligence required.
Can Property Verification Protect a Buyer's Life Savings?
YES. As a practical matter, early legal due diligence can allow a buyer to discover material documentary or title issues prior to spending additional funds.
Imagine a family saving for years to finally buy that residential property. It seems too good to be true. The seller only wants a token deposit now because someone else is ready to buy.
That is precisely the time to step back.
Spending a little money on professional due diligence is paltry in comparison to finding a major title defect after you have spent a significant sum of money.
Title verification won't protect you from every conceivable future lawsuit. However, it can help you make a better informed decision right now.
Why Is Property Verification Important in Delhi NCR?
Depending on the kind of property you are buying or selling in Delhi NCR, ownership/title and documentation may vary.
You might be dealing with Freehold property, Leasehold property, Transactions by builder, inherited property from parents, Authority allotted property, resale flats,plots/commercial premises and many more.
Documentation from local authorities or prevailing records might also differ based on Delhi, Noida, Greater Noida, Ghaziabad,Gurugram, Faridabad or any other city jurisdiction.
Property Lawyer Delhi verifies each property as per its nature instead of going by a one size fits all checklist.
What Documents Should a Buyer Keep Ready?
The documents may differ from transaction to transaction, but typically buyers would do well to keep every single piece of paper provided by the seller / builder.
Some of the most common documents are:
Sale deed/conveyance deed (current)
Title documents (previous)
Agreement to sell
Allotment documents
Documents related to possession
Mutation documents (if applicable)
Property tax receipts
Succession documents/inheriting documents (if applicable)
Partition documents/family settlement documents (if applicable)
Power of attorney documents (if used)
Documents related to mortgage/release (if applicable)
Identity & ownership proofs provided by the seller.
Do NOT accept scanned copies/PDFs/Whatsapp photos of documents in transactions involving large sums of money.
See the original documents and verify the relevant records wherever necessary.
How Does Property Verification Work?
It should remain practical and streamlined.
1. Will The Property Documents Be Collected First?
Yes. Initial steps typically involve collecting documents in the possession of the seller, developer, owner or client.
Much of the effectiveness of due diligence is determined by the information and documents you have to review.
2. Will The Ownership History Be Reviewed?
The ownership history is often the heart of property due diligence.
During the review we will consider how the seller or current owner appears to derive title. Earlier transactions or succession documents may raise issues that deserve additional scrutiny.
3. Will I Know If There Are Missing Documents?
Yes. Missing links, discrepancies in property descriptions, transfers without explanation, and missing supporting documents can raise red flags.
Due diligence is not just reading documents. It's also noticing when something is not there.
4. Will You Make Me Aware Of Potential Risks Before I Purchase?
That is exactly why buyers consult with professional legal counsel.
Advocate BK Singh can help you understand the obvious legal and documentary issues in terms you will understand allowing the client to decide how they want to proceed. Whether that be proceeding with purchase, requesting more information, renegotiating terms or obtaining further verification.
Why Should You Hire Advocate BK Singh for Property Verification?
Advantage is not just someone reading your papers for you.
Advantage is having a lawyer review the deal from the Buyers risk perspective.
Property Lawyer Advocate BK Singh reviews documents and conducts legal due diligence with the lens of property law. He will not push you into buying something just because the property looks good. He will keep you focused on the legal aspect of what you plan to buy.
Consider getting a professional review if:
Property is old and has changed hands many times.
Property is inherited property.
There are multiple documents.
Seller is selling through Power of attorney.
Property has been gifted or transferred many times.
You are buying from a builder/developer.
You plan to invest a lot of money into the purchase.
Seller is demanding money be paid immediately.
You suspect previous owner details.
Documents provided by various parties seem suspiciously mismatched.
Property Lawyer Delhi will ensure the buyer is made aware of these red flags BEFORE it becomes financially painful to back out of the deal.
When Should You Contact Advocate BK Singh?
Title search recommended prior to executing transaction documents, or sending a large money transaction.
Engaging the services of a professional is helpful if the seller demands immediate cash, the property has a tangled history, paperwork is missing, or you just don't feel comfortable deciphering the title paperwork yourself.
Wait until there is no dispute.
Title searches are part of preventive law practice.
Consult with Advocate BK Singh about documents before you commit money that can't be recovered if you are buying a property in Delhi NCR or any part of India.
How Can Property Lawyers Delhi Help You Make a Safer Property Decision?
Property Lawyer Delhi assisting you wants to know as much about the legal /documentary position of the sellers property. Advocate BK Singh will review the relevant property documents, note obvious defects/issues and explain why they are an issue. They will also be able to guide the buyer about what further explanation may be needed.
Its not about scaring/mongering a buyer out of every property you look at.
Its about enabling the buyer to make an informed decision.
Property Lawyer Delhi Understand the property-law services available. Here
If the documentation surrounding the property is complex, instead of working from a standard property questionnaire, Property Lawyer Delhi can tailor the legal review to the real facts and documents.
Frequently Asked Questions
1. Is it necessary to verify property before buying?
If someone is selling a property and you are planning to buy it then it’s always good to check ownership documents. Property Verification helps you understand basic loopholes / defects or concerns about ownership and documentation which you might need more information on. Advocate BK Singh can go through the documents that are available to you from legal perspective and bring you concerns you should know about. Naturally, no one can promise that the property will not be disputed in future but you can save yourself from huge losses if you verify the property.
2. Will verifying property help me prevent monetary loss?
Yes. Atleast you can reduce the possibility of losing your money. There is no guarantee that even after verifying your property you will not be a party to a dispute in future or that someone has not indulged in fraud. But if you get the property verified before paying money to the seller you are more likely to be save. You can always reach out to Property Lawyer Delhi and tell him about the documents you have.
3. Can you rely only on property registration?
Property Registration is one thing you should check but there can be other documents that prove ownership of the property. Title of the property is established by various means. Transfer of Property Act 1882 also states that the seller should disclose any information if there is a defect in property or title or produce title defining documents.
4. Do I need to verify property that's been inherited by my family?
Since the property has been passed on to you by someone in your family you can check what other documents are available regarding that property. There could be relatives or people who might have some interest in that property or have some documents they want you to see before you buy it. Consult Advocate BK Singh or Property Lawyer Delhi about the documents that have been given to you and ask if you need any other documents.
5. Can you do property verification by yourself?
Technically yes you can. But then again there could be certain documents which when looked at individually may not make sense to you. If you know a Property Lawyer who can help you understand the documents better then yes. Otherwise consult Property Lawyer Delhi to help you verify your property documents.
6. At what stage should you verify property?
Ideally before you pay a hefty amount as a down payment or EMI’s. This way you can always go back to the seller and ask questions about what you want to know. Advocate BK Singh will go through the documents that have been provided to him/her and you can ask him any questions you may have upon reviewing those documents.
7. If I verify my property with a lawyer, can I be sure it won’t be disputed?
No. Not unless someone can foresee future. Verifying your property with a lawyer can only reduce your risk at losing everything. We at Property Lawyer Delhi try to give our clients the best information about the property they wish to buy.
8. What documents are required for property verification?
Depending on what type of property you want to buy. For example if you are buying a piece of land you will need previous sale deed / title documents. If its an apartment you will need Agreements, allotment letter, Possession papers, Mutation and if required succession / power of attorney, mortgage if any etc. Advocate BK Singh will inform you what documents you will require once he understands your requirement.
9. Does property verification help me buy property in Delhi NCR?
Delhi NCR has various properties under it. You could be buying property from an individual builder, you might have inherited it or there are properties you can buy from government authorities. Verify your property with Property Lawyer Delhi and we will check what documents you need to look at.
10. What advantages does hiring Property Lawyer Delhi for property verification give me?
By hiring us you ensure that you have gone through your property/purchase documents with a property lawyer. You don’t want to spend lakhs and ruin your family’s life by getting into fraud do you?
Final Thoughts
It might be a dream deal but could be Legally flawed. Have you cared to understand the legal status of that dream property you are about to buy ? Think twice before you spend your money. Ask yourself this question.
If not, get help in verifying the property. Advocate BK Singh can help you verify the property Title. There can be problems with the property which you must know about before you spend your money.
That piece of land you are buying could be all the money you have. Make sure its verified first.
Author Bio
Advocate BK Singh is a property lawyer in India and works at Property Lawyer Delhi . He handles various types of property related documents. He can help you verify the title of your property and do the due diligence. He can help you before you take any financial decision about the status of your property on documents front. He has served many home buyers, sellers, property owners, property investors and families from Delhi NCR and India with their document related queries and issues they faced during property buying or selling process. He has a principle of helping his clients in a realistic way without making false assurances.
