Property search or land search is also known as title search. Property Search
refers to the enquiries made by the property lawyer to gather more information
about a property that a client wants to or is planning to purchase. It is one of
the parts of the home buying process where real estate attorney will conduct
various searches with the relevant parties and local authority.
The following are some of the main aspects of property search or land search
or property ownership search:
- Local Authority
- Water and Property
Why it is important to do property ownership search in India?
In India, it is very important to conduct a property title search. Property
search must be done to verify if the property to be purchased has any sort of
impeccable title and if it is free from any such kind of charges. Considering
the budget of the property, a title search of the property will be helpful to
avoid any sort of legal discrepancies.
Benefits of Property Ownership Search
Usually, the property search is conducted prior to the purchase of the
properties, especially properties owned by banks. A complete title search or
property search will provides all details about existing liens and outstanding
if any. Apart from that it will also verify the other legal issues and judgments
involving the property, deeds or any other important public records.
Irrespective of the above-mentioned aspects, a comprehensive title search or
property search by a real estate attorney will make sure hassle free transaction
for the client and will protect them from any type of legal discrepancies in the
Difference between Government Price & Market Price
Generally, property value is determined by the Government. The estimated market
value of the property is determined and maintained by the government. Ideally,
it should be the market value of the property. However, in most of the cases the
value determined by the government is lower the market value of the property but
it may be higher in rare cases. Thus, the State government also has the
authority to fix the market value of the properties in their respective states.
Why Measurement of property is required?
Measuring a property's floor area is important and crucial for various reasons
including the calculation of service charge for lease agreements, illustration
of property for marketing purposes and etc. The ways to measure properties may
differ across India as it depends on the standard area used for measurement. For
example, in Punjab, some floor measurement may include car parks, common areas
and parking spaces.
Role of Property Management Companies in Property Search / Land Search in
Property Management Companies helps to ensure the authenticity of the documents
of the property. They screen the applications and make sure that the property is
not suspicious, disputed or not related to the person who claims to be the owner
of the property.
From the above analysis and explanation, it can be concluded that property
search or title search or land search is very important. It is a vital aspect
and a property search must be conducted before buying any property so that any
sort of legal complications can be avoided in future.