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| 1. |
What is a title search about?
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A title search is the process of examining all relevant records to confirm that the seller is the legal owner of a property and that there are no liens or other claims outstanding. It is an analysis of the status of the title of a property including property description, names of title holders, how the property is held, etc. The title researcher collects the information on record for the property and compiles the results in a report called a “Title Search”. |
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| 2. |
Do I need a title search?
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A title search can be sought for a variety of purpose. Some users are interested in the purchase of the property for investment purpose. These users are desirous of knowing the past history of the property as well as the present status of the property. Some users are real estate buyers, who are desirous of knowing the ownership of a property. Knowing the past history, ownership, present status, liens, mortgages, etc. of the property helps the purchaser to negotiate the price of the property. It also helps the users to keep a check on their own property by regularly updating themselves about the outstanding liens on their property, if any. |
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| 3. |
Whether I can do a title search?
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A title search can be done by anyone. The records of the property can be extracted from the local departments, but to extract the relevant information, documents, etc. can be complicated and time consuming. One should know exactly what one desires, or else it can result in waste of time, energy and money. Using our services ensures that someone with experience in collecting all relevant documents is performing the title search. |
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| 4. |
What is a defect in the title search?
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Anything which encumbers the owner’s right to quiet and peaceful enjoyment of the property, or which may cause the owner to lose certain portion of the property, is called a title defect. |
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| 5. |
What are the chances that a title defect would appear? |
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There are few chances of a title defect appearing, but a real estate transaction entered into without having a title search can lead to devastating financial consequences. Getting a title search can reduce the chances of future losses.
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| 6. |
What is Chain of Title?
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Chain of title refers to the sequence of ownership created by the repeated buying and selling of the same property. Each time a property is sold and purchased a new ownership is created which over time results in a chain of title. |
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| 7. |
What are the benefits of title search?
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A title search can reveal the details about the title and ownership of the property as well as it can also show any title defects, liens, and other encumbrances and restrictions, attached to the property, which may limit the use of the property. |
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| 8. |
Are there any issues which a title search would also fail to reveal?
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Yes. There are some "hidden hazards" that cannot be revealed by even the most diligent title search. The hidden hazards may include fraud, forgery, defective deeds, mental incompetence, confusion due to similar or identical names, and clerical errors in the land records. These defects can arise anytime and can jeopardize your right to ownership in part or full. |
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| 9. |
The real estate broker said the title is good. Isn't that good enough?
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No one can be sure whether the title is clean or not. Merely relying on the statement given by the real estate broker can prove to be risky. As investment made in the real estate industry is in large amount, you need title search company to provide you with the correct information about your real estate. |
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| 10. |
Are property report and title report different? |
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The property report usually contains information about the current owner of the property and does not provide additional information regarding the property. The information provided by the property report is insufficient to make a decision regarding the purchase of the property. The title report provides entire details about the property including the chain of documents, liens, mortgages, etc. It helps the buyer to take a rational decision before investing in the real estate industry.
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| 11. |
What is the time involved to get my title search results?
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The turnaround time required for performing the title search differs from case to case. It may range from 24 to 72 hours depending upon the nature and complexity of the case. We will contact you in case a longer turnaround is required. |
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| 12. |
How are the results sent to me?
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The title search results are sent both through email as well as through post. In case you require, the same can be sent through facsimile also. |
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| 13. |
Can I print and/or save the report?
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All the property reports are in a print-friendly format and can be printed or saved on the computer for future viewing |
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| 14. |
How do I contact someone at your company?
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The Contact Us utility provided on the site shall help you to reach us. |
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| 15. |
Is the property owner aware of a search?
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The title search is carried out through records available with the government departments. The process does not involve informing or notifying the owner/ occupant of the property about the title search. |
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| 16. |
Do you perform title search for commercial properties? |
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At PropertyVakil.Com we carry out title search for every kind of property, including commercial property. In certain cases the turnaround time for title search of the commercial property may be longer. We will contact you in case a longer turnaround time is required.
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| 17. |
What is a Sale Deed?
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With the help of a Sale Deed, also known as Conveyance Deed, the Seller transfers his rights and interest in the subject matter to the purchaser, who in turns acquires absolute ownership over the property. |
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| 18. |
Can a deed serve as proof of ownership?
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No. A deed is just a document used to show transfer of ownership and it is an evidence to show that you have purchased whatever rights the seller had in the property. A deed does not show the liens and claims that may be outstanding against the property nor does it show the rights that others may have on the property |
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| 19. |
What is a khata?
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A khata includes complete details of the property, such as location, built-up area, size, name of the owner on record, etc. It is essential for the purpose of payment of property tax and to identify the person responsible for the payment of the same. |
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| 20. |
Is a khata the same as a title deed?
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No. The khata is a document used for assessment of the property for payment of tax whereas the title deed is a document which defines the ownership and title of the property. |
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| 21. |
What is a Public Easement?
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Easement means a right to use the property of another. When an easement exists on a piece of land, the owner of that land must permit others to use the easement for the stated purpose. An easement is a non possessor interest which entitles only to the right to use the land in the specified manner. In case of public easement, the person who owns the land has to allow members of the public to access a defined area of his land for the reasons stated in the easement. . |
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| 22. |
What is encumbrance?
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A restriction which hinders the transfer of property is called encumbrance. Encumbrances include liens on real estate, outstanding mortgages, easements, unpaid property taxes, etc. Encumbrances are attached to the title of the property and can complicate or prohibit or restrict the transfer of the property until they are resolved. |
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| 23. |
Are all documents located in a single file?
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No, all documents related to a property are not located in the same file. A vigilant search is to be conducted to dig out the connected documents, deeds, records, etc. relating to a property, which makes title search a complicated task. |
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| 24. |
What is a mortgage and what are its types?
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A mortgage is a legal contract through which the borrower transfers to the lender an interest in the property to secure the repayment of the debt. The following are the different types of mortgages in effect in India: |
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Simple Mortgage: In a simple mortgage, the mortgagor without delivering possession of the mortgaged property binds himself personally to pay the mortgaged money and agrees explicitly or implicitly that if he fails to pay the debt and interest in terms of the mortgage deed, the property will be sold and the proceeds applied in payment of the mortgaged money. |
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Mortgage by conditional sale: In a Mortgage by conditional sale, the property is sold subject to the condition that on default in payment of the mortgaged money on a certain date the sale shall become absolute or that on such payment the sale shall become void or on such payment the buyer shall transfer the property to the seller. Possession of the property shall be with the mortgagee. |
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Usufructuary Mortgage: In this mortgage, the mortgagor delivers possession of the mortgaged property to the mortgagee who retains the possession until the satisfaction of debt. The mortgagee will take the usufruct in lieu of the interest or part payment of the principal or partly in payment of interest or partly in payment of principal. The mortgagor is not personally liable to pay the debt and the mortgagee is not entitled during the term of the mortgage to demand his mortgage money. |
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English Mortgage: In an English Mortgage, a mortgagor binds himself to repay the mortgaged money on certain date and transfers the mortgaged property absolutely to the mortgagee subject to the proviso that he will re-transfer it to the mortgagor upon payment of the mortgaged money as agreed. |
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Mortgage by deposit of title deeds (Equitable Mortgage): In this mortgage, a Memorandum of Mortgage by deposit of title deeds is prepared by the mortgagee to secure the specific mortgage money. |
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Anomalous Mortgage: It is a combination of any of the above forms of mortgage or any mortgage other than those set out above. |
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| 25. |
What is the difference between carpet area, built-up area and super built-up area?
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Carpet area is the area where carpet can be laid i.e. the area which can be actually used. Built-up area includes the carpet area + area of the balcony + area of the walls. Super built-up area includes built up area + common spaces like lobby, lifts, etc. |
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| 26. |
What is the benefit of knowing the carpet area, built-up area and super built-up area of the property?
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The price of the property is fixed on square feet basis. By knowing the break up of the square feet the price of the property may vary considerably. It is important to check that the square feet break up is mentioned in the agreement. |
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| 27. |
What do you mean by valuation of property?
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Valuation of property means to find out the market value of the property in question. The valuation of property is based on a number of factors like, location, size, encumbrances, defects, etc. |
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| 28. |
Who calculates the value of the property?
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The property valuation is carried out by valuation experts having rich and comprehensive knowledge and vast experience in valuation of property. There are various factors to be considered for correctly determining the value of the property. The valuation experts collect and evaluate the information, related to the property, in a systematic and organized manner and prepare a valuation report on the basis of the same. |
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| 29. |
What does Vastu means?
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Vastu means the dwelling of humans and Gods. Vastu shastra is an ancient science which helps one get the natural benefits freely offered by the five basic elements of the universe in which we all live. These basic elements are Akash (SKY), Prithvi (EARTH), Jal (WATER), Agni (FIRE), and Vayu (WIND). Vastu Shastra can be applied by keeping in harmony with these basic five elements of nature. |
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| 30. |
What is a Lien?
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Liens are used to establish a security interest in a property. When a transaction is about to take place between a buyer and seller of a property, PropertyVakil.com will do a title search to see if there are any liens on the property by searching public records to get the information. |
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| 31. |
Is registration and stamping of the Deeds and Documents compulsory?
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Registration and stamping of the Deeds and Documents is compulsory for any immovable property transacted over the value of Rs. 100/-. |
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| 32. |
What is a Housing Society?
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Housing society is a term used to describe residential complexes usually consisting of buildings each having flats, especially in India. A housing society is a group of house owners generally residing in the same building or the same premises formed as per relevant laws for smooth functioning of utilities and other amenities provided to them. The housing society formed must be formally registered with the registrar of Co-operatives. Each state has its own rules in this regard. Each building in the same premises may have separate housing society or one. Many housing societies form one federation. Housing societies run on the fees or charges levied by them on house or flat owners. |
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| 33. |
What kinds of property hunts does PropertyVakil.com perform?
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At PropertyVakil.com we help you in Purchasing and Selling the property of any nature like:
>> Residential - Flat, Studio Apartment, Villa, Bungalow, Land, etc.
>> Commercial - Showroom, Office Space, Shop, Land, Building, etc.
>> Agriculture - Land, Farm House, etc.
>> Industrial - Plot in SEZ, FTZ, EHTP, EOU, etc.
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| 34. |
How does PropertyVakil.com secure clients’ information?
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At PropertyVakil.com we ensure that the clients' information is kept fully confidential and the title search reports, documents, etc. are transmitted through secure web pages. Further, we do not store credit card numbers at our end and we also offer an option of accepting payments via account payee cheque. |
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| 35. |
How often is the content of PropertyVakil.com updated?
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The contents of PropertyVakil.com are updated regularly. |
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| 36. |
How can I use your services?
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There are various options available to use the services offered by PropertyVakil.com. You can view the available options by clicking on the Services utility on the site. |
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| 37. |
Who carries out title search of the property?
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At PropertyVakil.com we have a team of highly qualified and experienced lawyers and advocates, with rich experience in the real estate industry. At PropertyVakil.com we understand the value of your money and our dedicated and devoted team puts in its best efforts to provide you with a true and fair view of your real estate. |
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| 38. |
How do I order a title search?
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To order a title search, click on the Order Form utility available at the site. |
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| 39. |
How do I get the receipt of the payment made by me to PropertyVakil.com?
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The acknowledgement of the receipt of the payment made by you shall be provided along with the title search ordered by you. The acknowledgement of the receipt shall be sent to you in the same manner as the title search report. |
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| 40. |
How do I view the Terms and Conditions of PropertyVakil.com?
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The Terms and Conditions can be viewed at the Terms and Conditions utility available on the site. |
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| 41. |
How do I view the Privacy Policy of PropertyVakil.com?
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The Privacy Policy can be viewed at the Privacy Policy utility available on the site. |
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| 42. |
How long has PropertyVakil.com been in business?
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PropertyVakil is a professionally managed organization and is the concept and design of its founder Manish Dev who has been associated and involved in the real estate market for over 15 years and PropertyVakil.com was launched in the year 2010. |
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| 43. |
What do I do in case I have further and more detailed queries?
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We would be glad to help. To see how PropertyVakil.com can help you, Contact Us . |
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