Important Property Documents
Important Property Documents
In a property transaction, property documents recording title of ownership to the seller and transfer of property to the new buyer are of paramount importance. Any defect in the property documents could lead to costly litigations or loss of money and property. Hence, it is important to engage an experienced Property Lawyer to verify property documents before the purchase of the property. In this article, we provide a checklist of property documents that must be verified before purchase of property in India.
Sale Deed of Property
The sale deed is an important legal document in a property document. It is the primary document evidencing sale and transfer of ownership of property in favour of the buyer, from the seller. Further, a sale deed in the future acts as the main property document establishing title to the property for further sale by the buyer. The sale deed will execute normally after the execution of a sale agreement if there is the time between the agreement to purchase a property and transfer of title to the property. Sale deed must be registered in the local Sub-Registrar office in whose jurisdiction the property is located. All property sale deed registration should be completed within 4 months from the date of execution of the agreement to be valid.
Patta is a revenue record given to the person in whose name the records related to said property are maintained. And in most cases, the Tehsildar’s office of the concerned administrative District will issue Patta. For land having several owners, there may be just one patta – as separate Pattas will not be issued.
Mutation Register Extract
Mutation extract contains details like previous owners, present owner, mode of acquisition of property, the total extent of property and order relating to the transfer of property. Accordingly, the Tehsildar’s Office of the concern administrative district maintains the mutation register. Mutation register extract is an important legal document which establishes the title of the land if the property is located on converted land.
Property Tax Receipt
Property tax receipts are used to establish property details like area, owners name & other details related to property, as per Government revenue record. Therefore, the local municipality authority who maintain basic civic services in the city issues the property tax receipts.
The Sub-Registrar office under the Inspector of Registration of Properties, operated by the State Government issues the Encumbrance certificate. Encumbrance Certificate establishes property transactions like sale, purchase, mortgage – relating to the property in a given period. Also, the encumbrance certificate is used by the buyer to know the detail of all property transactions to date.
To find a Lawyer for Property Legal Opinion or Rental Agreement Drafting, visit IndiaFilings.com