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Title Search offers insights into a property’s ownership history and legal status. Essential in real estate transactions, it ensures the seller possesses a clear, marketable title, promoting confidence and transparency.
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A title search report is a document that provides information about the ownership history and legal status of a property. It is typically used in real estate transactions to ensure that the seller has a clear and marketable title to the property.
A title search report is important because it helps buyers and lenders verify the ownership history of a property and identify any potential issues or encumbrances that may affect the property's title. It helps ensure that the property can be legally transferred and that there are no hidden liabilities.
Generally, the transactional documents commonly registered at Sub Registrar Offices include deeds, mortgages, tax records, court records, and other public records that pertain to the property's ownership history.
Title Search Report gives you a clear idea of the Ownership history of the property, Liens or mortgages on the property, Legal description of the property
The time required for a digital title search can vary, but it typically takes 2 to 4 days, & for Physical Title search, it typically takes 7-10 business days; depending on the complexity of the property's history and the availability of records.
Yes, Title Search can be performed for all asset classes like Residential, Commercial, Lands, Industrial & Warehouses and Retail Shops.
The documents found in public land records establishing the current owner of real property are called chain of title documents.
The Digital Title Search Report typically covers the title of last 13 years and Physical Title Search report covers the title for last 30 years.
A title search report is prepared and certified by Title Search Clerk. The document are developed by checking the registered documents in the local sub-registrar office (SRO).
To perform the digital title search, the property address and any transactional document like Agreement for Sale/ Sale deed/ Mortgage Deed/ Deed of Conveyance is required.
Property title search is an important part of purchasing a property. Buying or selling a property without the title deed is a criminal offence. Whenever you're going forward with a purchase of a piece of real estate, make sure you conduct a title search. This would help you determine that the property you are buying is of the right owner and doesn't have any tax liens, pending mortgages, misspelt information or any such discrepancy that can be categorised as “dirty title”. You must ensure the title is clean before you enter the price negotiation stage. This article focuses on the importance of title search and the process involved in getting one.
The examination of public records to confirm a property's legal ownership is called a title search. Several sources, such as land records, court judgements, tax liens and deeds, are utilised for titled searches. There are title companies who, upon order from businesses or individuals, conduct searches to determine whether there are any liens or claims against the concerned property. One requires a clean title for the completion of any business transaction. A transaction is deemed incomplete in case of a lien on the property.
A title search online includes inspecting public documents and data to determine any faults. A title search is necessary to protect the property buyer from monetary loss when purchasing real estate. The title search is a verification process that solidifies that the seller can legally sell the property and that it has no liens or judgments against it. You can conduct a title search or hire a professional to do it for you.
A title search arbitrates whether a property has a clean title or has errors in public records, which could lead to an incomplete transaction or financial loss for the purchaser. A title search is outsourced to a title search firm or an attorney by the potential buyer. A lender can also take the initiative to conduct a title search to verify property ownership. A title search takes place before applying for a loan or any other method of credit that accepts property as collateral. For a better understanding, the process of title search is given below.
Step 1- Research: The first step of the title search is to go through public records online on your state's website for the corroboration of the ownership of the property.
Step 2- Tax Records: The property's tax records cement the ownership rights if the taxes were paid on time. Analysing the tax history will help you understand the real estate climate. Every state has a property tax portal to help you ensure everything runs smoothly.
Step 3- Clear Chain of Title: Make sure that the name on the deed matches the seller. You can trace up to 50-70 years to ensure everything is clear in ownership. This also helps to affirm that there won't be a third-party claim on the ownership of the property. Make sure all requirements under the Registration Act of 1908 have been met.
Step 4- Abstract of Title: Read through the summary (abstract) of the estate containing the history, foreclosures, if any, tax liens and other information imperative for the sale or purchase of the property. The Land Department can help you prepare the required documents to check and establish the proper chain of title. Make sure you check the abstract in the latest deed before you start the negotiation process.
Step 5- Document Your Research: If you haven't already, hire a lawyer who could help you with preparing a legal document of your findings, chain of title, tax history and any other important information. If there are any encumbrances, your attorney can help you through them.
- Finalize a property
- Documents verification
- Apply for a Home Loan
- Move-in
The time taken to complete title searches depends on the state and the complexity of the property. However, in most cases, title searches can take anywhere from 2 weeks to 2 months. Since the land records in India are decentralised, the processing speed depends on the states having the smoothest land record systems.
If the property has variables complicating the process, the title search will take much time. If the concerned property has had various owners and is not from the same family, the verification process would take more time to ensure that the property belongs to the current owner and has no involvement of any third party.
If your state doesn't have records or acquiring the records is tiresome, your title search will be delayed. If your state of enquiry has digital records, your process will be seamless.
A title check is a step that is to be noticed in any case. There have been many instances where, on buying the property, the purchasers have found out that the seller wasn't the property owner. To avoid such a huge loss of money, or if you are a seller and want to sell your property fast, getting a title search done is the best way to protect your property. For getting a legal title check, there are some documents that you are required to submit. Most of them are mentioned below.
Title search costs around 0.05% to 0.15% of the property's value. However, the prices differ state-wise.
Square Yards made title search a seamless process for me. After deciding on the property I wanted to buy, the rest was taken care of easily. They conducted all the research efficiently. I was given proper communication throughout the process. I highly recommend Square Yards for the title search service.
Shivansh Rai (Zoologist) - 3/5Square Yards provided a solid title search service for my real estate transaction. They were prompt in delivering the results and were responsive to my inquiries. While the report was accurate, I wished for more explanation of some legal jargon. Overall, it is a reliable choice.
Pratap Dhawan (Physical Therapist) - 5/5Square Yards exceeded my expectations. Their team was not only professional but also very personable. They made the complex title search process easy to understand and provided quick turnaround times. I felt confident in their expertise and would use them again without hesitation.
Keerthi Balasubramanium (Teacher) - 3/5Square Yards provided an adequate service, but I encountered some delays and miscommunications during the process. The final title report was accurate, but the overall experience could have been smoother. They may need to streamline their operations.
Abhijay Shan (Fitness Trainer) - 4/5Square Yards delivered a reliable title search for my property. Their team was responsive to my questions and kept me informed throughout. The report was well-structured and easy to understand. I recommend their services again in the future.
A clean title search is vital before you invest money in a new property. A title search will tell you the name of the rightful owner of the property, tax discrepancies and outstanding claims, if any. Buying a property without a deed is illegal. Make sure you or the hired title professional conduct a proper sweep of all the government and court records with respect to the property and check whether the property tax of the concerned estate has been duly paid. Finally, hiring a title search firm will help you evaluate everything without hassle.
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