A property either has a Title or a Suit. A property derives most of its value from the Title itself. A defective title will not be able to hold proper value in the market going forward.
Buying and owning a piece of Property is definitely dream for many. But in the current scenario, it has become an absolute nightmare for people who look to buy or invest in land irrespective whether its a commercial space or a dream real estate.
A clear Title is a must before you invest in any property, but this one single step is being missed by many and the cost they end up paying is in millions and losing their peace of mind, over the property that was brought after many years of hard work and dedication.
With a clear Title, there are plenty of benefits — you are eliminating the risk of any deficiencies in transaction. With a clear Title, the property is free from any defects, and suits.
But how do you get a clear Title for the property?
There are 2 ways to go about this :
Search in TitleSuit : This is one of the easiest ways to get yourself started on getting to know about the property that you are interested in. TitleSuit is a user generated property cases listing platform. All the data in TitleSuit is verified. Searching for a property title is easier on the app. You can download the TitleSuit app from PlayStore and AppStore, go straight to the search engine and look for the property you are interested in.
Hire a Real Estate Attorney : Visit a real estate attornery and talk to them about the property you are interested in and raise a request for getting a clear title report for the property.
Getting a clear title report is a long and lengthy process as it involves a lot of research work related to the property, and its claims and from whom the ownership is being passed down.
After the Title Search is completed — you will be receiving a document or report called Title Search Report or Title Verified Report or Abstract of Title for the Property.
Usually a title search is conducted based for two time periods — one that covers the last 15 years and one that covers last 30 years. The Title Search for the property can changed according to the objective of the parties involved and the nature of the transaction at the specific moment.
The Nature of the transaction involved with the property can be classified into two ways
Limited Search : If the propery is said to be going under a short term lease or contract. A limited search for clear title will be justifiable. In this limited search — it will be restricted to 15years. And the search will cover all the transactional history related to the property, the encumbrance certificates and disputes if there are any.
Full Search : A full search would be much more beneficial, when the property is under sale or for a long-term leasing. With full search, the time period of research would be not less than 30 years. With this search, every aspect that is in relation to the property gets into question.
For example: the encumbrance certificates of the property, the ownership rights and litigation cases if any and every detail related to the property is brought under the microscope and gets thoroughly checked and verified.
A Title Search Report usually contains a brief record of title of the property and contains all the accurate legal details and description of the property.
These details usually show — how the property has been transacted over a period of time and if there are any risks involved with moving ahead with the transaction, which may later affect the title of the property.
With title search report at your hand, you can be sure about that what you are investing in is a legitimate and suit free property that will not put you in any form of legal trouble.