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To know foreign exchange provisions relating to immovable property, click here.
We provide following legal services relating to property matters:
Title Search report:
It is responsibility of the purchaser to verify the title of the Vendor to the property.
We arrange to carry out title / ownership search for the properties from the records of the sub-registrar of land revenue.
Under the Indian Registration Act, any transaction relating to immovable properties of value of Rs.100 and above, requires registration with the land revenue department. All written agreements (like conveyance, development, leave and license, mortgage, release/foreclosure of mortgage etc.) are registered with the land revenue. Therefore, before purchase of property it is advisable to carry out title search from the records of the land revenue.
Often question arises is, for how many years search to be taken by purchaser;s advocate. Under article 61 of the Limitation Act 1908, if a legal mortgage was created, the mortgagor has 30 years' time to redeem the mortgage. This time runs from the date the right to redeem or recover possession accrues. Generally, deed of mortgage prescribes 2 to 5 years for redemption. In view of above, search caused for 35 to 40 years, should normally suffice. Also where property was given on lease by Bombay Port Trust or Bombay Municipal Corporation, say about 20 years ago, in that case, such lease may be considered as good root of title and title search for period prior to such lease may not be required.
Where a property is owned by limited company, any charge on its property (except pledge of movable property) requires registration with the Registrar of Companies. We carry out search from the records of the Registrar of Companies as well.
Legal Public notice:
Purchaser's advocate gives advertisements / legal public notices in the newspapers. It states about intention of his client to acquire the property from the vendor. Name of the purchaser is not mentioned to maintain secrecy. Name of the Vendor and description/address of the property are given and claim against the property are to be notified to the buyer's advocate within specified period with supporting documents.
In case of dispute, such a public notice will support the buyer's contention that he is bona find purchaser for value without notice of such claim, if someone thereafter makes claims.
Legal due diligence and obtaining chain of original title documents
Before taking search from sub-registrar's office, purchaser's advocate ought to peruse the title deeds himself to find out earliest document, which may be root of the title.
It may be necessary to enquire from Mumbai Municipal Corporation about its outstanding claim like property taxes etc.
Where Vendor is a limited company / limited liability partnership, search from the records of the registrar of companies shall be taken, to find out if any charges on the property is registered.
Drafting of Agreement for sale / Memorandum of Understanding
Drafting of Conveyance / Sale Deed
Drafting of Development Agreement
Drafting of Leave and Licence Agreement
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