If you are planning to buy a property, whether it is a house, a plot, or a commercial space, you might have heard of the term “title search report”. But what exactly is it and why is it so important? In this blog, I will attempt to explain:
- What is Title Search Report?
- Why do you need a Title Search Report before buying a property?
- How to get a Search Report?
What is Title Search Report?
A document that summarizes the history and current status of a property’s ownership and legal rights. It is usually prepared by a lawyer before a property transaction, such as buying, selling, mortgaging, or leasing.
The purpose of a title search report is to ensure that the property has a clear and marketable title, free from any defects, encumbrances, or disputes that could affect the transfer of ownership or the validity of the transaction.
A title search report typically includes the following information:
- The legal description of the property, such as its address, area, boundaries, and survey number.
- The name and address of the current owner and the previous owners of the property, along with the details of how and when they acquired and transferred the property.
- The details of any mortgages, liens, charges, easements, leases, or other encumbrances that affect the property or its title.
- The details of any pending or past litigation, arbitration, or court orders that involve the property or its title.
- The details of any government approvals, permissions, or certificates that are required for the property or its transaction.
- The details of any taxes, dues, or penalties that are outstanding or payable on the property.
Why You Need Title Search Report Before Buying a Property
A title search report is important because it helps you to:
- Verify the legal ownership of the property and ensure that the seller has the right and authority to sell it to you.
- Identify any potential risks or issues that could affect your transaction or your rights as a buyer.
- Protect yourself from fraud, forgery, misrepresentation, or other illegal activities by the seller or any third party.
- Avoid any future disputes or claims that could arise from defects or errors in the title.
- Negotiate better terms and conditions with the seller based on your knowledge and awareness of the property and its title.
Over 60% of cases in civil courts are related to property transactions. Therefore, it is advisable to conduct a thorough title search before investing in any property. It will save you from a lot of trouble and money in the long run.
How to get a Search Report?
You can search for any lawyer in your city. In case you are not sure which lawyer to approach, you can simply book a Title Report service on BhuMe - Online Land Records App and enjoy a hassle-free experience! Your investment needs to be secure.
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