Are you thinking of buying a property? Are you afraid of all the legal procedures and formalities? Well, before you go hell confused, make sure that you have the right to own your property. Your lawful ownership of the property makes a lot of difference and can help you excuse yourself from several potential threats that could have been a real menace!
How a title search will lead you to a fair deal?
Among a number of things that you can do while buying a property to minimize all the risks, looking for a title would somehow be the wisest act on your part. While a title search will give you a legal authority about the property you are going to purchase, it will also make you aware of all the imperfections and flaws, so that you get to know about what exactly you are hacking into.
Can ‘title insurance’ act as a shield against the plausible financial loss?
Also, with the concept of ‘title insurance’, gaining huge popularity nowadays, title search does ensure a safeguard from veritable financial loss. Title insurance looks for such events that might have led the property to some row or clash, only with such intention that the buyers get aware of the looming defects in advance. Disputed ownership is one of the biggest hurdles in Indian real estate sector and the lack of transparency is real behind the scenario. However, a proper title for the property can make an end to all such confusions.Also Read:
Is a clear ‘title’ needed to transfer the property?
Yes, in case, you want to transfer your property, a clear title over the property, free of any flaw or failing, is the most important thing to consider. Until the owner doesn’t have the document, it would, in no way, prove the right of the owner over the property.
Can a single ‘title’ be owned by more than one person simultaneously?
Now, if you are quite confused about the types of titles available in real estate, it’s time for you to know that a single title can also be owned by two people at a time and such title is termed as ‘tenancy in common’ or ‘joint tenancy’. However, in case of accidental demise of one of the owners, the right of the title will pass on to the surviving partner without any delay.
Even, more than two persons can hold the right over a title jointly. In such case, they happen to cleave to all the rights individually. They are also allowed to name the property to their closed ones at will and upon the death of any of the owners, it will be forwarded to their heirs.
Does ‘title’ bear the same importance while selling properties as well?
Also, in case, you are thinking of selling your existing property, a title search will again benefit you in more than one way. It not only determines that the owner has his sole right on the property, but will also make sure that the respective buyer is away from all the probable divergences.
To conclude, as a responsible buyer or seller, you should never ignore the issues that can spring forth from title search, as it can give birth to a number of discrepancies and lead you to several unwanted troubles.