The process of examining all relevant records to confirm that the seller is the legal owner of a property and that there are no liens or other claims outstanding. A Title Search (preliminary report) is important because it reveals if there are any defects in the title to the property. The property title search includes any property when a preliminary report is requested. With the preliminary report it will show the legal description of the property, the current owner’s name, all underlying encumbrances, liens, judgments, deeds, and any other underlying matters, such as easements, Covenants, Conditions and Restrictions (CC&Rs) and agreements which affect and run with the land.
Scope of Title Search Report
The report/certificate will reflect only those transactions that have been done though a registered document. If the transfer had been done through an unregistered document such as an unregistered power of attorney, agreement to sell, lease deed, will, Family Settlement, unregistered partition deed etc., details of such transactions will not be reflected in the Title Search Report. Apart from this, a Search Report may also include details of Property Tax Status/Dues, Mutation Status, any unauthorized construction, any Stay Order or injunction order given by Court, Permissible usage and zoning as per the Delhi Master Plan 2021 and Zonal Plans etc.
Importance of the Report
The report will help in finding out whether the property which the buyer is planning to purchase is free from all sorts of monetary issues and legal liabilities. It will help the purchaser in making a right and well informed decision with regard to the investment of his hard earned money in the property. If the report is positive, it provides an assurance and confidence to the buyer that the seller has a clear and marketable title and that the ownership of the property can be freely transferred by the seller. It helps in reducing the risk of litigations and disputes in the future and ensures that buyer does not face any unpleasant surprises later on.
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