Best 10 Detailed Report On Title Deed
Title Deed
Different aspects help to determine ownership of movable or immovable property. A Title Deed is a very important agreement when a seller is transferring the ownership of a property to a potential buyer for the rightful ownership of a property. It is a legally binding document and it carries a lot of weight. The following information will be available in the deed
- The name of the owner
- Records of real estate taxes that show the title to the property.
- The description of the property ( anyone on behalf of the owner can read it)
- The rights of the owner.
- Obligations of the owner.
- Mortgage obligations of the owner.
A sale deed becomes a title deed at the time it gets registered. It is proof that a particular person now holds ownership over a particular property. The deed is a document and Title is a concept. After the completion of the registration process, the buyer would receive a sale deed in documentary form. This documentary form would confer upon the buyer the title of the said property
Benefits of a Title Deed
Title Deed can be used
- To avail of loans.
- To contest a dispute.
- To conduct succession planning.
- To carry over any sale or purchase of a property over title deeds.
- To create gift instruments.
- It helps the property owner to carry out future transactions without any hassle.
- These are essential components to have when you are seeking to sell your home. Because it will serve as proof of the transaction.
- According to the Registration Act of 1908, a document must be registered with the Sub-Registrar Offices in India in order to be regarded as legally binding. Proper verification of all the Title papers, including sale deeds, encumbrance certificates, property tax receipts, etc., will aid in determining whether there are court rulings that restrict the owner’s ability to sell the property.
- Hence, before buying a property, it must be checked and Any changes to a title deed must be done at the local land registrar’s office. It will require a stamp of authority and supporting documents.
- Understanding all the legal requirements for buying and selling property can be tough for a layman. But the legal experts might have enabled thousands of house owners and they might have vast experience in explaining every step of the process to the property buyers.
- It gives all the details about the property ownership records. It gives the information about how much land a person owns or the rights of a person over land.
- It is used to transfer the land ownership rights of one person to another person. Deeds are legally acquired documents. They pass ownership of property from one person to another.
Title deed registration charges
- The title registration charges for residential and for commercial properties will defer. Always title registration charges for commercial properties are on the higher side.
- In addition to the cost of the property, the people have to pay title registration charges at the time of buying a real estate property.
- The memorandum of deposit of title deeds charges in India is usually between 0.1% to 0.2 % of the loan home amount.
Types Of Titles Deed
Warranty Deeds
