What Is Search Report Of Property

A search report examines a property’s history, including who was the initial owner and how the property changed hands over time before reaching the current seller. A search report is essential in the home loan application process.

The property search report mentions details of any charges or encumbrances placed on the property, as well as their current status. This report notes whether the property is resolved and the property has been released or whether any charges remain unresolved.

Why is a search report of property critical?

It helps the bank to be sure of the property’s title. An encumbered property or the subject of a legal dispute is typically not financed by banks since it decreases the security and raises the risk exposure. It helps to identify that the property’s title is clear and marketable.

The report serves as a guarantee for the acquisition of a home. The report assures the buyer that the title to the property he wants to buy is clear. He will not have any issues later due to pre-existing charges, encumbrances, or a legal battle over the property. A search report provides a buyer peace of mind that he is dealing with a trustworthy source.

Procedure for getting search report of property

An advocate generally writes a search report, who then provides a title certificate after visiting the registrar’s office and reviewing the property papers.

Can a search report be made without an advocate?

Yes, by visiting the registrar’s office, one can self-survey the property’s title.

Click this link https://freesearchigrservice.maharashtra.gov.in/ to find out your property record in Maharashtra.

Documents required for Search report of property

Here is a list of items required for filing a search report of property

1. Sale Deed/Partition Deed/Will, if applicable.
2. Khasra/Khatauni or any other document which is holding a rights record.
3. Revenue Receipts issued by the Municipal Corporation or Municipal Council.
4. The Income Tax Department’s No Objection Certificate (NOC). (If assessment/recovery procedures have been initiated against the individual in question)
5. Affidavit stating that the property is free of encumbrances, which must be signed by the individual involved.

Find your property search report in Maharashtra?

One may quickly get property registration information on the IGR Maharashtra portal by following the steps below:

1. Go to IGR Maharashtra > Choose ‘Free Process’ from the ‘e-Search’ menu.
2. Select the property’s location and fill in the needed information, such as the property registration year and so on.
3. Select ‘Search’ from the drop-down menu. ‘
4. You will be shown the desired results.

Conclusion

The title of a property determines its worth. A property with a defective title is worthless; only a clear title can guarantee that you have the legal right to possess and sell the property.

The Search Report also aids banks in determining if the immovable property has any prior encumbrances and in what capacity the individual holds the immovable property. Banks may accept or deny the loan after reviewing the Legal Scrutiny Report submitted by the Advocate and considering other relevant considerations.