I am aware of some legal documents that define a person's rights of ownership to a property. It includes register papers, title deeds, powers of attorney, and others. This paperwork is also necessary for a number of other situations, including transfers, gifts, and mortgages. I assume you are planning to buy a site and are curious to know: can I buy site which does not original land documents.
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In India, it is illegal to purchase or sell the property without the original sale document, Patta papers, and title deed. Because these are the essential legal documents needed for property registration. In case, the seller loses the original property documents for any given reason, they can get copies of the property documents from the revenue officers in the state to carry on with the transaction. This is the only way to legally purchase a property which has no original documents.
What will happen if you buy property without documents?
Purchasing a piece of land without obtaining the original deed is undoubtedly a dangerous move. You can obtain the original copy to find out the property's title and ownership information. But the owner may place the original title deed with a bank. It will also establish a security interest on it while obtaining a loan from that bank that you will not be capable of determining.
If the loan obtained by the owner is not paid back in the mentioned scenario, the bank will file a SARFAESI lawsuit against the owner.
The bank will also seize the property in issue to sell it for the amount still owed that is in the borrower's name. And in such an event, your title deed will be lawfully worthless because mortgaged properties cannot be sold on the open market.
If the owner sells the property, you would be capable of finding out by performing a registry search. Because the sale deed will be recorded in the registrar's records.
You must have understood can I buy site which does not original land documents.
Read More: What are the documents to be verified before owning a flat? How to check land details with survey number in Karnataka? How to check land details in Karnataka?
Can I buy site which does not original land documents
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2022-11-22T10:20:19+00:00 2022-11-22T10:20:22+00:00Comment
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