How To Check If Your Property Is Legally Verified
When buying a new home, it’s likely you’ll have to jump through a few hoops before the sale can go ahead. You might have to provide proof of your identity, pass credit checks or meet other pre-existing conditions set by the seller. These are all standard measures taken to ensure that you, as the buyer and tenant, are safe and suitable to take on such an important financial asset.
However, there may be some more unusual procedures that you need to complete before finalizing the deal. For example, your property may legally need verification from the council or another relevant third party. How to check if your property is legally clear? This article will explore what this means and how you can check if your property requires this specific type of legal verification.
What is property verification?
Property verification is a process that establishes that your property is, indeed, as you say it is. There are two types of verification: legal and factual. With legal verification, the council examines the title history and documents relating to your property to confirm that the information on your conveyance is correct. They’ll look out for any discrepancies or inaccuracies. This will be recorded on the title deed, with an appropriate note referring to the issue. Factual verification is usually done by an accredited surveyor and is usually a condition before you can get a mortgage for your new home. The surveyor will look at the physical condition of your property and verify the information that you’ve provided on your schedule of condition. They’ll also note any defects or damage they find and recommend repairs where needed.
What does legal verification entail?
Legal verification, as the name suggests, is carried out by the council. The process involves you contacting your local authority to request a ‘verification of title’. The council will then review the title deeds for your property and carry out a few checks to make sure everything is correct. The most common reason for a property title to be incorrect is if there is an outstanding planning condition that hasn’t been met. The authority will notify you of any issues and advise you on the next steps. In most cases, it’s highly likely that the property will pass the verification. However, if there are issues, the council will be able to help you resolve them before buying the property. If there are no issues, they’ll confirm that your title deeds are correct, and the sale and purchase can go ahead as planned.
How to check if your property requires legal verification
Below are some common ways to check if your property is legally clear:
Finding a property with no legal issues is way too hard and not a piece of cake. When one finds a property, then there is a high chance of it getting into any legal trouble. It is no less than an achievement of finding property services that are nowhere near to any legal problem. As over the years, a huge rise is seen in the real estate sector it is of no surprise that the number of land disputes has gone up too. The prime reasons are loads of project delays and mainly because of fights caused by land ownership. It is not easy to check whether your property is legally verified or not. Many people don’t read proper guides or don’t follow the instructions due to which they end up regretting in the end. If you were surfing the internet for this reason then this article has got you covered. This article will guide you through on how to check if your property is legally verified and if not then how can you get it done.
Check Title Papers
Without any doubt, papers are the first thing that comes into mind while looking for property verification. The title should be clear enough and should be without any dispute. If a new property is concerned, then the construction company’s name should be beside the title of the land. If buying a resale one, then one should take the help of a property lawyer for their property services and study the papers wisely.
Ask For Bank Approvals And Their Property Services
If your home is being financed by the bank, then half of the work is already done for you. Even before your loan is approved, the bank checks and evaluates the property properly. If an apartment project is concerned, then many banks offer on-site offers which means that the property is cleared and is legally verified. But it is recommended to still check the clauses before signing the loan agreement between you and your bank.
An encumbrance certificate is a certificate which is a proof that a certain property is free from any kind of pending loan or mortgage and is legally verified. Moreover, it also has the name of the previous owner of the property. This document holds immense importance as one should know about the previous owner. Moreover, it also tells whether the previous owner had mortgaged the property or not and if all the dues are clear.
Cross-Check The Approved Plan With An Actual Site
If one is buying an apartment project, then they should make sure that they see the copy of the approved map. It can be easily approached directly from the builder which is passed by the local authority. They will willingly tell you the fair idea about the area. Seeing the approved plan provides the buyer confidence that his money is being invested in the right place. Moreover, you can also know the construction spree if it legally encroaches.
In short, legal verification is nothing to be worried about. It’s a simple process that the council uses to confirm that your title deeds are accurate. Once they’ve completed the verification, they’ll let you know whether or not there are any issues with your title. If there are, they’ll let you know what you need to do to fix the problem. Once you’ve resolved the issue, you can go ahead with the sale as planned. Before you sign on the dotted line with your new home, make sure you check your title to make sure it’s correct. If it isn’t, you may have to take steps to resolve the issue before the sale can go ahead.
Related: What Happens When You Have Quit Claim Deed But Still On Mortgage?