Property verification is a process to check the ownership of a property or the ownership of a person who is selling the property. It is a process to check whether the person has complete rights over property and to ensure that there is no legal hurdle in transferring the property. In property verification, an attorney experienced in Real Estate transactions scrutinizes all the property documents to make sure that the property has a clear title and does not carry any encumbrances.
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Both the buyer and seller can opt for property verification.
It ideally takes 5 to 7 working days for a property to be verified.
Verifying the ownership of the property is crucial to ensuring that the current sellers are in reality its legitimate owners. To satisfy any concerns the buyer may have regarding the property document, such as title, ownership, encumbrance, etc., a verification is performed.
- Checking Bank approvals.
- Asking for property ownership history and title deed.
- Asking for land approvals and building permits.
- Asking for Encumbrance Certificate.
- Asking for property slips.