25. Search Report & Search Receipt E-Challen
The Purchase’s advocate is to make or cause to be made searches in the Offices of the Sub Registrar & the Collector or Revenue authorities as well as local authorities Offices concerned, to find out whether any transactions have taken place in respect of the property during the past relevant period. Whether there are any encumbrances created or any other claims subsisting, whether any lis pendens notice is registered, whether the property stands in the name of the vendor in the Collector’s and Municipal records and so on.
A search report provides to the banks, investor or purchaser the history of the property owned by the owner of the said Property i.e. who is the original owner of the property. Is that Property mortgaged with any banks over the period of time, any charges on the said property all this complete information is noted down in the Search Report.
In this Advocate has to pays & generate E Challan of the search fees, generally search fees is calculated year wise one year approximately charge is Rs.25/- excluding legal fees of Advocate.
TYPES SEARCH REPORT :
1. TITLE VERIFICATION REPORT :
In this Advocate or any Law Firm declares on his Letter head that, concern property is owned by the xyz person. The Right Title and Interest of the concern Property is vested in him / her / them at current date.
2.
SEARCH
REPORT :
A search report provides the purchaser and or the banks the history of the property held by the current Owner i.e. who is the original owner of the property. And it’s Status whether it is mortgaged or not or is anyone having vested interest in it or not.
The Search is taken as per required period of years. E.g. – 30, 15 years and or as required for number of years from when the title of ownership is vested in current owners.
Note - Mostly Land - 30 Years serach as per law and For Unit 13 to 15 years depends upon Banks to bank and or Financial Institute.
3.
LEGAL
OPINION REPORT :
In that Details mentioned such as – Name of Project, Name of Builder, Property Description along with demarcation. Documents supplied for scrutiny by the Builder, Title Flow and explanation of transaction and title transfer till date, Public Notice related clause, Non Agriculture Order and Sanction Plan details i.e. Commencement Certificate from local authorities, If earlier search taken its information, Lawyer Opinion concern to the property, Directive Notes what other things to be received by the bank in this process, and Note mentioned by the Advocate on Legal Opinion.
Format of Search Challan Paid
