Understanding What a Title Opinion Report is?

When a lifetime’s savings are spent on buying a property, the need to secure oneself from the risk of fraud, defective documents, and fraudulent title deeds cannot be underestimated. The property documents need to be thoroughly verified and double-checked before paying any amount or signing any papers regarding the purchase of the aforesaid property. The title opinion report is one such report that is provided by experienced professionals to the buyer regarding any property that he is intending to purchase. A team of legal experts undertakes a property title verification process and help clients in getting a Title Opinion report.

What to Look for in a Title Report?

A real estate attorney ascertains the legal ownership of a property. The verification process involves checking and verifying the documents and determining defects in the title if any. The report must verify whether the person transferring the property is a legal owner or not. This is done by cross-checking whether the original documents the seller holds correspond to the records that are held by civic authorities. It is also important to check whether the Sale Deed, Registration, and Mutation papers are in place.

How to Get a Title Report for a Property?

Each state has a website that can be accessed from anywhere in the country. A Title Search can be conducted for a period of 12-30 years. The title search report must include the specifications such as the location, the measurements, the area of the property, and so on.

How to Order a Title Report?

Getting a Title Opinion Report is a step-by-step process that legal experts guide clients through:

The first step is an introductory call to understand the need of the client and how the lawyer intends to work on the task.

The vendor's rights are then checked by verifying previous ownership documents and the title.

Next comes the verification of the Sale Deed.

After this, the Agreement to Sell is verified keeping in mind the rights of the vendor.

Verification of the Conveyance deed comes next.

One last important step is the verification of the Perpetual lease deed.

After all this, the client can order a formal written Title Opinion Report from the lawyer and attend a post-delivery call to clarify any doubts regarding the document received.

It must be noted that the deliverables regarding Title Search etc depend on the property type. Document forgery check also does not come under the scope of these services. The chain of documents needs to be furnished by the customer.

How Long Does Title Work Take?

It depends on the nature of search and type of property.

How Much Does Title Work Cost?

The charges are dependent on the legal documents that need to be drawn out that in turn depend on the type of property. The charges depend on whether it is a partial search limited to 15 years or a full search that may be for a period of 30 years. Costs for verifying encroachments, oil deposits acquisitions past transactions, etc are all additional.

What is the Most Important Part of a Title Report?

Apart from the current ownership of the property, it is very important to verify the manner in which the title is held, and if there are any encumbrances or liens that presently exist against the property that could be an impediment in getting loans or in resale at a more later date. Also, if there are any unpaid taxes or insurance etc. against the property. The nature of restrictions and allowances, and chain of title are a few other things that need to be checked.

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