Saturday 16 August 2014

LOSS OF PROPERTY DOCUMENTS

Advocate S Selvakumar|Property advocates in Bangalore|Property lawyers in Bangalore


The documents regarding a property inter alia include title deed, mother deed, encumbrance certificate, khata, capital levy payment receipts, building arrange etc. This document is also original or is also extracts or Photostat copies. a number of these documents square measure within the nature of evidencing payments, authorization, permission, approval etc. additional usually than not, you'll be noticing advertisements in news papers concerning the loss of property documents with a remunerative supply to befittingly reward the finder upon come back of an equivalent. 

Reasons for non - availableness of property 
The reasons for non-availability of documents is also several. the subsequent square measure few such instances:
a)The original title deeds may need been unbroken within the workplace and got needed with alternative documents. During this case, despite the fact that the first title isn't lost, it's attributable to the actual fact that the documents aren't traceable even once search, the need to require more steps for safeguarding his interest by the owner will arise. 

b)The original title may need been lost, purloined or may need inherit wrong hands. In such cases, there's each risk of a fallacious group action being settled by creating use of the first title by the person of such a document unless the real owner acts fleetly to shield his interest over the documents

c) There are also some cases whereby someone has encumbered his property by deposit of title deeds as security for the loan obtained by him. On the idea of an authorized copy of the title, he could sell his property while not redeeming the mortgage. In such circumstances, the innocent vendee won't get title over the property since the mortgage holder incorporates a first charge. 

d)The property documents conferred for registration within the Sub- Registrar's workplace square measure to be collected inside an affordable time however not later than 2 years since the documents stay uncollected within the Sub- Registrar's workplace may be weeded out once the lapse of 2 years amount. just in case someone who did not collect the property document inside a amount of 2 years and also the aforesaid document is weeded out, then the aforesaid person at the foremost will get a letter from the Sub- Registrar's workplace confirming the submission of the document for registration and also the same has been weeded out as per rules since it absolutely was not collected from the workplace inside the stipulated amount. 

Partition Deed
In a partition of the family properties, if a specific property falls to the share of quite one person, then all they cannot have the first title of such property in their custody. Therefore, as a precaution it shall be clearly mentioned within the partition deed that the first deed shall stay with a specific individual who shall declare and under- fancy turn out the first deed for verification whenever requisitioned by alternative sharers of the property. To be used and custody of persons who don't get possession of the first title, they will get duplicate copy of the document at the time of registration. 

Deed and Documents
To know the implications of the loss of property documents, it's higher to understand on what's meant by a deed and what the distinction between a deed and a document is. A deed may be a writing or instrument below that the correct over a property is transferred from the transferor to the transferee. It’s going to be noted that each one deeds square measure documents however all documents aren't deeds. The word "deed" incorporates a wider that means. It is to be properly dead, signed and delivered. Normally, it's registered. Examples of deed would come with sale deed, settlement deed, exchange deed, partition deed, gift deed, unleash deed, etc. samples of documents aside from deeds would come with images, maps, building plans, writings on varied materials and substances, khata, encumbrance certificate, tax paid receipt, unsigned records, certificates, etc. 

Effect of loss of documents
Loss of original title deeds could result in lots of complications, have an effect on or impede free dealings with the property inflicting nice anxiety, stress and apprehension for the one who has lost these documents. Loss of title reduces the strength of possession title of the owner. The intending vendee or the mortgage holder could suspect the genuineness of the title of the seller or mortgagor. The moot question is 'why do they suspect?' and also the answer to the present is that the deposit of title deeds doesn't need registration. By mere depositing the title deeds, someone will produce mortgage of the property to avail loan from banks and also the monetary establishments. The amount of redemption of mortgage is thirty years. 

Suppose someone purchases a property for a valuable sale thought ignoring that the seller doesn't have original title and suppose at some earlier stage the property has been encumbered by deposit of the title document by its owner, then no matter the actual fact the vendee has purchased the property for valuable thought he won't get rightful possession over the property however, the mortgage holder incorporates a 1st charge over the property though possession is modified. In most of the cases, loaning banks do refuse to grant loan within the absence of original title and also the intending vendee could back out of the transaction within the absence of the first title. 

It is obvious that in most of the cases folks would become nervous once they lose their property documents since they need a sense that their title over the property is lost forever with the loss of property documents and thereby they conclude that they need lost their right to traumatize property from now on. it's the loss of the first deeds like sale deed, gift deed, will, deed etc., that may have impact since by virtue of those documents, the finder of the document could misuse an equivalent. But, loss of document doesn't deprive the owner of his possession over the property, if necessary precautions square measure taken well in time. Loss of the first title needs imperative action. 

Loss of documents like encumbrance certificate, Khata certificate, tax paid receipt etc., doesn't have serious implications since its potential to form up the loss of those documents by applying and obtaining certificates anew from the involved authority. 

Steps to be taken
In most of the cases, with a careful timely action and designing, it's potential to shield interest and title within the very best manner. A sincere effort conjointly ought to be created to trace out the lost document and to make the records. It’s going to be noted that if a registered document is lost, then an authorized copy on an equivalent may well be obtained from the workplace of the involved Sub-Registrar. 

Normally, altogether cases of loss of property documents, it's the foremost duty of the owner of the property to give notice the loss of property documents to the general public and also the involved authorities immediately. The common apply followed is to give notice the loss of the first deed in 2 leading and wide circulated news papers, one in English language and also the alternative in vernacular language requesting the finder of such documents to deliver back the aforesaid document which can be befittingly rewarded. Lodging a police grievance and getting acknowledgment from the police is also thought of as proof for the loss of document. 

To avoid complications by virtue of loss of property documents, the owner of the property ought to act fleetly and take applicable action to shield his right, title and possession over the property.

More,

No comments:

Post a Comment