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Once
you have finalised the house, you need to examine the
title documents. Here we would like to clarify
that even if a Municipal Corporation
has approved the building plans, it does not necessarily
mean that the Title to the land is clear and marketable.
There is a distinction between owning land and the same
having a clear title. For e.g., a person may own
the land, but he may have hypotheticated the land / flat
to a bank / financial institution. In this event while
he is clearly the owner, the title to the property is
not clear and marketable as the financial institution
has a charge on the said property and accordingly it is
only with the permission of the financial institution
that the property can be sold or otherwise disposed of.
The title certificate is best obtained by relying on a
reputable solicitor.
The solicitor concerned would go through a whole
host of documents and
provide you with a certificate. Almost all developers
especially reputable developers choose a good solicitor
to assure you that the title of the property they are
selling is clear and marketable.
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