Property documents are an essential requirement in the sale and purchase of your asset. But in case you’ve misplaced them, here’s what you need to do to arrange for duplicate documents
If you are hoping to buy or sell your property, then the original documents of the house are a must for the transaction to proceed smoothly. Naturally, it is important for the seller to keep all these documents safely. However, misfortune may strike and you might lose/misplace your original documents. Thus, you will have to expend some effort and resources to obtain duplicate documents.
File an FIR
The owner should visit the police station and file an FIR (First Information Report) stating that the property’s original documents have been lost, misplaced, or stolen. S/he must obtain a copy of the complaint. Even if the house is mortgaged and the bank misplaces the documents, the owner of the property must file an FIR. The buyer should ask for a copy of the FIR from the seller. Based on the police complaint, the owner can apply for a duplicate share certificate from the housing society, which can be acquired by presenting an application at the society meeting. If the application is approved during the managing committee meeting, the housing society can issue a copy of the share certificate after charging a fee.
Issue a notice
To declare the loss of the documents, the owner will also have to publish a notice in an English daily newspaper as well as a regional one. Even the buyer can place such a notice and, through it, call for any claimants of the property within 15 days of the notice appearing in the paper.
Another vital document that owners and buyers need from a housing society is the No Objection Certificate (NOC), without which no lender will be willing to provide a loan.
Get an undertaking on stamp paper
The owner will need to get an undertaking on stamp paper mentioning that s/he has lost the original documents. The undertaking should outline the details of the property, what was printed in the notice and the police complaint number. It should also clearly state that all the details declared in the undertaking are true. This document should then be attested, notarised, and registered with a notary.
Apply for duplicate copies
The copy of the original sale deed can be obtained from the registrar’s office as it maintains the records of all transactions in its jurisdiction. The owner will have to submit copies of the police complaint, the share certificate from the housing society, the newspaper notices and the undertaking at the deputy registrar’s office. S/he will also be required to pay the necessary charges. Thereafter, a copy of the sale deed will be issued. If it is an old property, it is advisable to get a title report of the document to ascertain that the property is clear of any encumbrance. To obtain this document, one must visit the deputy registrar’s office, which will have all the details of the property.
Buyers, take note
Buyers are advised to purchase these properties only through a bank loan. First, the bank’s legal team will verify all the documents associated with the property, including the police complaint records. Next, it will verify the authenticity of the documents. Of course, any charges that arise due to the additional paperwork or legwork will have to be borne by the borrower himself.
When buying such a house, consider these risks:
- The owner may have mortgaged the house and the original documents could be with the bank. If s/he moves and is untraceable, the buyer will not only lose his/her money but may also be saddled with a bank loan.
- The additional due diligence and paperwork required can be cumbersome and costly.
- Banks rarely offer loans to buy such properties.
- It’s possible that the seller may have sold the same property to different people by using the duplicate documents.
Source – Mumbai Mirror
