What Should You Do If Your Property Documents Are Lost?
Legally speaking, property documents serve as proof of ownership, so getting missing documents found is a job that cannot be negotiate. Be aware that owning property alone won’t accomplish the goal. A piece of property’s ownership may only be establish by the person listed as the legal owner; possession of the item by itself does not establish ownership. Therefore, quick action should be done in the unfortunate event that real estate documents or the original sale deed are lost or misplace. Getting a duplicate copy of the lost property documents is the second step after recovering the lost papers.
Are you searching for new projects in sewri?
What should be done if property documents are lost?
Lodge a FIR
Making a first information report (FIR) at the local police station is the initial step towards obtaining the missing property documentation. Police would search for the documents after filing a formal complaint. If, after a reasonable amount of time, they are unable to locate the missing papers, they will issue a non-traceable certificate indicating that their search has been unsuccessful.
Place newspaper ads
The owner should first look for the property papers, as was previously specified. In order to accomplish this, he would need to place an ad in at least two newspapers describing the disappearance of the property papers. And asking the person who finds them to send them back to his address. This is where we have to remind you that this is requires of you and is not optional. In the parts that follow, we’ll get right to the point.
Compose an application
Write the whole sequence of events on a blank sheet of paper, noting that the missing or lost document could not be found in a reasonable amount of time. Include copies of the non-traceable certificate & the newspaper advertisement clippings, together with all the property details. When composing this document, certify that the information provided in the application is accurate to the best of your knowledge.
Submit it to the deputy registrar
Send the application to the office of the sub-registrar, where the property was first registered. Your application will be approves after the documentation has been check. Within 15 to 20 days, you will receive a duplicate copy of the property documentation.
What if your property paperwork is lost by the bank?
United Bank of India, formerly known as Punjab National Bank, was recently order by the National Consumer Dispute Redressal Commission to pay a penalty of Rs 50.65 lakh for misplacing a borrower’s property documents. Many home purchasers who use home loans to buy properties share the suffering of the borrower.
Be aware that the bank bears full responsibility for restoring your property, including all associated costs. If it is unable to provide your original property documents due to negligence on its part. This is due to a notification released by the Reserve Bank of India on September 13, 2023. Stating that banks have thirty days following the final settlement of a loan account to restore property papers to the borrower and remove charges that have been lodge with any registry. In addition, the apex bank stipulates that a bank will be penalize Rs 5,000 per day for not giving the borrower’s property documents back within the allotted time frame.
You’re looking for Projects in Kandivali we have the Best Properties In Mumbai Like Ready to Move:https://navimumbaihouses.com/properties/search/kandivali/
If you want daily property update details please follow us on Facebook Page / YouTube Channel / Twitter
