A Title Investigation Report (TIR) is a comprehensive document that contains information on the legal status of a property. It helps buyers make informed decisions about their property purchase, protects their interests, and minimizes the risk of legal disputes. In this guide, We will take you through the TIR report process and explain how it can benefit property buyers.
A TIR report is important for property buyers as it provides them with a clear understanding of the legal status of the property. It helps buyers avoid any legal issues that could arise from faulty titles or incomplete ownership records. The TIR report also ensures that the buyer is protected from any legal liabilities.
Legal experts conduct a thorough investigation of the property to ensure that it has a clear title and is free from any legal encumbrances or disputes. Apart from verifying the sale agreement, purchase agreement, and other property-related contracts, legal experts also review other documents such as:
A TIR report provides buyers with a clear understanding of the legal status of the property. It helps buyers make informed decisions about their property purchase and ensures that they are protected from any legal risks associated with the property. The TIR report is also an invaluable tool for buyers as it can be used to secure loans from banks and other financial institutions. The TIR report is valid for a period of six months from the date of issue.
Apart from verifying the legal documents, a TIR report also captures certain exceptional observations that can protect the interest of the buyer. Let’s take a closer look at some of these observations:
1. Encumbrance on the Property: TIR report highlights if there are any encumbrances on the property, such as a mortgage, lien, or charge. This helps the buyer ensure that there are no existing claims on the property that they may inherit.
2. Deviation from Plan: The report also highlights any deviations from the approved plan, such as unauthorized constructions or modifications, which may affect the value or legality of the property.
3. Disputed Property: TIR report checks whether there are any pending litigations on the property or if the property is subject to any legal dispute. This information can help the buyer avoid future legal complications.
4. Property Tax and Utility Dues: TIR report verifies whether the property tax and utility bills are paid up to date or if there are any dues. This helps the buyer avoid taking up any unpaid liabilities on the property.
5. Occupancy Status: The report also verifies whether the property is currently occupied or vacant. If the property is currently occupied, the report verifies if the tenants have a legal right to occupy the property.
Environmental Clearance: In cases where the property is located in an environmentally sensitive zone, TIR report verifies whether the property has received the necessary environmental clearance from the authorities. This helps the buyer avoid potential legal and environmental complications in the future.
The TIR report is a crucial document for property buyers as it provides them with a clear understanding of the legal status of the property. Legal experts conduct a thorough investigation of the property and review various documents to ensure that the property has a clear title and is free from any legal disputes or liabilities. A TIR report helps buyers make informed decisions about their property purchase, protects their interests, and minimizes the risk of legal disputes. If you are planning to buy a property, it is highly recommended that you obtain a TIR report from a legal expert.
Prakasha & Co. is a trusted legal advisor for all property-related matters. Contact us today for expert legal guidance and support to ensure smooth and hassle-free property-related transactions in and around Bangalore.