In India, a title search report is an important document that is required during the process of obtaining a mortgage loan. It is a detailed report that provides information about the ownership history of a property and any legal encumbrances, such as liens or judgments, that may affect the property.
The title search report is typically conducted by a lawyer or a title company, and it involves a thorough investigation of public records related to the property, such as land records, property tax records, and court records. The purpose of the title search is to ensure that the property is free and clear of any outstanding legal issues that could affect the lender's ability to recover the loan in the event of default.
The title search report is an essential document in the mortgage loan process because it provides the lender with important information about the property and helps them determine the risk associated with lending money for the purchase or refinance of the property. Without a clear title, a lender may be unable to recover the outstanding balance of the loan in the event of default, which could result in financial losses for both the lender and the borrower.
Author - Suman Chaudhary
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