How to get duplicate documents of property
Property related documents including registry certificates, lease deed or rental agreements are all quite sensitive source of information. If any of these are misplaced or lost it can lead to a lot of complications and unwarranted hassles. Loosing sensitive documents like property related one can happen to anyone. Let us take a closer look how buyers and sellers can work their way around such an eventuality and the potential risks and pitfalls.
Potential Risks
One has to be extra careful while buying any property where the original documents are either misplaced or lost. Even if the seller has attested photocopies of the original document, such a transaction is highly risky and the advice of a legal practitioner is recommended before finalizing any such deals.
Mortgaged Property with Papers with the Bank: While the seller may have genuine lost or misplaced the documents, there is also a chance that the seller might be committing a fraud. In case the property is mortgaged with any bank or home loan company, the original documents of the property are with the bank and not the seller. It is there imperative to find out whether the property is free or has been used as some kind of a mortgage deal.
Availing Loans: It is important to note that any property without proper documentation is a non starter when it comes to taking loans from any bank or non banking financial institutions.
Checklist of what a seller or property owner must do
What the Property Owner/Seller Must Do? Here is a checklist of what a seller or property owner must do if he or she misplaced the original property documents.
File a Police First Information Report (FIR): First thing any property owner must do is to file a police first information report about the lost documents. In case the owner is selling a property without its original documents, the potential buyer must get a copy of the police FIR to avoid any hassles.
Place an advertisement: Once a FIR is filed, the owner needs to place an advertisement in a local language newspaper as well as an English daily newspaper clearly stating the loss of the original documents. In case of a buyer, he or she is also advised to advertise a notice announcing any stakeholders of the property in question to contact within a stipulated time period.
Apply for a duplicate share certificate: In case of a residential property, the owner will need to get a duplicate share certificate from the respective housing society. Housing societies charge a nominal fee in genuine cases for issues a duplicate share certificate. A no objection certificate (NoC) from the housing society is also important in case the owner plans to sell the property in the near future.
Sign an Undertaking: The property owner will then need to sign an undertaking on a stamp paper clearly stating that he has lost or misplaced the original documents related to the property mentioned in the undertaking. The copy of police FIR, newspaper advertisements must be attached to the undertaking. The undertaking needs to be attested and registered with a notary to have any legal value.
Apply for Duplicate Sale Deed: After completing all the above mentioned procedures, the property owner can approach the registrar for issuing a duplicate copy of the sale deed. The owner will need to submit all of the above mentioned documents and pay a nominal fee depending on the state concerned to get a duplicate copy issued.
Hire a Legal Consultant: There are many complications when it comes to loosing the original property documents. Even after following all of the above procedures, it may be difficult to obtain any loans on the property. Most banks are quite skeptical in approving loans to any property with legalities attached. In case of any difficulty in any step, it is recommended to hire the services of a professional legal consultant.
