Recently we came across a comment on our website that asked what to do when the property papers get lost. There are multiple cases like this. No matter how careful people are, sometimes things get lost. But what if the lost item is the paper of property? Mind bugging, isn’t it? This creates problem at the time of transaction. If you are a buyers of the property, how would to buy a property without the original papers? If you are a seller then it will be really hard to sell the property without the papers. It’s like getting stuck in the middle of rock and a hard place. So what can we do? Does that mean we cannot buy or sell the property?No. You can definitely buy or sell the property, provided you have to pay additional cost to get the duplicate documents. So let’s see how to get the duplicate documents of a property.
- Firstly the police complaint. This should be done by the owner of the property. The FIR should be filed stating that the documents have been lost, misplaced or stolen. The owner should get a copy of FIR. Sometimes if the property is mortgaged, bank loses the documents. In that case also do the same. File an FIR and keep the copy with you. Buyers should ask for the copy of FIR from the owner.
- Secondly the advertisement. The owner should place an advertisement in an English daily and vernacular one about the loss of documents. For 15 days, owner should wait because there is a possibility that someone might find and return them.
- Thirdly the share certificate and NOC. You can show the FIR to prove your loss of documents and asks the society to provide a share certificate. If it’s approved then by paying a minimal charge you can get the share certificate. Also, don’t forget to take the NOC from the housing society because without this, no lender would be willing to furnish loans.
- Next is the notarized document. Prepare a document stating the loss of documents, text of advertisement and the FIR number. Get it attested by the notary such that whatever written on the document can be proved legally true.
- Then the sale deed. To get the duplicate of sale deed, you have to go to the registrar’s office as it has all transaction records. You have to submit the copy of police complaint, advertisement, share certificate and the stamped undertaking document and pay the asked charge to get the copy of sale deed.
How much does it cost?
- The FIR will be done for free.
- Advertising costs will go from Rs 2000-5000.
- Share Certificate and NOC will cost around Rs 1000-2000.
- Undertakings/Notarized document might be costly going from Rs 2000-25000.
- Sale deed will come at Rs 500-800.
- There might be other legal hassles which might cost you upto Rs 8000.
Difficulty in getting home loansIf you are buying the property whose original documents are lost, then it’s not compulsory that you will not get the loan. If you have positively made all the complaints and got the notarized documents then there is whole lot of possibility of getting the loan. The bank usually scrutinizes the documents and finds if it’s totally original or forged. If found true and proper then after some legal and paper work the bank will avail the loan. Also, the availing of loan depends on the buyer’s relationship with the bank.What’s the risk in buying a house like this?
- If the house has been mortgaged and the property papers are with the bank and the owner absconds after taking the amount from you then there is a huge loss because there might be heavy loans to fall upon you.
- Paperwork might be tedious and tricky enough to drain you.
- Getting loans is tough in this section of properties.