Investing in land and buildings requires huge sums of money. Therefore, every purchaser of immovable property has to be very careful and take all precautions to protect his interest and to make doubly sure that the vendor has good and marketable title and the property is free from encumbrance.
There are variousdocuments which would provide vital information as to whether a property in question is free from encumbrance and the vendor has good and marketable title. Upon going through these public documents available in the Sub-registrar’s office, search reports are prepared andsuch search reports contain information as to whether the property in question is encumbered or not and the vendor possesses a clear and marketable title or not. Search reports are prepared by advocates upon verification and confirmation from the concerned authorities as to genuineness of the documents.
Search report gives a summary of the ownership details of a property and changes in ownership that have occurred from time to time including existing or not of any charge or encumbrance over the property. The search reportdiscloses if there is any existing mortgage, litigation, or claim which mayadversely affect the title of the property. Search reports are prepared upon verification of the property documents for the last 30 years. It would be in the interest of the buyers that they insist on production of search report before executing the ‘agreement to sell’ with the property developers or with the owners of the property.
The search report does not display the defects in the title to the property or any transactions that have not been recorded in the Sub-registrar’s office. If any document is not registeredwith the sub-registrar’s office it cannot be mentioned in the search report.
Commercial banks do insist on production of search report before granting any advance or loan for purchase of any property. For availing a housing loan from a banking institution, it is a pre-requirement that the title of the property of the present owner should be clear and marketable. Usually banks do not finance any encumbered property or if the property is under legal dispute, as it would reduce their security andincrease their exposure to risk. This means the seller should be genuine andthe actual owner of the property. The property should not be under any dispute or litigation. The charges for search report is nominal and is included in the processing and administration charges by the bank to sanction and disburse the loan.
This process of obtaining the searchreport gives security to the buyer. It assures the purchaser that the title of the property which he plans to buy is good and there won’t be any problems at a later stage because of any pre-existing charges, encumbrances or legal contentions on the property.
Several problems associated with urbanization such as overcrowding, contaminated water, air pollution, poor sanitation and other such issues that concern the environment have now come to surface. The three issues of solid waste management, e-waste management and tree cover remain neglected as the years go by. Bangalore is one of the leading e-waste generator States in India. According toenvironmentalists more than 1,000 different toxic substances are present in e-wastes that are injurious to the environment and to people. There are harmful heavy metals such as mercury, cadmium, nickel and copper in this e-waste. A large number of these metals are cancer- producing and may have an effect on the human nervous system. The very fact that no regulations exist andneither does any scientific system of disposal of e-waste is frightening.
Civic authorities in Bangalore have estimated that almost 2,500 tones of solid waste is produced every day besides industrial waste in the city. Environmentalists say that it could be even 3,500 tones. According to an Environmental Itsincreasing commercialization has led to every purchased object being packed inpackaging material and about60-70% of this turns into solid waste. Municipal waste consists of a large component of packing materials, paper, plastic, cloth, metal, glass and organic matter from households, commercial setups and markets. Hospitals too generate waste which needs to be attended to.
Only 20-25 per cent of the solid waste produced gets to be recycled. The environmentalists say that the Municipal SolidWaste (Management and Handling) Rules 2000 are not enforced or implemented in its totality and the work of segregating solid waste is handled in an unorganized manner. Those who have a stake in this have not been trained or built in their capacity.
Not only this, with the growth of the city cutting of trees for the purpose of road widening, construction of new buildingsetc has become rampant. Around 40,000 trees are estimated to be cut in future to widen 95 roads which amounts to 400 km in length. Policy makers, environmentalists, institutes, organizations and the public are confronted with these challenges and an ever lasting solution may emerge soon.