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 various documents 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 and such 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 searchreport discloses if there is any existing mortgage, litigation, or claim whichmay adversely 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 registered with thesub-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 and increase their exposure to risk.This means the seller should be genuine and the 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 search report givessecurity 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
over crowding, 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 to environmentalists 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 and neither 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 Its increasing commercializationhas led to every purchased object being packed in packaging 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 Solid Waste (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 buildings etc hasbecome 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.
No comments:
Post a Comment