Here are the key instances when we recommend an NRI to obtain a property report:
When Buying Property from NRIs: To verify the property title, perform an Encumbrance Check, check for outstanding debts, and confirm all legal documentation is in order.
Before Selling Property: To evaluate the property’s market value, ensure it's free from legal disputes through a Litigation Check, and handle any tax-related matters.
For Property Management: To keep track of the property’s condition, tenancy agreements, and any required maintenance or legal actions.
For Financial or Legal Purposes: When securing a loan against the property or resolving any legal disputes, a detailed Property Report is critical for accurate documentation.
Obtaining a property report is a key step in safeguarding an NRI's interests in real estate transactions in India, particularly when buying property from NRIs.
Also Read: What are major components of a property report?