The encumbrance certificate is a most important document used in property buying or selling as a proof of free title/ownership. When purchasing a house, apartment or plot, it is important to verify that the property does not have any Money or legal dues. And encumbrance certificate (EC) makes certain that there is a complete ownership of the property without any money or legal issue. The EC for property can be obtained from the sub-registrar’s office where the particular property has been registered. It is a document issued by the registration authorities. While buying a property, it is important to confirm that it does not have any legal dues. A prospective buyer must ensure the property has a clear and marketable title.
Importance of an EC
The encumbrance certificate is important for those applying for a home loan or obtaining a loan against property or when one wants to sell or buy a property. “Encumbrance” means that the issues created on a particular property, whereby it is held as a security for any debt of its owner, which has not been discharged as on date. An encumbrance certificate contains all the transactions registered relating to a particular property for a certain period (as required). These details also consist any assert or encumbrance on the property.
Government authorities and financial institutions like banks usually demand 10-15 years of encumbrance. However, we can ask for up to 30 years encumbrance certificate to be checked. We can register for 30 year also. With our vast knowledge and experience in this field, it is advisable that client should be cautious in taking encumbrance certificate. The reasons are the property can be sold or mortgaged by a third party without the knowledge of the real owner.
We will get the encumbrance certificate for the any properties anywhere in Tamilnadu.