What happens if you lose property papers?

The first step is to visit the nearest police station and file a first information report (FIR). The FIR needs to mention that the papers are lost. A copy of the FIR should be taken by the owner and preserved for future reference.

How do you break a mortgage chain?

One way to break a chain is by extending the mortgage on your existing home and using that money as a deposit for the mortgage on the new property. You can then either: Rent out your old home, and use the rental income to pay the mortgage on that property.

How do I get a property chain document?

It needs to be registered at the sub registrar’s office under whose jurisdiction the property would fall. Title search and report – Property title search is a process of retrieving the chain of documents relating to the history of the property that has been registered with the concerned authority.

Can we transfer property without sale deed?

“Immovable property can be transferred/conveyed only by a deed of conveyance (sale deed), duly stamped and registered as required by law. We, therefore, reiterate that immovable property can be legally and lawfully transferred/conveyed only by a registered deed of conveyance.”

What happens when a house chain collapses?

Gazumping and gazundering are both responsible for property chain collapses, too. If a seller accepts one offer, and then takes another (better) offer from another buyer at the last minute, that’s gazumping. The opposite happens, too: a buyer will wait until just before exchange of contracts to reduce their offer.

What does breaking the chain mean?

Breaking the chain (or novus actus interveniens, literally new intervening act) refers in English law to the idea that causal connections are deemed to finish.

What happens when a house chain breaks?

Often a property chain breaks halfway down the line or very close to the planned exchange date. Consequently, the property must now be put back on the market, a new buyer needs to be found and the legal process needs to start from scratch with the hope that this time around all will proceed smoothly.

What happens in a house chain?

A property chain is a common occurrence during house purchases. It happens when there are several buyers and sellers in a row – which means there is always a risk that your house purchase could fall through if someone else breaks the chain.