A title deed is a legal document that proves ownership of a property. For Non-Resident Indians (NRIs), a title deed is important when they own property in India or another country. It shows who legally owns the property and includes details like the property’s location, size, and any rights associated with it. Here are key points regarding their significance:
- Title deeds serve as legal evidence of property ownership, allowing NRIs to assert their rights and defend against claims from third parties.
- They facilitate smooth property transactions by documenting ownership transfers, ensuring that all parties recognize the legitimacy of the sale.
- NRIs must verify that the seller is the title deed holder to avoid fraudulent transactions, as only the deed holder can legally sell the property.
- A clear title deed helps NRIs safeguard their property against potential disputes and illegal occupations.
- Title deeds are often required for securing loans against the property, providing financial leverage for NRIs.
Remember, if an NRI buys or sells property, the title deed is essential for the transaction, ensuring that ownership is legally recognised. Hence, understanding and maintaining valid title deeds is essential for NRIs investing in Indian real estate.
