It is vital to ensure that all your property documents are always in place, for minimizing risks. People don’t have to be educated on this aspect, yet, at times, the risk of losing documents could assume significance.
All present and future property transactions ask for originals, so what steps should follow in case of a loss?
Two important things to be ensured are; acknowledge the loss to the people in authority and obtain duplicates at the earliest.
Filing a First Information Report or FIR intimating that the documents are lost should be done as early as possible. The property owner will be responsible for carrying out the task.
An advertisement in newspapers regarding loss of documents is yet another important step. The rule says that you have to wait for fifteen days after publishing the ad. Local newspapers as well as top rated English newspapers could be selected.
The owner should retain copies of newspaper ad as well as FIR for future reference. This will come in handy as proof that the loss was intimidated and required action was taken. Also, these details are mandatory in the undertaking which details loss of documents.
An undertaking with all the regarding property information should be prepared on a stamp paper. This undertaking needs registration, attestation and notarization.
Getting duplicate copies is the next step. For this, the owner has to pay a visit to the concerned registrar’s office, i.e the office where the property was registered. There is a certain fee involved and any other documents should be presented based on the requirement.
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