Elite Realty

Keeping the most important things in the safest places that we even tend to forget is a flick that happens by chance. It can be anything expensive or the property papers that may go missing. The reason behind the missing property papers could be – stolen, lost, or misplaced. Such a situation invites panic, but we should be aware of the retrieval of lost property papers.

Steps that need to be followed for retrieval of lost property papers in India include:

Searching the Property Papers Online

In case the property papers are misplaced in India, try searching it online. You can try uploading a copy of it in hand to see if someone else has uploaded it. You can search the document on government websites and other relevant online forums. There are online tools available and document location services which can track down your original papers using the keyword search method.

You can put up a request at online forms requesting the search of the documents in case misplaced or stolen. There are companies which specialize in investigating and tracking the documents. You can contact the person who was involved in drafting the original deed and can help you further with it.

Lodging an FIR

Firstly an FIR (First Information Report) needs to be lodged in the police station for the misplaced or lost property papers in India. After this, the police try to find the documents in the mentioned period. If the police fail to find the property papers, a non-traceable certificate is issued mentioning the reason that their search of the misplaced documents has not been successful.

Newspaper Advertisement

One of the mandatory criteria in the search of property papers in India is to put an advertisement in the newspapers regarding it. The advertisement should state about the lost property papers and a request to return them to the mentioned address by anyone who has found them. This should be advertised in at least two newspapers; one should be a local newspaper and the other one an English national. There is a waiting period of around 15 days after the advertisement is published in case, someone finds the property papers and gets returned.

Draft an Application

The next step is to draft an application mentioning all the instances that have led to the loss or misplacement of the property papers. This should include all the details about the property in Indian region, newspaper advertisement, and copies of the non-traceable certificate enclosed.

A Written undertaking

An undertaking also needs to be given by the applicant providing information about the property and that all the mentioned information stands true to your knowledge. The police complaint number also needs to be mentioned.

Office of Sub-Registrar

The application needs to be submitted; at the sub-registrar’s office in India, where the original property papers were registered. The application is accepted when all the mentioned details and documents are verified. It takes around 15 to 20 days for the duplicate property papers to get issued from the sub-registrar’s office.

Retrieval of a Duplicate Copy of the Property Deed:

The following documents need to be attached before applying for a duplicate copy of the property papers in India:

• An undertaking needs to be written in a prescribed format on a stamp paper and signed by the property holder. The reason behind the loss of the property papers should be disclosed in it. There should be all the relevant information about the property and its owner and the registered complaint number.

• Attach the copies of the advertisements from both the newspapers and the written undertaking

• A copy of the registered FIR needs to be attached

• This undertaking should be duly attested by an authorized notary public

• Property ownership proof and other relevant documents concerning the property

• This final application needs to be submitted at the sub-registrar office.

Cost Involved in the Retrieval of Lost Property Papers

Following are the costs that may be involved in this process:

• The cost involved in the retrieval of lost property papers depends upon the size of the property file and the complexities associated with it.

• If any property dispute occurs over the ownership of the property or accessing the legal document, mediation fees may be involved.

• If any legal issue arises, additional fees may be charged for the negotiations done over the possession of property papers.

• If the retrieval of the lost property papers is not in India then shipping and handling charges needs to be paid.

Loss of Property Papers by the Bank

Under the guidelines issued by the Reserve Bank of India on 13 September 2023, after the whole settlement of the home loan, the property papers need to be returned to the borrower within 30 days and waiving off any registry charges in the period. If the bank loses the property papers and fails to give it back in time, they will be penalized for quite a high amount and the amount has to be paid to the borrower. If the property papers are not returned within the timeline, the apex bank is also charged for 5000 per day. In the recent case of losing the borrower’s property papers, the Punjab National Bank paid an amount of 50.65 lakhs to the borrower after being directed by the National Consumer Dispute Redressal Commission.

Key Takeaways

• The property owner is only allowed to register an FIR of the lost property papers.

• There is an option of submitting the applications online according to the city you are residing in.

• There is monetary compensation offered by the bank; in case, the property papers go missing due to their negligence.