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taxguru.in-Overview of Property Search Report ROC Search Report-converted

u201cSearchu201d means to review and inspect either manually or by auto- mated means, agency records for the purpose of locating those records which are responsive to a request.<br><br>u201cReportu201d means give a spoken or written account of something that one has observed, heard, done, or investigated.<br><br>

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taxguru.in-Overview of Property Search Report ROC Search Report-converted

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  1. Overview of Property Search Report & ROCSearch Report taxguru.in/corporate-law/overview-property-search-report-roc-search-report.html “Search” means to review and inspect either manually or by auto- mated means, agency records for the purpose of locating those records which are responsive toa request. “Report” means give a spoken or written account of something that one hasobserved, heard, done, orinvestigated. Therefore, a Search Report means inspecting records and providing evidence ofthe same. Now-a-days Search Reports have become an integral part of documents by banks while sanctioning loans. Whether it be relating to any property title or any encumbrances created on the same. Banks have become more cautious while providing loans against properties to individuals and/or companies with a view to avoid future consequences.The Banks make sure that the Builders or Firm (including partners) or Company(including Directors) are not disqualified or defaulters under anylaw. Here we shall emphasis on both i.e. Property Search Report and ROC SearchReport required by banks while providingloans. 1. Property Search Report A property search report means digging down to the history of the Land or Propertylike who was the original owner and step down series of property till it reached the present owner. The property search is taken over a period of 30years.

  2. Usually the report is prepared by an Advocate who after visiting theRegistrars Office inspects the documents and issues a TitleCertificate. The title certificate mentions whether the property is encumbered or not andalso whether it has a clear marketabletile. If any court proceedings are carried on and pending in courts, needs to alsobe mentioned in theCertificate. It is mandatory for the builder to annex the Title Certificate along with “Agreementto Sale” at the time of purchase. It gives a buyer the confidence that he is undertaking a transaction with a genuine party and the same is free frommortgage. The Search Report & Title Certificate helps banks while providing loans againstthe property. 2. ROC Search Report The ROC Search Report are mainly prepared by a Practicing CA/CS/CMA or Advocate after inspection of the document and records of the Company as per ROC records.The Search Report is mainly asked by the Banks while granting Loans to the Companies. It helps the Banks in determining whether the property kept as security is free from encumbrances and no step down charges are created. This keeps banks safe from defaultingcompanies. The search report generally contains the following information about acompany- Name of thecompany Date ofincorporation CIN of thecompany The capital structure of thecompany Registered office Details of the companydirectors Details ofshareholders Details of registeredcharges (Details of charges, amount, security pledged, any modification, rate of interest, tenureof earlier charges created, any earlier charges which have been satisfied/paid offetc.) The Search Report may also include other matters (like DirectorDisqualified/Defaulters, GST Returns, Income Tax paid, any court matters against the companyetc.) Hence, it can be concluded that the search reports serve the complete purpose of stakeholders to know about the company in which they are going to invest,control, manage, provide loan, enter into a contractetc. **** The author can be reached at [emailprotected]

  3. Disclaimer: This article is written merely for informational purposes and it should notbe taken as a legal advice. The readers are advised to consult competent professionals before acting on the basis of any information providedhere. Tags: Companies Act, Companies Act2013 Kindly Refer to Privacy Policy & Complete Terms of Use andDisclaimer. AuthorBio Name: Prerna Hunagund Qualification: CS Company: N/A Location: Bangalore, Karnataka, India Member Since: 31 Jul 2021 | Total Posts:14 Prerna Hunagund is a Practising Company Secretary, Graduate in Commerce & an Associate Member of the Institute of Company Secretaries of India, New Delhi,having knowledge in Corporate and Secretarial Law. View FullProfile My PublishedPosts Types And Sources of BusinessFinancing Deposits under Companies Act, 2013- Inclusion, Applicability, DPT-3 Filing Labour Laws and its Applicability Preferential Allotment of Shares – Key Factors, Procedure &Timeline All about Debentures under Companies Act,2013 View More Published Posts Join Taxguru’s Network for Latest updates on Income Tax, GST, Company Law, Corporate Laws and other related subjects. Join Taxguru Group onTelegram TELEGRAM GROUPLINK More Under CorporateLaw

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