PropAudit (Property Audit – property documentation and compliance service) is a critical need for having property documents organized, updated and complied with Govt. Authorities. Most people neglect to maintain property documents in order and postpone updating the records, may be due to busy lifestyle.If documents are not in order/not updated/ not complied with authorities, at the time dealing with the property (such as apply for khata, sale, transfer, lease, mortgage, insure the property etc.), owners will face hardships beyond imagination.
Compliances like having khata and paying property taxes are mandatory, failing which authorities may levy heavy fine, send legal notice and drag the defaulters to Courts, which may lead to authorities taking over the property.
In the first stage PropAudit, photocopies of full set of documents are collected, such as title documents, revenue documents, link documents, requisite approvals, loan statements (if loan is availed) insurance policies (if insured) etc. and arrange them in order
Audit Report will be prepared, giving a detailed analysis of legal report given by the Advocate, Market Valuation issued by licensed Valuer. Sale deed (or gift deed/partition deed etc.) and prior title deeds, all related documents will be analyzed including the latest Khata Certificate, Khatha Extract, Tax paid receipt and Encumbrance Certificate for 30 years. The audit report includes legal, technical and financial verifications, all approvals and other concerned matters. Audit Report will list the missing documents, explaining the nature of each missing document, its importance and legal necessity of the same and to approach which authority to procure the missing documents.
The Audit report will also mention the estimated cost and time-line to procure the same, in case ‘PropSeva’ is entrusted with such services.
In the second stage, after all missing documents are procured, audit report will be placed which will have detailed analysis on legal, technical, financial and other related aspects of the property. Audit Score will be awarded (On a scale of 1 to 10: Higher the score, higher accuracy of documentation), basing on relative parameters and due weightage, such as Legal aspects: 30%, Technical Aspects: 20%, Govt. Approvals: 20%, Taxation Aspects: 10%, Financial Aspects: 15%, Insurance Aspects: 5%.
On request, we continue to comply with periodical obligations, such as property tax payments (annual), payment of insurance premiums (annual), obtaining Encumbrance Certificate (EC – every year) and obtaining Khata Certificate and Khata Extract (once in 3 years).