Whether buyer should rely other's search report?

C.A Alok Mukherjee (Querist) 05 July 2011 This query is : Resolved
My question is whether a prospective buyer should rely on others search report. Suppose Mr X had already purchased the ground floor of a property and he had already done the search of the property for last 29 years. He had purchased the flat in April 2011. Now Mr. Y is a prospective buyer of the first floor of the house. Should Mr Y rely on Mr X search report or he should also carry out independent search?
What is copy of mutation? If the corporation tax is paid by the owner would it justify that he is the legal owner of the property?

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Guest (Expert) 05 July 2011
Dear Mukherjee,

At least in property matter, research made by self only can be relied, while the information provided by others may be full of bias and prejudice. Moreover, it all depends upon the intelligence quotient and level of understanding of individual to individual how he could perceive about the nitty-gritty of the property matters with particular reference to a specific property.

About question of ownership based on mutation vs. the payment of corporation tax, mutation is the valid criteria for valid ownership. Payment of corporation tax for any property by any individual does not vest him with the legal rights of ownership unless the property is duly mutated in his favour in the revenue records of the state.

Devajyoti Barman (Expert) 05 July 2011
Mutation certificate is only the presumption of possession and not the proof of title.

It is always advisable to carry out search on your own.

prabhakar singh (Expert) 05 July 2011
both m/sPS Dhingra, CEO, Dhingra Group and Devajyoti Barman have rightly expressed their opinion.

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