My family and I would recommend NRI Legal Services wholeheartedly. We have land and property in India but due to leading busy lives in the UK, are unable to travel to India to sort out land disputes with family. Hence, we were attracted to NRI Legal Services in the first place. We initially met with Salim at the Leicester branch. He was very friendly, and put us at ease, and answered all our queries and concerns with the utmost patience. The best thing was they said they would sort out any problems without us needing to even go to India! We were very reassured by their straightforwardness and honesty.
They were very honest about how much time it would take to conduct searches. Throughout this time, we were kept fully informed via e-mail about any updates, and we were never left wondering what was happening. The whole land and property search was conducted very professionally.
At the end of the search, we were presented with a large folder of the investigation and the conclusions. Because of NRI legal Services, we are more informed about exactly what is ours and what is not (rather than relying on word of mouth by relatives). A massive thank you to NRI Legal Services for helping us out when we really needed help, and once again, for anyone wondering if they should go to them or not, we would say… go for it!!!!!
The NRI team helped me and my family retrieve house papers from India. They were very understanding of my situation and kept good communication throughout the process which allowed them to complete the process in good time.
Due to their respectful manner in dealing with me, my mother has decided to contact them again for her own personal matters.
Legal Due Diligence means taking all precautions to safeguard ones’ interest in a particular transaction. The transaction can be the sale of a property, buying a property, signing a contract etc. Its purpose is:
- To identify the risks involved
- To minimize those risks
The essence is to know the fact which one ought to know. It is presumed that a certain degree of prudence will be exercised for one’s own sake.
Read More: Selling a Property through a General Power of Attorney – Is it even valid?
How to carry out due diligence
It involves the collection of information and data that can influence the decision, like
- Verify the credentials of the person or company involved in the transaction.
- Handle the documentation part carefully. It is crucial to obtain legal advice (professionals/law firms) for proper documentation of complex transactions, especially property-related matters. It is necessary to read and understand the contents of the document.
- Property transactions generally involve scrutiny of revenue records and search of title.
- While dealing with a company, records maintained at the office of Registrar of Companies must be cross-checked. The financial health of the company also matters.
- It is significant to know the reputation of the person or company as it exists. In the housing business, the image of the builder always has a substantial impact on the mind of the investors/buyers. It helps to ascertain whether the builder is making fake promises or is a genuine person.
Read More: Transfer of ancestral property and registration of transfer deed
Due Diligence has become significant nowadays:
Some of the reasons could be-
- Adherence to Law is imperative. So far as the legal provisions or statutory requirements are concerned, the parties to the transaction must conform to the rules and regulations. It is the duty of the parties to take care that the statutory requirements have been complied with. For instance, a buyer must ensure that the builder has obtained the necessary approvals for constructing the residential flats.
- There is an increase in the number of frauds in almost any business. In property matters, scams by impersonation and frauds by forging documents/title deeds, are prevalent. In such a scenario, some precaution will help to avoid the loss. Thus a particular standard of care is legitimately expected. For instance, in the case of buying a property, the buyer must ensure that the title is clear and the property is free from encumbrances.
- Documentation is also another major area where the party needs to be attentive. There is an upsurge in forgery and frauds by impersonation. It becomes more important to carefully analyze the documents and ensure the authenticity of the same.
- When a considerable amount is invested, the risk is higher, and one cannot afford to be negligent.
- Some statutes require the exercise of due care. e.g. Transfer of Property Act. A duty is cast upon the buyer to make an effort to verify the essential facts about the property.
- There are areas where it is mandatory to be vigilant. The consumer law and the law of contracts is based on the theory of “Caveat Emptor”. The buyer is expected to know the difference between latent and patent defects.
- Even the Courts in India, recognize the concept of due diligence for deciding the quantum of compensation. In cases where a party seeks compensation for the loss suffered in a transaction, the Courts are interested to know if the party has exercised due diligence and has tried to minimize its loss.
Read More: Sale deed: What you should know!
The extent of Due Diligence:
The amount of investigation required for collecting the relevant information and precautions to be taken for a transaction varies from case to case.
NRI Legal Services is now on Telegram. Join NRI Legal Services channel in your Telegram and stay updated.
I am writing to you for the services provided in searching a land which was owned by my family at least 5-6 decades ago. Due to unavoidable circumstances, I had to leave for UK. Therefore, left all the property affairs in the midst and completely lost hope that if I ever will recover my ancestral estate. The company Nrilegalservices came to me as a ray of hope. With information as basic as my father’s name and the area where the property was situated, they did a thorough investigation with the revenue authorities and physically inspected the land. They helped to retrieve the record for the land belonging to Late B.M Das (my grandfather).
I am thankful to them for all the assistance and great services provide. I highly recommend them to any person who is looking out to search their lands and properties in India.
John A. Das, UK