Asset Verification Phoenix Detectives Agency gives you readers an elaborate useful information about the two types of Asset Verification: (1) Verification of the property owned by an individual . (2) Verification of the property owned by a Company. To buy a property viz. land, house or building from a person, the below stated items/documents and rules must be adopted to ensure clean transfer of that property. (i) Ascertain whether the land belonged to his forefather preferably before India' Independence (i.e during the British rule in India) and that now the seller is the legal heir. Confirm whether he is having the parent document for that property. (ii) Know whether the land is governed by the "easement right". It is defined as "An easement is a right which the owner or occupier of certain land possess as such for the beneficial enjoyment of that land, to do and continue to do something or to prevent and continue to prevent something being done, in or upon, or in respect of certain other land not his own". (iii) Whether the concerned land was surveyed by a Government Surveyor and its subsequent Survey Number. (iv) If there is a layout of the land earmarked for sales, find out whether is an approved layout certified by the Government authorities. (v) If it is a ready built house or a house to be built, it must have an approved plan issued by the CMDA authorities if it is within the city limits of Greater Chennai and for other places, Plan approved by the authorized Government Director of Town Planning. (vi) Find out in whose name the 'pat-ta' is issued. (vii) Find out whether taxes have been paid for the said property: (a) 'Gisthy' for barren (unused) land and Property Tax for house and buildings. (viii) Know whether there is an encumbrance on the land which is to be purchased, by applying and verifying the Encumbrance Certificate. For at least thirteen years period the land /building should not have been mortgaged in a Bank.. (ix) the seller of the land/house must pay the Income Tax. (2) The above guidelines are also applicable for Verification of the property owned by a Company or if it wishes to purchase an immovable property, which is a fixed asset. Generally one or two Directors will invest their money buy land and build factory in it on behalf of the Company. They will also avail bank loans for the same, hoping to repay it with interest, when the Company starts making profit. This asset is verified by a competent auditor and his associates annually and the liabilities of the Company before preparing the balance sheet, for placing it to the Company's Shareholders for their approval, in the Annual General Meeting of the Shareholders. They will also assess the Short term funds, Mid-term funds and the Long term funds availed by the Company from the Bankers and financial institutions. Phoenix Detectives is ready to help purchasers of land/ready built houses, by scrutinizing the documents and give their correct opinion for a nominal service charge.