subject: Digitization Of Property Deeds [print this page] Deeds are legal documents which are very important for agreements between parties. Oxford dictionary defines a deed as: a legal document that is signed and delivered, especially one regarding the ownership of property or legal rights. The Government has made it mandatory that a digital copy of the construction deed must be provided to the customers. Also the construction company must have a digital copy so that all individuals within the organisation have access to the agreement. Companies that offer document management solutions offer digitization services, wherein they scan the documents and provide the document in a digital format. This digital format could be put in a storage device or uploaded online.
Property or Construction Deed
A construction deed is an agreement among either two or three parties, the builder, the borrower or the bank. The usual scenario here is that the building or flat has been sold to the builder for constructing purposes after which the borrower buys the flat or building by getting a loan from a bank. An agreement is created wherein the bank shows the interest rate while repaying the loan and the time frame that is allotted to the borrower to return the loaned amount. The borrower is also called an owner in the legal deed if he/she is not borrowing from a bank. The deed explains the size of the property and the location of the property.
The main part of the deed contains information related to the cost areas the developer or builder incurs during the process of building the cost of the amenities, construction material and demolition charges if the building needs to me demolished. The deed explains all the aspects related to owning the property and the taxation laws for owning a property of the specified size. The agreement is created so that all the areas of construction and ownership are explained, it is legally binding so if any clause is violated the offence can be punishable. The construction company must provide the architectural plan to the local development authority for sanctioning permission to develop this property.
Document management systems and legal documents
Since the agreement is legal the parties involved in the agreement must have copies of these, when the document is digitized and uploaded the document can be saved securely. The security of the document is very high, without permission, individuals do not have access to the file. Select individuals can be granted access to the specific document. At times in larger construction companies there are several divisions within the organisation, select few individuals can be chosen and given access to view the file. Since the file should not be modified a document management system can lock the file preventing the file from being edited. The physical document could get lost or misplaced; using a DMS the file is secured and cannot be lost or misplaced.
Secure storage of files
A document management system can help storing these deeds or agreements the construction company has signed with either the bank or the owner. A larger construction company has several clients. Keeping a track of all their customers and their deeds would be hard, they would need resources to store these and hire individuals to keep a track of these agreements. A company that provides document management systems can digitize and store these documents on the cloud. They could save it online so that access can be given to individuals involved in the agreement. The document can be accessed in several locations; this is an added benefit of using a document management system.
Legal documents need to be stored safely; they are legally binding so they need to be looked after carefully. A physical document could get misplaced a property deed is very important. It explains who the individuals are that have signed the agreement, the size of the property and the estimated value of the property. Using document management solutions the document can be digitized and stored online. It is safe and secure; the file cannot get misplaced or tampered.
