Ashish Sarmalkar (Engineer) 20 June 2011

Developer sold the flat for two persons

Greetings to all,

I purchased flat in January 2006 from the developer. I am having loan on the same flat for 15 years which is still running with X-bank. Developer provided all the related documents to the X-bank while taking the loan including NOC. Its more that 5 years now. I got the share certificate also on my name from the society.

Last week, one executive from Y-bank (some other bank) came to our house. He was saying that this flat is on 'ABCs' name and loan is still running with Y-bank, he came because 'ABC' stop paying installments for last 2-3 months. After investigating this case I came to know that 'ABC' purchased the same flat from the developer in 2001 and his loan is still running.

When Y-bank approach 'ABC' he said that developer is paying installments on his behalf (means every month developer depositing money to his account). That means developer settled things verbally with him. But if loan is running means agreement will also be there with Y-bank.

Please advise me in this case. What action I can take?

Regards, Ashish

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3 Replies

Bharatkumar (ADVOCATE ) 20 June 2011

First, U check your all papers who make a developer and when u purchase the flat u can see the title of the property and developer give a payment receipt for that and registration a sale deed / Allotment Deed or any documents in registrar office. If Developer sale this property two person in that time u file a suit against developer in civil court and consumer court or criminal court for cheating with u, make a wrong documents.

bhagwat patil (Property due diligence 9422773303) 21 June 2011

First of all you ask developer to clear all due of bank of first purchaser, after what ever doument registered between developer and first purchaser get cancelled by court only. there is no shortcut to this procedure other wise your tilte and possession of flat will be in trouble.

Ashish Sarmalkar (Engineer) 22 June 2011

Dear Mr. Bharat Kumar and Bhagwat Patil,

Thanks a lot for your valuable suggessions.

Mr. Bhagwat, First you want me to tell the developer to clear the loan. I will do that. Then the bank will handover the documents to the first owner as per the procedure. Then what I have to do, can you please describe the procedure in detail? Can I call you for the advice?

Regards, Ashish