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Kiran S. Mondkar (Manager)     24 March 2013

Property registration & home loan application

I recently selected a resale property in Mumbai Suburbs to purchase. The owner is a widow lady with two daughters who are already married. Property details are as mentioned below,

Property age - 38 years, year of construction - 1975, Society is registered, Conveyance Society deed - 1999, Mhada allotment letter issued in 1975 in name of Widow's husband name.

As society is formed & conveyance deed share certificate was in name of husband. Husband passed away in 2006 without making any Will or making any nomination for transfering Share Certificate. Because of such incidence Society took initiative to transfer share certificate in Wife's name immediately without following legal procedures like "Release Deed" or "Successor Certificate" or "Court Order" or etc. as per LAW. Also registered NOC from 2 daughters was not obtained by Society to complete procedure of Share transfer.

These above facts were not known to me till the time of registration.

I entered into a Sale Agreement by paying Stamp Duty. My advocate prepared proper agreement between the Lady as Vendor/ Seller and me as Purchase. Also NOC /Affidavit from 2 daughters taken, notarised & accompanied with Sale agreement. But at time of registration, Sub-registrar suggested/forced us to make 2 daughters also vendors with mother. The changes in Sale agreement done accordingly & registration process completed.

With registered sale agreement I approached one of the Nationalised Bank for Home Loan. The legal advisor gone thru the agreement & denied to clear the same saying that "Property Title" is not clear.

Please explain,

1) What will be the probable causes for considering non-clearance of title by bank's legal advisor?

2) Is society procedure done for transfer of share certifiate is correct? If not, can it be rectified at this point of time? How?

3) My advocate is suggesting me for sending a notice to Sub-Registrar for such mess as he forced us to change agreement as mentioned above & we will get rectified Sale Agreement. Is it really possible? How?

4) If rectification done, can Bank accept rectified sale agreement for my Home Loan application? Will Title be considered as "Clear" by means of above procedure?

5) Can I force Society to reguralise their records by any route?

6) How can be things be regularised by means of LAW & RULES to avoid any sort of future consequences?

7) Is there any other way out considering current situation to avoid everything for regulating things in system?

8) Is the Registration & Stamp Duty is revokable? Can the money spend is recoverable? What are the steps to be taken?

Sale Agreement copy is attached for reference. Please advice asap.



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