Hedan (ca) 08 October 2013
I am willing to buy a flat from Mr.A.
However, going through the documents I found that Mr. A had taken a loan from Mr. B and mortgaged the flat against the loan. Also, Mr. A has made a Power of Attorney in favour of Mr. B.
I want to purchase this flat on home loan. Can anyone suggest how should I move forward to get title clear and what care should I take while executing the Sale deed? Also, will it attract double stamp duty?
Rama chary Rachakonda (Secunderabad/Telangana state Highcourt practice watsapp no.9989324294 ) 08 October 2013
Mortgaged property cannot be sell. Registration dept. will not accept to do sale deed.
Hedan (ca) 08 October 2013
Kumar Doab (FIN) 08 October 2013
The power of attorney seems to be on the strength of financial pronote/loan.
Until A pays loan obtains FNF receipt and NOC and cancels the power of attorney, B cancels the mortgage don’t buy from A.
Approach your lawyer to advise you on the finer points after examining all documents.
Ruban (Consultant) 09 October 2013
I'm on the same situation. In my case, Mr. B wants to settle the loan first to release the documents for the sale. What would be legal consequences if we pay the loan first and then settle the full amount on a later date to complete the sale and registration. Please advise.
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