Hi
I give below my case and request you to advise me on the this.
I have purchased a land from Mr. A and Mr. B through their repsective power of attorneys Mr. X (brother of Mr. A) and Mrs Y(Sister of Mr. B). Mr. A and Mr. B are NRIs and therefore the POAs were executed. Mr. A had signed the POW infront of the cousel at the Indian embassy and the same had been adjudicated (not registered) with the registered (audits) in Kerala. Mr. B had given the POA in India and was registered at the Registrar office here.
Now the issue is that when I submitted the documents for availing a bank loan from a nationalised bank,I was told that the documents are not in order as the POA of A should have been registered before the land was sold to me and therefore the loan was not granted. I am in a difficult position as I dont reallyknow how to make the whole process legal.
The parties A,B,X and Y are very well known to me and are also sad that the whole issued has occurred. They are ready to execute any deeds so that this anomaly is corrected. I have the following queries.
1. The bank has rejected the idea of any confirmation deed executed by Mr. A and Mr. B citing that the whole transaction is binding on them. Is such an option advisable in the long run considering that I may be selling the land in future.
2. In case we need to cancel the earlier deed and make a new sale deed afresh, what are the procudures including stamp duty charges.
3. As the sale has already been reflected in Panchayath and village records, what additional risk does such reversals have.
Please help me out and thanks
Sooraj