Bank took Physical Possession of my Apartment under Sarfaesi Act,after I defaulted in Home Loan.E Auction conducted by Bank did not fetch any Buyers.Bank approached me with a Buyer interested to purchase the Apartment directly from me.This Buyer was found by Bank themselves.This Buyer is purchasing Apartment using a Home Loan disbursed by another Bank.Purchaser's Bank will handover DD of Sale Consideration to me at the time of registration of New Sale Deed.New Sale Deed will be collected by Purchaser's Bank directly from Registration Office.
Generally when a Sale Deed is registered, the Seller will be fully holding Title,Rights,Interest,Possession and Enjoyment of Sold Property.Also, Sold Property will be free of Encumbrances and Mortgages at the time of registration.These facts will be explicitly mentioned in Sale Deed generally.
In my Case,my Home Loan will be closed only after I present aforesaid DD received at time of Sale Deed Registration,to my Bank.My Bank will release Physical Possession of Apartment only after my Loan is closed.
So,at the time of Sale Deed Registration,Apartment is not in my Physical Possession,and also there exist a Mortgage on the Apartment.
Please advice,how to prepare Sale Deed in this Case ?
