Hiten 13 July 2015

Indemnify bond- security affidavite

Hi All,
I have purchased a underconstruction property\flat in hyderabad and registration is done. Now some person has filled a case on that land due which I had stopped all future payments. I had requested builder to provide a indemnify bond and he is ready to sign and asked me to prepare it. please help me getting a draft of indemnify bond and advise if that has to printed on stamp paper or if have to get it register it. Also, what all amount should I keep in the bond.
Thanks

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4 Replies

rajagopal.s (Lawyer.) 13 July 2015

if the property which you bought through the builder is under litigation, not sure why you want to pay money to the builder under an indemnity bond. Can offer a healthy advise. kindly call me on my mobile.

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Kumar Doab (FIN) 13 July 2015

Fully agreed. You are falling into the trap.Consult a good lawyer.

Hiten 14 July 2015

Hi,

I bought this property and had the registration. Also I took loan for this property. Until now I have already paid more than 50% of the amount. If I move back, I wont get the money back and builder will charge interest on rest of pending amount and if I pay the amount I am getting into the trap as its court case and no one knows how long will it go and wether builder will win the case.

Builder is saying that the person is doing this for money and has done same thing with many other builders. All link documents are correct and has been verified for last 30 years so there will not be trouble so release the rest amount. There is 50-50 share of Land owner and builder and if we loose the case land owner will pay from his share.

As I do not trust him so I wanted some security before releasing any further amount.