Kawstuv G 30 December 2017
I am buying a newly half-constructed flat with a UDS of 1/6 th land share in Kolkata, West Bengal. This is a joint vetnure but not co-operative. When i applied for loan the Bank impaneled lawyer said that the co-owners of the land have to sign a Special Power of Attorney. I want to know what exactly is the law and is this necessary?
Kumar Doab (FIN) 30 December 2017
'Buyer Beware' applies to property deals.
It shall be appropriate to get proper legal opinion from a very able local senior counsel of unshakable repute and integrity specializing in revenue/property/civil/DRT matters before signing or making payment.
This may cost some FEE but can defend long term interest and hard earned monies.
Kumar Doab (FIN) 30 December 2017
Obtain acknowledgment of fee for legal opinion paid to bank and/or your own lawyer, and legal opinion/report and copies all concerned docs related to said property.
Generically peaking; such document may be required. It may not be in your capacity and control to get it.
Even if such document is placed on record legal opinion from your own counsel to mind your interest is suggestible.
In case your counsel has pointed out defects avoid siging/paying.
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