Agreement cum gpa
jangam ramu
(Querist) 03 February 2012
This query is : Resolved
Dear ALL,
I need the help of from the members of lawyersclub india.I am purchasing a plot measuring 100sq yards in Hyderabad,Andhra pradesh.The seller has executed Agreement of sale cum GPA with previous owners.Now I have applied for bank loan for purchase of plot.Is the GPA holder has the right to sell ?Can loan be availed for purchase of such property.Kindly help me inthis regard.
prabhakar singh
(Expert) 03 February 2012
IF PREVIOUS OWNER IS ALIVE AND GPA IS REGISTERED WITH POWER TO SALE IMMOVABLE PROPERTY ON BEHALF OF OWNER AND THE PROPERTY IS FREE FROM ALL ENCUMBRANCE THEN BANK CAN PROVIDE YOU LOAN AND YOU CAN BUY.
ajay sethi
(Expert) 03 February 2012
make an application for bank loan . produce all documents for bank loan . after scrutiny bank will sanction your loan . appoint a local lawyer . carry out tile searchfor 30 years
mr prbahakar singh has guided you well . follow his advice
Raj Kumar Makkad
(Expert) 03 February 2012
As per latest verdict of Hon'ble Supreme Court, GPA-cum-Sale agreement do not provide ownership rights and this is not a valid transfer of property so I have full doubt whether bank shall still provide you loan amount may be original owner alive. You have no direct connection with original seller/owner.
Sailesh Kumar Shah
(Expert) 04 February 2012
Proceed as advised by Mr. Prabhakar Singh. However, it is to be noted that gpa holder is not owner of that property. Owner shall be alive and he have possession of that property.
