Contract
Chetan
(Querist) 22 December 2009
This query is : Resolved
My client is in need of Rs. 3 lakh, he approached to a person for same, but the person asked him to make a registered sale deed of the field in his favour and after repayment of Rs. 3 lakh he will cancelled the sale deed.
What is the remedy ?
Pls. provide easy way to make contract in between them by which both have to be legally safe.
Also provide draft if any
Thanking y
Adv Archana Deshmukh
(Expert) 22 December 2009
Execute a mortgage deed. Your client can mortgage the field with that person. Don't execute a sale deed as your client may lose his land forever.
A V Vishal
(Expert) 23 December 2009
Your client can enter into a simple mortgage as suggested by Ms Archana, where, without delivering possession of the mortgaged property, the mortgagor binds himself personally to pay the mortgage-money, and agrees, expressly or impliedly that in the event of his failing to pay according to his contract, the mortgagee shall have a right to cause the mortgaged property to be sold and the proceeds of sale to be applied, so far as may be necessary, in payment of the mortgage-money. Find a sample mortgage deed for your reference.
adv. rajeev ( rajoo )
(Expert) 23 December 2009
agrl., lands cannot be mortgaged. Better advice your client to approach the banks instead of a private person.
Raj Kumar Makkad
(Expert) 23 December 2009
rajeev ji! agricultural land can be validly mortgaged. There is no law barring it. banks loan are not so easily available to common man.
Move for mortgage and obtain loan.
