equitable mortgage

Querist : Anonymous (Querist) 06 July 2011 This query is : Resolved
Respected All,

1)City Surve Property Situated In state of Mah.
2)The owner of property willing to dedt on this property by equitable mortgage.
3)whether equitable mortgage can be executed before notary Public.
4)If yes,Then How many stamp Duty are required for its execution.
5)If No,what proceedure are prescribed by law for legal equitable mortgage.

Pls make guidence to me about this.

Follow Query

Report Abuse

Ajay Bansal (Expert) 06 July 2011
Tell your actual query.

Querist : Anonymous (Querist) 06 July 2011
Thanks For Reply Sir,
My query is that:- when any person wants loan on CTS property by execution of equitable mortgage.And both parties(crediter & debtor) are execued EM before Notary Then this deed is valid or not.2% stamp duty also paid before notary.Whats are its legal effect occured if disputes are submitd in civil court.

S. Bharath (Expert) 06 July 2011
Equitable Mortgage is created by a simple letter called "Letter Evidencing Deposit of Title Deeds" or a "Memorandum of Deposit of Title Deeds". The documents of title to the property are to be deposited with the Mortgagee. There is no need to either notarise it or stamp it. But such a mortgage can be created only in cities and notified towns. These days of widespread commercial activity, even smaller towns have also been notified for this purpose. Any way, you will do well to check with a local lawyer.

Sachin Bhatia (Expert) 06 July 2011
agree with Mr. S. Bharath

Raj Kumar Makkad (Expert) 06 July 2011
Mortgage is compulsorily is to be executed before Registrar and not before Noary Public. No valid mortgage shall get created in case of loan or equitable mortgage if the same is not registered with registrar. So far as stamp duty is concerned, it is different from state to state.

Previous

Next

You need to be the querist or approved LAWyersclub expert to take part in this query .

Click here to login now

Similar Resolved Queries :

Ask Query
Unanswered Queries