Execution of sale deed in favour of poa hplder

Querist : Anonymous (Querist) 30 December 2011 This query is : Resolved
Sirr, i wanna ask that, at the time of execution of agreement to sell mother was GPOA holder on behalf of her Son. Loan was snctioned in her Son's name. Now Son wants to execute sale deed in her mother's favor. is it possible..? plz suggest a way...if after executing any instrument between Mother and son....?

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A V Vishal (Expert) 30 December 2011
BANKER SHOULD AGREE SINCE THE BANK LOAN WAS SANCTIONED ON THE BASIS OF THE SON'S INCOME BUT NOT HER, FURTHER POA WAS GRANTED ONLY FOR LIMITED PURPOSE TO ADMINISTER HIS INTERESTS IN INDIA IN HIS ABSENCE. HOWEVER, THE SON CAN GIFT THE PROPERTY TO HIS MOTHER.

A V Vishal (Expert) 30 December 2011
ANOTHER POSSIBILITY IS EXECUTE A FRESH AGREEMENT OF SALE JOINTLY WITH MOTHER & SON AND THE MOTHER WILL BE A CO-OWNER AFTER WHICH THE PROPERTY CAN BE JOINTLY REGISTERED.

Querist : Anonymous (Querist) 30 December 2011
thaks for reply sir, but if we attach NOC of Banker to sale deed then is ti possible..?
and another that should gift deed after sale deed executed in son's name...?

A V Vishal (Expert) 30 December 2011
Ans to query 1 Yes on attaching Banker's NOC it is possible however mention of agreement to sale should not be made in the sale deed. Ans to query 2 is gift can only be made after you acquire title of the subject property.

Devajyoti Barman (Expert) 30 December 2011
If the loan is sanctioned in the name of the son, the property can not be registered solely in the name of the mother.
However the mother can become the joint owner of the property but the son must join in the sale deed.

Querist : Anonymous (Querist) 30 December 2011
will the noc from banker be required..?

prabhakar singh (Expert) 30 December 2011
Since it is in house deal, yes noc from banker will not be required as of necessity since it is a buyer dependent decision as one who buys a title one also buys its burden.

A V Vishal (Expert) 30 December 2011
Mr Barman & Singh, something is amiss in your replies, please review.

prabhakar singh (Expert) 31 December 2011
Do you mean NOC from Bank????

Devajyoti Barman (Expert) 31 December 2011
Yes, 'not' was missing from my reply earlier which I have now modified.

You have rightly noted Mr Vishal.

Shonee Kapoor (Expert) 07 January 2012
nothing more to add.

Regards,

Shonee Kapoor
harassed.by.498a@gmail.com

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