Execution of sale deed in owns favour
Satya nand aggarwal
(Querist) 28 December 2015
This query is : Resolved
Earlier the property was in the name of my father and after his death I inherit the same and mutation was sanctioned in my name in revenue record as owner and there is no sale deed in my favour as I got the by inheritance. There is no dispute with any one and now I want the registered sale deed in my own favour to be executed by myself in my own favor only in order to get the title deed as I want to deposit with the bank by equitable mortgage for the purpose of raising loan.
My point is Whether I can execute the sale deed by myself in my own favor after paying the stamp duty.
If yes how to be done?
Adv. Yogen Kakade
(Expert) 28 December 2015
Hi,
You mean to say.. you want to sell your own property to yourself?
Why you need to have the title deed for the bank.. as you are the only title holder of the property.
Chanchal Nag Chowdhury
(Expert) 28 December 2015
Rubbish. If U have extra money, donate it to charity as U R already the owner unless of course U have other brothers & sisters.
M/s. Y-not legal services
(Expert) 28 December 2015
Are you the only legal heir of your father?
If it is so no need to go fur further encumberances. Mutation records are already in favour of yours mean then what to worry?
More over as per the procedures there is two legal persons are essential to enter in to a sale deed. Mean buyer and seller should be two defferent persons not as same
Rajendra K Goyal
(Expert) 28 December 2015
Repeated query:
http://www.lawyersclubindia.com/experts/Sale-deed-in-its-owns-favour-576461.asp#.VoEGV_l97IU
Kumar Doab
(Expert) 28 December 2015
Repeated Query. Suitably replied.
Satya nand aggarwal
(Querist) 29 December 2015
I am astonished to see the replies Please do,nt write the query Rubbish
One opinion is saying “Why you need to have the title deed for the bank. as you are the only title holder of the property.”
And some says there should be two legal persons to enter in to a sale deed. Mean buyer and seller should be two different persons not as same. Thanks to all who at least spared time to answer
I would like to say the title deed is the basic requirement of equitable mortgage and my predecessor also did not have any title deed being ancestral property, otherwise only registered mortgage can be done for raising loan for which you have to pay 3% stamp duty in Punjab, After clearance of the loan that money is wasted, but for Equitable mortgage no stamp duty is required and loan can be raised by depositing the original title deed with the bank.
Second point is two person are required for title deed , but there must be some provision in the Indian registration act of to get the declaration of title deed registered in the office of Sub Registrar
Advocate. Arunagiri
(Expert) 29 December 2015
You are a practicing advocate, and raising this type of doubts.
Do you mean to say that every legal heir who is getting property from their father has to register a sale deed in his / her name. If the sale deed is required, who is the seller, who is the purchaser. Illogical.
No bank will ask for the sale deed in the name of the borrower, who had inherited the property. Just the revenue records for change of the ownership is enough.
Satya nand aggarwal
(Querist) 31 December 2015
There is no requirement of sale deed if you inherits the property and if u don,t have title deed then u need to go for regd mortgage only and I want to go for equitable mortgage only and title deed is required under section section 58 of T.P Act. Bank is bound to ask for title deed.
I think declaration of title deed can be done under registration act, but needs some one to elaborate.
