Expert Advise - We have lost original flat property document
Vishu
(Querist) 05 March 2010
This query is : Resolved
Dear Sir / Madam,
I need your expert advice and help on below matter :
My father have lost the original flat documents some years back and he expired around 2 years back. We have the xerox copy of the documents with us and we intend to transfer the house in name of my mother and then sell it.
I wanted your advice on following :
1) What is the procedure we need to follow to transfer to my mother name as original documents are lost.
2) What formalities we need to complete before we can sell the flat.
3) Will any bank give loans to new buyer if original documents are lost and what is procedure for same.
4) If today the market value of property is 20 lacs, then will I get total value or I have to sell at discount price due to original documents have been lost.
Please help me
Regards
VT
A V Vishal
(Expert) 05 March 2010
From a purely legal point of view, if you are in a position to establish with reasonable certainty that the original document of title is lost and untraceable, then, in such cases, the certified copy will suffice. However, in the eyes of prospective buyers, a duplicate or a certified copy is never quite as good, and you may find that the price that you can command for your property will always be weaker when you are not in possession of the original documents of title.
Please complain the loss at the police station under whose jurisdiction you reside and also advertise the loss of your documents of title in 2 prominent vernacular newspapers, one in English and the other in the local language calling upon all claimants to lodge claims, if any, within a reasonable time. We shall assume that no claim is lodged. If a claim is lodged, then, obviously, your impression that the title deed is lost is mistaken.
If there is no claim, when a prospective buyer contacts you, you can show him or her the copy of the police complaint along with the paper advertisements.
Vishu
(Querist) 05 March 2010
Dear Sir,
Thanks for your guidance.
1) Is their any way I can prove that the original deed have been lost and untraceable.
2) Is their any external agency or valuator who certified that original documents are lost and untraceable
3) Do bank gives loans for such property
4) Are such cases existing in India or I am the first case then how to other people deal with it.
Please guide as I am unexperienced.
Vishu
(Querist) 05 March 2010
Dear Sir,
Thanks for your valuable guidance.
One last query I have :
1) To create a set of original documents, can I first transfer in name of my mother from my fathers name and then at latter stage create a original deed between my mother and myself. Will this help any way and what will you call a deed between myself and my mother i.e transfer or sale and do I need to pay or she can gift it to me.
Thanks once again to all valuable experts
