Execution of settlement deed

Arjun Jaganathan (Querist) 31 December 2011 This query is : Resolved
I have a property which is under Mortgage. I want to transfer the property to my son by executing a settlement deed.

1.Can this settlement deed be executed when the property is under Mortgage.

2.If so, will the liability of repayment also get transferred.

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adv. rajeev ( rajoo ) (Expert) 31 December 2011
You can, but encumbrance goes always with the property

Advocate. Arunagiri (Expert) 31 December 2011
Yes, you can transfer the property, the liability will be with the property, till the loan is cleared.

Deepak Nair (Expert) 31 December 2011
agree with Mr.Rajeev & Mr.Arunagiri

Devajyoti Barman (Expert) 31 December 2011
Yes I agree.

Sailesh Kumar Shah (Expert) 31 December 2011
It is not advisable to execute settlement deed before redemption of loan. You can face criminal proceedings by bank.

ajay sethi (Expert) 31 December 2011
you must have entered into agreement with bank . the mortgage deed must be containing a provision that no third party rights shall be created till mortgaged is paid . transfer of property by you without obtaining NOC from bank will land you in problems .

repay the mortgage first

prabhakar singh (Expert) 01 January 2012
agree with Experts Shailesh Kr. Shah and ajay sethi

Raj Kumar Makkad (Expert) 01 January 2012
You can not legally transfer the ownership without getting specific consent of the mortgagee say bank or any other person in whose favour such mortgage has been made. Why do you not want for the clearance/redumption of the mortgage?

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