Agreement to sale
ajit
(Querist) 26 May 2012
This query is : Resolved
I have made an un registered agreement to purcahse a property from the seller who have take loan on that property from the Bank. Now how can I foreclosure the loan amount of the seller and take over the property from the seller. Because i I fear if i foreclosue the loan amount of the seller he may take the original ppaer from the bank and may cheat me . How can I compel him to register the poperty in my name in a speedy manner
M.Sheik Mohammed Ali
(Expert) 26 May 2012
you prepared mutual agreement with aforesaid causes along the agreement and register.
Adv.R.P.Chugh
(Expert) 26 May 2012
* Since the property is hypothecated the bank has to be kept in the loop with respect to everything.
* Specify in what clause (and how is it worded) the fact of you agreeing to foreclose the loan.
* If it is not there don't foreclose - execute a supplementary agreement to the aforesaid agreement - and then document te fact that you are foreclosing - so in case of transaction not materialising in the future - you can claim the amount back with interest.
Nadeem Qureshi
(Expert) 26 May 2012
Dear Ajit
You should contact bank and ask them what is the procedure to return the original paper from the bank, it is mandatory that original owner should personly appear at the time of delivery of the paper or can you have right to foreclose the loan.
Feel free to call
R.K Nanda
(Expert) 27 May 2012
No more to add.
Shonee Kapoor
(Expert) 29 May 2012
Nothing left to be added.
Regards,
Shonee Kapoor
harassed.by.498a@gmail.com
Shonee Kapoor
(Expert) 29 May 2012
Nothing left to be added.
Regards,
Shonee Kapoor
harassed.by.498a@gmail.com
