Sell of property
jitendra dave
(Querist) 23 November 2012
This query is : Resolved
A is having loan on his flat Rs. 5 lacs and mortgage with the bank .and B want to purchase the said flat.B pays Rs.5 lacs to A and registered the sale deed with the registrar with both consent on the same on the same day,is it possible to execue the agreement and registered the document.
Raj Kumar Makkad
(Expert) 23 November 2012
As the flat is under mortgage with banker so A has got no right to sale the same without the written consent of banker and thus the proceeding done suppressing the material fact from B as well as from banker is an offnce on the part of A.
Rajeev Kumar
(Expert) 23 November 2012
The said flat is under the mortage with Bank and hence the A has no legal right to sell the said property without the consent of Bankers and without paying the due mortage amount of bank. If A execute sale deed in favour of B then A can be charged with suppressing the material fact to Banker and B and face the litigation.
K.K.Ganguly
(Expert) 24 November 2012
1. Security interest on the property has already been created by A in favour of the Bank by mortgaging the same,
2. A has no right now to transfer the right, title & interest of the said property to B which has already been mortgaged with the Bank.
Raj Kumar Makkad
(Expert) 24 November 2012
Thanks Rajeev and Ganguly for seconding my opinion.
M/s. Y-not legal services
(Expert) 25 November 2012
yes.. A have no rights over the property to sale till the disposal of the said loan..
if he sold the property to B mean, A is liable to be sue by the banker..
B also liable as the subsequent encumberer..
-y.not legal services-
V R SHROFF
(Expert) 25 November 2012
Welcome Tom, Glad to see you :
What's this"
-y.not legal services-
Shri Jitendra Dave,
Though I agree with the Experts Shri Rajeev, KK, Raj & Tom, I will add as under:
Im common practice, The Seller of Bank Financed Flat enter into Registered Agreement with purchaser of Flat: They mention, there is no lien, no loan or any liability.
Majority of Flats for resale are on Bank Loan, and though few approach Bank before Agreement,Majority of them approach it later on, inform the bank to recover entire Loan, and release Original Documents, or Transfer the Loan on new Owner, with mutual consent of Bank, Seller and Purchaser .
To my knowledge, till date no disputes arises, and matter get regularised in almost all cases.
So no need to Worry,
So, B pays Rs.5 lacs to A and registered the sale deed with the registrar with both consent on the same on the same day,It is possible to execute the agreement and registered the document.
Bank will not object, once they are paid.
No problem.
