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Anita Singh (Querist) 21 October 2011 This query is : Resolved
dear sir I advocate Anita wants to know from your side

pls let me know
my client is giving one lakh rupees loan to one of his friend at some % interest for six month and told me that if his friend (the person who is taking loan) if for any reason not repay the loan amount given by him then his one property ( one room ) he will registered on my client name and my client will have legal right to take the possession of the said property and my client give 10 lakh rupees to his friend (the person who is taking loan) means after taking the said property my client will give 10 lakh rupes to his friend and all this thing my client want in written

now dear expert pls let me know which kind of document can I draft .
can I draft agreement
or promissory note or something else pls guide me

let me tell you my client do not have a money lending license

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Shonee Kapoor (Expert) 21 October 2011
Contract with a promissory note.

Regards,

Shonee Kapoor
harassed.by.498a@gmail.com

M.Sheik Mohammed Ali (Expert) 21 October 2011
yes, i do agree expert query reply

Nadeem Qureshi (Expert) 21 October 2011
DEAR ANITA
BOTH Ld Friends is right, you need to draft an agreement with prommisory note

ajay sethi (Expert) 21 October 2011
obtain a letter from ur client friend that he wants a loan of 1 lakh and is willing to reay the same with interest at _%
in said letter mention conseqences for failure to repay loan.

your client should by letter agree to the proposal and forward cheque of rs 1 lakh .

no need for formal contract .

prabhakar singh (Expert) 21 October 2011
In my opinion an agreement should be entered into between the parties where it should be clearly incorporated that if the debtor fails to return the amount of loan to gather with interest within 6months hereon ,the debtor hereby agrees to sale his owned room/house [give details of property for its identification]for a consideration of RS.10lakhs to the creditor or a person of his on receiving the balance consideration found due after adjusting the loan amount and interest there on within three months from the date of default.The time stipulated between parties are strictly essence of contract.On its breach by one party give right to other party to specifically enforce this contract against the other at his option.

Sailesh Kumar Shah (Expert) 21 October 2011
I go with Shri Prabhakar Singh with suggestion to check money lending act(of that state).

Raj Kumar Makkad (Expert) 21 October 2011
I do agree with common views of experts.

Devajyoti Barman (Expert) 24 October 2011
Yes I agree.

Guest (Expert) 24 October 2011
The advice of Shri Prabhakar Singh is quite genuine.

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