Chain is missing
Umesh Gurtoo
(Querist) 10 January 2013
This query is : Resolved
Dear Sir,
i am buying a property in Ghaziabad wherein one of the chain ( Sales deed ) is missing
the case is like this
Mr. A bought the flat from Builder in the year 2000 ( chain - sales deed No.1)
Mr. A sold to Mr. B in 2003( saled deed is available - Sales deed No.2)
now i intend to buy from Mr B but my financing bank ( LIC Housing) need both the sales deeds in originls while disbursing the funds but original sales deed No. 1 is missing
kindly advise how should we proceed, as per Mr. A & B both dont posses the sale deed No. 1,
As per the financing bank of Mr. B during 2003 the bank was not keeping the previous sales deeds hence they dont have the same.
Please advise what does the LAW say if the sales deed is missing, Mr. A as well as Mr B are both known to me and can furnigh any sort of undertaking for me.
Best regards
Umesh Gurtoo
Mobile - 88 000 989 00
prabhakar singh
(Expert) 10 January 2013
The reason why Mr. B or his vendor A does not
have original sale deed of builder is not very convincing.
However ,if Bank agrees,A and B should stand as surety to your loan and B should file
an affidavit that sale deed is lost and a certified copy can be placed on records of the bank.
Raj Kumar Makkad
(Expert) 10 January 2013
IT IS VERY DIFFICULT TO MAKE UNCONCERNED PERSONS AS SURITY TO LOAN SO YOU HAVE NO OTHER OPTION BUT TO CHANGE THE BANK AND CONTACT ANOTHER BANK FOR YOUR LOAN. CERTIFIED COPY OF LOST SALE DEED CAN BE GOT OBTAINED FROM THE OFFICE OF THE REGISTRAR WITH THE AFFIDAVIT OF A TO THE EFFECT THAT HIS ORIGINAL SALE-DEED HAS NOT BEEN MORTGAGED WITH ANY OTHER INSTITUTION AND THE PROPERTY IS FREE FROM ALL TYPES OF ENCUMBRANCES.
Umesh Gurtoo
(Querist) 11 January 2013
Thanks for your advise,as per other banks and new financial policies - whole chain has to be mortigaged and no property with broken chain will be financed by any bank. but i fail to understand if a genuine case like mine or maybe some other has lost the sales deed either in any accident or fire, what does law say ??
Please share your legal expertise.
Raj Kumar Makkad
(Expert) 11 January 2013
Law in that event require lodging of police complaint against the loss of sale deed and on that basis issuance of certified copy from the office of registrar and an additional affidavit of the person from whose possession such sale-deed has been lost meets the requirement.
