Property paper
Pratik Nirish Mehta
(Querist) 16 December 2016
This query is : Resolved
My Father long back in 1980 bought a property and since then was living a the place.
Now on the demise of him we came to know that there are some papers of property not there at all... for e.g. there is no agreement between builder and my father. Builder built a society and sold 2 to 3 houses to his close relatives and then they formed a society. Society inturn issues a share certificate to all members (again there is no physical certificate, only number of shares mentioned such as 5 shares).
Afterwards builder applied for a loan from some cooperative bank on the name of all 105 housing members and he only signed on behalf of them and took loan and then the original builder flee away.
NOW the bank has brought stay order on sell/ transfer of any houses unless due amount to each member be paid along with compound interest which is more than now 10 times than the original amount taken on each unit. We are not able to even make property card in absence to valid agreement.
Now since my father is no more, totally confused what to do? and how to resolve the issue. Bank is threatening to take a legal action of selling our property to reimbursed their dues instead of asking builder as he is not there.
Please advise.
Kumar Doab
(Expert) 16 December 2016
You as your father's legal heir steps into shoes of your father.
Obtain authenticated copy of all docs and rush to a very able counsel specializing in property/such/civil matters ASAP.
Rajendra K Goyal
(Expert) 16 December 2016
Lodge FIR against the builder if he got loan in the name of your father without his consent. It seems Bankers were also indulged in the fraud.
There is possibility original share certificate is with the Banker.
Discuss in detail with your lawyer.
