Mortgage registered but charge not noted on property card
Kuldeep
(Querist) 08 June 2011
This query is : Resolved
We are going to purchase a falt in a building in progress. We understand from some source that the developer has taken loan from a bank against the registered mortgage of the property. The mortgage deed is registered but the developer has managed with bank officials that the mortgage is notnoted on the property card of the property.
If we see the property card / search report of the property, it does not show any charge noted.
What if we purchase now and subsequently the developer fails in bank loan repayment. Can bank enforce its mortgage? Because mortgage is duly registered. the only thing pending is noting of charge on property card. In that case can we (the buyer) stop the bank from selling the property?
PALNITKAR V.V.
(Expert) 08 June 2011
If the property is mortgaged with the bank, the bank is at liberty to enforce the mortgage. if you purchase the flat knowing that it is subject to mortgage, you are running risk.
bhagwat patil
(Expert) 11 June 2011
The charge goes along with property,you r liable for the loan to the extent of value of the property.bank can take action
Kuldeep
(Querist) 14 June 2011
Thanks all.
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