Land as mortagage
saroj
(Querist) 08 May 2012
This query is : Resolved
Hi,
My Father has lended some money to some x person with land as mortgage before 6years.
Now as per the bond the land is on my fathers name but owner want to take charge of that land by returning money and we also ready to give him authority of land on return of money with interest.
Problem here is that owner want to take a loan on that property with some other bank and return back money for that process he need some collateral and he want we need sign that land on his name. and once the loan process completes he will return back money once he get loan money.
As my father is no more now we need some legal document to do so.please let me know any provision for the same can i sign bond paper with him for fixed time for return of money.
Please kindly let me know way to proceed further and how can create leagal evidence for the same.
ajay sethi
(Expert) 08 May 2012
did your father leave behind any will? who are legal heirs of land?
first mutation has to be done in legal heirs name . then proceed .
what is guarantee that once the earlier owener takes loan on property he will return your money . ask him to arrange finances then you sell him the land
Deepak Nair
(Expert) 08 May 2012
You are required to verify whether the title is clear or not.
If yes, then you can enter into an agreement to sale whereby you will agree to sell the property to the previous owner on the receipt of entire amount of money. Banks give loan on the basis of agreement to sale.
Contact an advocate and get the drafting done from him.
Don't transfer the land before receipt of money.
Shonee Kapoor
(Expert) 09 May 2012
I agree with experts.
Regards,
Shonee Kapoor
harassed.by.498a@gmail.com
