Poseesion not given
shantanu
(Querist) 13 August 2013
This query is : Resolved
dear sir , ihad purchased a flat for 50lakhs ( with agreement) i had done mou on 20 th june and paid advance payment of rs 50000/- and decided to complete the deal in 2 months.i signed agreement to sale on 10 th oct.....and i paid amt of 750000/- and 24lakhs to sellers bank ( his orginal documents were in bank)to get the documents released ....after releasing the document the seller is not comopleting the deal ...he is asking for more 3 lakhs as the prices have increased ..due to dealay in my part of commitment in the mou...but i have mentioned in the agreement of sale that i will pay the balance amt ..after sanctioning of loan ....
what action can i take to get poseesion..
my balance amt is 10 lakhs ,my emi is on,can bank take posesion if i dont pay emi. as final deed is not complete , bank is supporting me.how much time will my case take in court.....what is the worth of mou not registered...please guide me...
Anirudh
(Expert) 14 August 2013
None of us are having the benefit of reading the contents of the MOU etc. Therefore, it would be advisable for you to approach a local lawyer and to take things forward.
prabhakar singh
(Expert) 14 August 2013
Yes! Mr.Anirudh is right.
Have a personal consultation with a near by lawyer with MOU.
shantanu
(Querist) 14 August 2013
sir i want to ask .......that if i dont pay emi ..what action will be taken by the bank on buyer and seller as final deed of sale is not complete ........pls guide me......
Devajyoti Barman
(Expert) 14 August 2013
If you sought to buy the fkat from the developer then file a case before the consumer forum where the seller would be directed to complete the sale by execution and registration of sale deed.
Rajendra K Goyal
(Expert) 14 August 2013
Since the deal is not complete and the loan property is not mortgaged with the Bank. Bank may proceed against the borrower for recovery and also from the assets of the borrower. In such cases Bank takes interim guarantee / charge on assets before releasing loan. If such was the case Bank may revoke this avenue i.e. interim guarantee / charge on assets.
ajay sethi
(Expert) 14 August 2013
never default on your EMI . consult a local lawyer
shantanu
(Querist) 14 August 2013
sir the flat is not from developer ...it is a resale flat ...whats the procedure to get the final deed done....as seller is not ready...and if i go to the court ...how many years it will take to get the final deed done.....can ii get some compension on it.......and if i dnt pay emi can bank act under sec13(2) and section 13(4)...can it take its physical posesseion...or what acts bank can levy on seller..........pls guide me
Devajyoti Barman
(Expert) 14 August 2013
Suit for specific performance of contract is then the only option.
prabhakar singh
(Expert) 14 August 2013
Not only debt of bank you are paying in EMI
but also facts are being released in installments which is bad practice i never appreciate.
Although you have got the correct advice from Mr.Barman.
shantanu
(Querist) 15 August 2013
thank yoou mr devajyoti barman& prabhakar singh..........if i file case Suit for specific performance of contract...hw much time will i take to get possesion practically....should i continue with my emi or not....?????????
shantanu
(Querist) 15 August 2013
thank yoou mr devajyoti barman& prabhakar singh..........if i file case Suit for specific performance of contract...hw much time will i take to get possesion practically....should i continue with my emi or not....?????????
how can ii claim my loss from seller
shantanu
(Querist) 15 August 2013
thank yoou mr devajyoti barman& prabhakar singh..........if i file case Suit for specific performance of contract...hw much time will i take to get possesion practically....should i continue with my emi or not....?????????
how can ii claim my loss from seller
shantanu
(Querist) 15 August 2013
thank yoou mr devajyoti barman& prabhakar singh..........if i file case Suit for specific performance of contract...hw much time will i take to get possesion practically....should i continue with my emi or not....?????????
how can ii claim my loss from seller
shantanu
(Querist) 15 August 2013
if bank takes action ...can buyer file cavet against bank........pls help sir
Devajyoti Barman
(Expert) 15 August 2013
The case will take some time, at least not less than 2 years.
Yes fie caveat against bank.
shantanu
(Querist) 16 August 2013
thank u devajyoti barman ...can bank take action under sec 13(2) and sec 13(4)
after default of emi ....as bank does not have orignal papers ...they are with seller.....if bank takes action what resistance the seller can have...
Devajyoti Barman
(Expert) 16 August 2013
how could bank grant loan in absence of original title deed?
It was equitable mortgage or plain mortgage?
shantanu
(Querist) 17 August 2013
sir the papers were with sellers bank ...i entered into agreement to sale with seller...i paid his outstanding...of his bank ..out of 50 lakhs ....i paid him 38 now 12 balance...the papers r with him....the agreement of mortage is between me and my bank...the bank is putting some pressure on me from yestarday...they r threating me that they will confisticate my other properties.....whats the next step for me ...should i go ahead and file case...or should i back out with 3to 4 lakhs of loss....
shantanu
(Querist) 17 August 2013
sir the papers were with sellers bank ...i entered into agreement to sale with seller...i paid his outstanding...of his bank ..out of 50 lakhs ....i paid him 38 now 12 balance...the papers r with him....the agreement of mortage is between me and my bank...the bank is putting some pressure on me from yestarday...they r threating me that they will confisticate my other properties.....whats the next step for me ...should i go ahead and file case...or should i back out with 3to 4 lakhs of loss....
prabhakar singh
(Expert) 17 August 2013
Viewing all your posts a practical advice seems still possible even without looking in M.O.U.
Bank is still unsecured creditor and has no right to proceed against property whose sale deed is still not executed in your favor,deposit of the same with bank for equitable mortgage is a far remoter thing to take place.
But BANK can proceed against you.
Now coming to your very first post of query
you need to know what rights you have ?
You have right to file a suit of specific performance against the seller in which you would need to prove"you have been always ready and willing to perform your part of contract";but you tell on your own you delayed in paying him,then breach on your part has taken place,for which you are pleading a justification that in MOU it was also agreed that payments would be made after sanction and release of the loan.
Let me suppose all that you are pleading wins a court as your stand to be correct but then that would be at a cost of time, energy,cost of litigation,and deprival of possession ,at least, for a decade would be definitely many times more than his demand of three lacs.Every one should be aware about uncertainties of fate of any litigation.
In addition Bank may proceed to realise it's debt in between for they still have no security.
Hence prudence lies in accepting his demand of 3 lacks and getting the sale deed registered.This shall give you more peace and comfort.
The advice is honest with well assessed pros and cons but the matter is yours ,so now ball is in your court,you know better what to do.
Devajyoti Barman
(Expert) 17 August 2013
The bank can not sell your other property, rest assured.
shantanu
(Querist) 17 August 2013
thank u devajyoti barman & prabhakar .all ur advices r really helping me....if i dnt pay emi what action bankk will take on me...or my gurantors.....or the seller
prabhakar singh
(Expert) 17 August 2013
SUE YOU FOR REALIZATION WHAT ELSE!???
PLEASE EXCUSE ME ATLEAST NOW IF CAN NOT UNDERSTAND THINGS SINCERELY.
shantanu
(Querist) 17 August 2013
sorry this is the first time im getting into a legal tussle...........thank u vry much.............mr prabhakar
malipeddi jaggarao
(Expert) 21 August 2013
I fully agree with Mr.Prabhakar Singh. If you go for litigation, it takes years. The Bank may charge commercial rate of interest as you could not give them the original title deeds. The best course is have a settlement with the seller, get the documents, deposit with the Bank and create mortgage as per the norms of the Bank, continue paying EMIs promptly.
