Indemnity for fraud transfer of property
Manoj
(Querist) 14 April 2012
This query is : Resolved
Good morning to all experts.
"A" has purchased property i.e flat from builder -Z, now "Z" has sold the same propety to "B" also, "A" has mortgaged the property to financial institution/Bank.
1)Whether Indemnity is required to be taken from both Customer and Builder
2)What are the points that are to be covered in indemnity to safegaurd the interest of Bank / Financial institution against such fraudalent transfer.
3) Is there any draft available where can I get the format of the indemnity
4)Any websites address or Book reference
that can aid me in above mentioned subject
prabhakar singh
(Expert) 14 April 2012
Dear Mr. Manoj!
If 'Z' had sold the Flat property to 'A' then Z had there after nothing as right title or interest in the flat so sold to 'A' so that Z can again pass on by sale to 'B'.Hence 'Z's subsequent sale to 'B' is outright Void ab initio.
I do not know how and for what and from whom and in whose favor any INDEMNITY is required.????????????
The property is already mortgaged in Banks' favor,you state.
At most a FIR case of cheating is the requirement or a civil suit to cancel the second deed by bank or its' debtor against the 'Z' and 'B'claiming the deed to be void and without right but due to its registration the same being clog on title.
Shashikant V. Patil
(Expert) 14 April 2012
Mr Prabhakar Singhji rightly stated. Despite illegal transaction of one and same property, indemnity bond has nothing to do it or sort out it.
M/s. Y-not legal services
(Expert) 14 April 2012
am also agree with mr.prabhakar..
just visit this site., you can collect all formats from this site..
www.affidvitformhub.com
-tom-
Devajyoti Barman
(Expert) 14 April 2012
If the property is sold subsequent to the mortgage then your interest is secured.
If it is done prior to it then you better not to grant loan on this complicated property which is likely to face a very lengthy litigation.
Manoj
(Querist) 18 April 2012
Thanks to all experts
