Legal document

Anita Singh (Querist) 20 October 2011 This query is : Resolved
dear sir I advocate Anita wants to know from your side

pls let me know
my client is giving one lakh rupees loan to one of his friend at some % interest for six month and told me that if his friend (the person who is taking loan) if for any reason not repay the loan amount given by him then his one property ( one room ) he will registered on my client name and my client will have legal right to take the possession of the said property and my client give 10 lakh rupees to his friend (the person who is taking loan) means after taking the said property my client will give 10 lakh rupes to his friend and all this thing my client want in written

now dear expert pls let me know which kind of document can I draft .
can I draft agreement
or promissory note or something else pls guide me

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jatin sharma (Expert) 20 October 2011
hi, as per my advice,it should be a draft as agreement,because as per ur facts its a contingent agreement.which is deal with future incident.

Rupam Ghosh (Expert) 20 October 2011
Hello Anita,You can Draft a Memorandum of Understanding but the contract should be as per law. Please tell your client money lending chargeable at such cost and interest may put him in legal soup sometimes. Does he have the license to lend money at such interest? :)

harsh asthana (Expert) 20 October 2011
You Can go for a registered mortgage of the said property along with regular loan agreement

prabhakar singh (Expert) 21 October 2011
A suitable draft of agreement to sale of the room on terms and conditions agreed upon between them can fulfill the objective.