Mortgage properties

Dineshwar Singh Kaushik (Querist) 02 November 2011 This query is : Resolved
Dear Experts,
One person who has mortgaged his own purchased land plot toa nationalized bank and thereafter he has executed a registered sale deed in favour of an another person , what is the legal sanctity of the registered sale deed regarding the property which is a mortgage property.

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ajay sethi (Expert) 02 November 2011
what kind of mortgage was created . if he has mortgaged his property no third party rights by means of sale can take place without sanction of the bank .

what are the clauses in deed of mortgage?

adv. rajeev ( rajoo ) (Expert) 02 November 2011
Always encumbrance goes with the property.

prabhakar singh (Expert) 03 November 2011
The buyer of property can not buy a better title than his seller has on the date of sale hence it would in law be deemed that buyer has bought the tittle in land along with burden of mortgage which now he shall have to retire and redeem to free the charge property has up on it.

M.Sheik Mohammed Ali (Expert) 03 November 2011
yes, i do agreed experts query reply

malipeddi jaggarao (Expert) 03 November 2011
I suppose that the person has created equitable mortgage in favour of a nationalised bank and later sold the property by a registered sale deed. In such case, the buyer will not get a title to the property and the sale is void. There is no legal sanctity for such transactions and Bank has every right to sell away the mortgaged property though the property was subsequently sold to a third person by registered sale deed. The buyer has to insist for closure of liability by bringing pressure on the seller and get the title deeds which will be the link document for the subsequent registration of the property.

Guest (Expert) 04 November 2011
I am in one with Mr. Prabhakar Singh. Once mortgage, is always mortgage.

Shailesh Kumar Shah (Expert) 04 November 2011
well explained all experts. no addition requires.

Arun Kumar Bhagat (Expert) 06 November 2011
No one can convey a better title than he possess. This is the maxim. Caveat Emptor is another maxim.

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