Partner sign not available on sale deed
Nitin
(Querist) 23 July 2012
This query is : Resolved
Hi,
I purchased a flat in pune from joint venture of around 7 partners. When I applied for a loan in bank they rejected it. Because, according to partnership deed from the 7 members, the deed says agreement should have sign of one of the partner from first three names and one from remaining four in a list. but my agreement has both the signs from first three names and none from remaining four.
Please suggest a good legal solution for this which could be done now and will be applicable to past agreements also as my agreement is already been done. Builder has provided consent letter on 100rs stamp paper for the same but bank doesn't accept it. Bank says consent letter is having a date of may-12 and my agreement has been done in april-12.
Nitin
(Querist) 23 July 2012
Does it also affect in future when I will sale my flat???
Nitin
(Querist) 23 July 2012
To create a new agreement with all valid signs wont be a gud solution I think will be costly.. What will be the other solution for this???
ajay sethi
(Expert) 23 July 2012
deed of confirmation by the partners
Nitin
(Querist) 24 July 2012
Ok.. Means partners have to do registered deed for this right??
Just confirmation on signed 100rs stamp paper wont be a solution??
Anirudh
(Expert) 24 July 2012
There is no such requirement.
The bank is overdoing things.
As per the 'doctrine of internal management' the purchaser will take it that the persons signed are authorised to sign. It is not for the purchaser to go through the partnership deed and to find out who has to sign and who is not supposed to sign.
As a purchaser, you have nothing to lose either now or in future.
However, since you are looking for loan from financial institutions / banks, you have suffer the idiosyncracies of those mannning the Financial institutions/Banks.
Nitin
(Querist) 24 July 2012
Ohhh means as a purchase I need not have to bother...
But, bank says even if u do not take a loan, you will suffer in future may be while selling of the flat.
The authorized partners may anytime say that they have not sold out the flat.
Anirudh
(Expert) 24 July 2012
Whether the Sale Deed is in your favour in the official records (sub-registrar's office) or not?
If the Registered Sale Deed is in your favour, that is enough.
Nitin
(Querist) 24 July 2012
I did not understand..
Is in my favour means???
I dont know it.. because I just read the draft and signed there at registrar office..
Anirudh
(Expert) 24 July 2012
What you do not know?
When you went to the Registrar's office, you went to get executed some documents - viz., Sale Deed.
That Sale Deed will be in your favour meaning that you will be mentioned therein as purchaser of the property.
If that document is registered, and if the partners who are signing sign as for and on behalf of the Firm/Company, that is enough.
Nitin
(Querist) 24 July 2012
Ok.. Understand..
Actually what happend with my deed is.. partners has given autority to 2 persons out of 7 and on my sale deed one sign from one of those two authorised partners and one from other is available..
No both signs are available and bank says that partner could anytime say that he has not sold the flat.
Anirudh
(Expert) 24 July 2012
This fact you did not tell earlier. You originally said that the according to the Partnership Deed there are some conditions as to who should sign the Sale Deed.
But you never told that you are entering into a Sale Deed and the Sale Deed is being executed by the vendor through their Power of Attorney!
There is a vast difference between what you said earlier and what you say in your last post.
It is very difficult to answer to such queries with shifting stands.
Nitin
(Querist) 24 July 2012
I explained everything in my first post only...
