Purchase of property from Partnership firm

Querist : Anonymous (Querist) 21 July 2010 This query is : Resolved
We have purchased a property in Goa from a Partnership firm and the sale deed is signed by both partners. Now we plan to develop the property and approached a financial institution for a loan. their panel lawyer has opined that as the spouse of the partners is not made a confirming party to the sale deed (under communion of asset law of goa) that we require to undertake modification/ rectification of the sale deed making the spouse the confirming party in order to go ahead with the mortgage of the property for finance purpose.

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Devajyoti Barman (Expert) 21 July 2010
If the local law of Goa indeed ask for so then make a deed of rectification where the wives could give their consent for the sale

AA RAMAKRISHNAN (Expert) 27 July 2010
Dear Member:

Apart from the legal sanctity of wives of partners of firm co-signing the documents for tranferring the property of the firm and whatever the implications of the local laws, you may please hear the financial institutions and comply with their requirements without hanging out for unnecessary make ups so that you may be able to avail financial assistance.

AAR KRISHNAN

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