Registry through gpa
Shray Narula
(Querist) 14 September 2018
This query is : Resolved
I'm buying a property in Greenfield, Faridabad from 3 partners who are registered GPA holders of that property along with GPA they hold Will and Registered Agreement to sale also carried out between 3 people and the person they took the property from.Registered GPA and agreement was done in SUB Registrar pancham office in Ghaziabad. They said that sale deed can be carried out on the basis of GPA, is it true?. None of the banks are giving home loan on GPA basis. Only NBFC might give loan. I want to know what are the risks involved with buying a property from a GPA holder. ? Can the previous seller who has sale deed on her name can she create any trouble in the future after the registry is done on my name ? The current sellers are holding the original documents of Property chain along with registered GPA, WIll and Agreement to sale for that property. Please guide.
Guest
(Expert) 14 September 2018
When the GPA is Registered and all the Original documents are with the GPA holder there is nothing to worry. Apply for Encumbrance Certificate with concerned Registrar for 25 years and verify and also check the property whether it is free to occupy with out any possession by any one. Then you cou could very well proceed. Keep a local Advocate for your assistance till the Registration formalities are completed and the possession comes to you. If at all you are very much worried you could issue an 15 days Notice in local News Paper regarding your Purchase please.
Shray Narula
(Querist) 14 September 2018
Hi Sir, Thanks for your reply. I already have the possession of that property. It belongs to my friends who are GPA holder. I'm already staying in that flat and now applied for Homeloan.I Will get the sale deed done on my name via GPA once loan is approved. I was only worried that if that lady on whose name Sale deed exists and she gave the possession of that property via GPA to by friends can she cause any trouble in the future?
kavksatyanarayana
(Expert) 14 September 2018
The GPA was executed by her and registered. It is sufficient.
Dr J C Vashista
(Expert) 15 September 2018
Show the document of GPA to a local prudent lawyer to ascertain whether the attorney is authorised to sell the property or not? Otherwise, GPA is not the titleholder (owner) but caretaker during the pleasure of the grantor of the attorney and can not sell the property.
Shray Narula
(Querist) 17 September 2018
Thanks for your reply. I have gone through the GPA document and it clearly states that any kind of deed can be carried out by the GPA holders. They also hold Agreemnt to sell and WIll of that lady where she has given all sort of rights/access of that property to these people. My concern is can that lady revoke the registered GPA without telling them or issue another GPA to 3rd person without the current GPA holder knowing ? Will that cause any trouble to me as I'm buying that property from current GPA holder.
Shray Narula
(Querist) 01 October 2018
I got homeloan passed on this property that im buying via GPA but bank is asking me to sign a indemnity bond where in it will say that in future if there is any legal issues with the property then bank will catch my next and not the seller. I want to make myself safe, How can i put the fingers on seller legally incase if there is any dispute in the future and i can legally force the seller to give me all my money back ?
Shray Narula
(Querist) 01 October 2018
Hi, Im buying a residential property on homeloan from registered GPA holder, I'm getting registered sale deed done for the same on my name but Bank is asking me to sign on a Indemnity bond that in case there is any dispute on the property then bank will catch the purchaser i.e. me and will not hold the seller from whom I'm buying this property. I want to know how can I make sure that if anything happen in future and bank catches me so I should be able to catch the seller to give me my money back.
Vijay Raj Mahajan
(Expert) 02 October 2018
Let inform you that in Delhi/NCR area like Gurgaon, Faridabad etc. the Property dealers but immovable properties at low cost from the actual owner on POA and even take their Will. All these documents get registered in UP state like in places such as NOIDA, Ghaziabad etc. even if the actual owner is not staying in UP but in Delhi or Haryana. The registration of these POA and Will become questionable as to the place of registration.
Secondly the buyer of the property made to buy the property on POA basis as the profit made will be kept by the property dealer or his partners.
If the actual owner whose POA is being used he will be asking profit in the property as with time the value of the property arose many a times. In this manner the actual owner of the property suffers and these property dealers making big money from the property of other people. This fraud business in going on in here in Delhi/NCR especially the Haryana district like Gurgaon/Faridabad.
The actual buyer of the property should insist buying it directly from the seller rather on his POA, if that is done there will be doomsday for property dealers here in these places.
