Where do i stand against mortgage property
rk
(Querist) 14 September 2014
This query is : Resolved
I had loaned a sum of money to Mr X who had given his property (accquired through a POA executed in his favour by the owner) to me as a mortgage, against the money.
Since he was unable to pay my money, he executed an agreement of sale and a possession letter in my favour.
Subsequently a year later, someone else Mr Y submitted a letter to the society stating that the flat was not to be transfered as the original owner had died inestate. A court case followed between Mr Y and Mr X wherein, Mr Y has been declared as a legal heir and an administrator to this said property.
This property is a CIDCO property and I had not informed CIDCO of the sale executed in my favour. In CIDCO records, the property stands in the name of the original owner who died inestate
Mr Y has now initiated proceedings against me to take over possession of my flat. Please advice on the rights that i have and can i prevent Mr Y from taking my property.
Anirudh
(Expert) 14 September 2014
You have a very hopeless case in your hand.
1. Pl. note, nobody can transfer an immovable property by means of a mere GPA without properly registering the transfer in the Sub-Registrar's office by paying applicable Stamp Duty. This having not been done in favour of X, X is not the owner of the same. For that reason, he has no legal right to transfer the property to you. Therefore, you cannot legally own the property in the given situation.
2. With the death of the GPA Grantor, the validity of the GPA comes to an end.
3. Most of you are wise enough to consult a lawyer after the damage has been done, but not before taking any step - for saving few thousand Rupees. But are willing to loose big amount in the bargain.
Rajendra K Goyal
(Expert) 14 September 2014
GPA comes to a end after principal expire. When he expired, whether GPA was registered, when you purchased? Consult a local lawyer and show him all the papers.
ajay sethi
(Expert) 14 September 2014
agree with MR anirudh
Advocate. Arunagiri
(Expert) 14 September 2014
If you have extended loan and taken the property as mortgage, you can file a suit and recover the money.
Sale agreement has no value as of now as the property was sold to some body.
What is that paper you have to prove the mortgage?
rk
(Querist) 15 September 2014
i have a irrevocable POA in my favour !
There is no amount mentioned in POA how
good does this hold in court ?
