shivram (DIRECTOR) 07 April 2013

Advise

Hi, i need advise regarding mortaging a property, im considering a third party collateral security property for my project to avail loan, The Registered owner of the property is deceased, his legal heirs are willing to do the signatures. but there is no registered will on their name, mutation is not done on their name, pattadhar pass books also in the name of original owner, they have paid the vacant tax till 1983. Death certificate, legal heir certificate is there. they have got all the link documents from the previous owners. property bought in 1961, from there mutation is not done. could anybody give me advise whether to approach bank with this property.

thanks& regards,

shivram

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2 Replies

sibojyoti chakrabarti (advocate) 11 April 2013

Dear,

First of all it is safe if the land is at first registered and then to follow subsequent cause of actions. Even if it is not registered atleast you should verify the original parent title deed and tell the heirs to apply for mutation, so that you are secure, since without their names being transferred in the land records or mutation there always remains a risk.

With Regards;

Sibojyoti Chakrabarti

EMAIL: sibo.chakrabarti@gmail.com

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