Builder sold already mortgaged flat

The 1st lender must have lent after satisfying with title of property and it has charge on property.

It can proceed to recover.

 

 

Originally posted by : kapil
	Hi, i bought a 3BHK underconstruction flat from a builder. For this i had taken loan from bank. The builder has handed over the posession and i got it registered in my name. Later i came to know that the flat had already been sold by the builder to another buyer before it was sold to me. That buyer also had taken loan from some bank but he defaulted and his bank is seeking recovery of the loan. He had submitted builder buyer agreement as security. What implications does it have for me? Am i legal owner of the flat given that its posession was handed over to me and its sales deed has been executed in my favor? Can the previous buyer's bank initiate auction of my flat to recover its loan? i talked to builder, as per him, he will settle the loan taken by the first buyer and will sattisfy with NOC from that bank. Please suggest the actions that i should initiate/take in order to safe guard my investment.   Thanks

 

If builder has agree to pay the loan and get NOC then what are you waiting for?

Get it done tommorrow.

 

 

Sir, 

 

That builder has not disclosed the true picture to you earlier, take everything in writing from the builder or file a complaint for cheating against him for the deception caused. 

 

Warm Regards 

Kapil Chandna Advocate 

9899011450,9911218741 

https://kapilchandnaadvocate.wordpress.com/

It is complex situation. Builder has intact cheated you. Since you are in possession of flat and as sale deed has also been executed in your favour hence you are in better position being bonafide purchaser but Bank will proceed in terms of mortgage so initiate police complaint against builder who only can resolve the issue so exert the pressure and resolve the issue. Maintain your possession and claim over the flat. Sidharth 9811776422

The builder has cheated you .since sale deed has been executed in your favour so file a criminal complaint against him .

The builder has cheated you .since sale deed has been executed in your favour so file a criminal complaint against him .

Its a clear case of cheating Mate !! You need to act fast as if in case the first loan is mortgaged to any financial institution then the Financial Institution have great powers by means of SARFESI act to recover their dues and they can do it by evacuating you and auction the property. Please note that the loan he has taken is a Secured loan and he has pledged the builder buyer agreement as security.

When did this transaction happen ? Post 2011 it is mandatory for having a unique property ID mandated by CERSAI Act. so such fraud is not possible post 2011. 

Regarding the promises made by builder, do not trust him. i repeat DO NOT TRUST HIM. He has already cheated you and now if he raises his arm and defaults, the bank will come straight to you and initiate SARFESI act to auction the property and recover their money. BEWARE. Chase the builder, put full throttle pressure, if required register an FIR and come out ASAP

 

Dear LCI Querist @ Mr. Kapil,

If builder has agree to pay the loan and get NOC then get it done tommorrow.
If IT is giving you sweet pill/lollypop ( so far, today) then act as already advised and defend your interest. 
 

'Buyer Beware' applies to property deals.

It shall be appropriate to get proper legal opinion from a very able local senior counsel of unshakable repute and integrity specializing in revenue/property/civil matters before signing or making payment.

This may cost some FEE but ONE can defend long term interest and hard earned monies.

 

First and foremost, you may be living in that flat, but it is not yours. The builder has no right to sell it to you, your deed is as good as dead. Try taking market value from him or some clear title alternate equivalent or higher flat. If it does not happen file FIR and do it as soon as possible.

Apply all of your local resources and get the builder pay the debt and get NOC and get these checked and vaerified from lender bank.

Thus get the builder, lender, legal complications off your back. 

You alone would know by now the builder is willing or not?

 

Or proceed further under expert guidance of a very able senior LOCAL counsel of unshakable repute and integrity specializing in such/civil mattters and having successful track record.

Your hard earned monies are stake and litigation and complication  is staring at you.

Act ASAP.

 

Am i legal owner of the flat given that its posession was handed over to me and its sales deed has been executed in my favor?
If sales deed has been executed and registered   in your favor, your are the legal owner.

If sales deed is not registered , then get it registered.Because only Registered deed will convey the title to the owner of the property.

You can file a criminal complaint of cheating criminal breach of trust against the builder.

Krishna

Advocate