I am NRI based in uae. I am planning to buy a property. But the property deed is deposited in another bank and loan is taken by the owner. How should I execute this deal ?
rajesh (ii) 03 May 2014
I am NRI based in uae. I am planning to buy a property. But the property deed is deposited in another bank and loan is taken by the owner. How should I execute this deal ?
Lawyer SALEEMA KABEER (Advocate Madras High Court & Legal Consultant Chennai Law in Law Firm. +91-9698884779) 03 May 2014
You can purchase the property either by shifting the bank loan liability towards yourself or after making redemption of the same on proper valid receipt. Before that, you have to verify the title, correctness and genunity of the previous transactions.
adv.raghavan (Advocate,9444674980) 03 May 2014
You can make payment directly to the bank where the property is mortgaged,and the same has to be mentioned in sale agreement, and u should insist from the buyer for a letter to collect the documents directly from the bank after making full payment excluding mortgage amount.
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