The Nature of the property - if it ancestral Property of all the legal heirs - the elder person can act Khartha and sell the property for family legal needs . kartha can represent all the share holders in the HUF ! Inform all the facts to the purchaser and sell the property through kartha of HUF representing all the HUF members !
This was my personal opinion regarding your query. But it was answered in similar question previously by Adv. Y V Vishweshwar Rao so due credit to him.
Additionally I feel you should also take note of A person, who is not heard about 7 years, it is presumption in law that he is death. (Section 108 of The Indian Evidence Act)
There is legal defect that you have not lodge proper missing complaint. So if your Uncle appears tomorrow and creates problem and file suit then it can lead to un-necessary complication. I would sugest
1) Lodge proper FIR regarding your missing Uncle with proper copy etc. Also if any mental status issue also it has to be mentioned.
2) Create a account in name of HUF and eldest member as Karta as person who handles account on behalf of HUF in Bank
3) Take all money in form of Demand Draft and deposit in that A/C
4) In Sale Deed say that you are foillower of Hindu Religion and this is HUF and Karta is doing for family benefit and other all adult members make them witness in deed
5) Karta transfers 1/3 amount to his personal a/c 1/3 to your account and 1/3 he invest for min. 7 years in fixed deposit
6) After 7 years I feel you go for Declaration under Specific Relief Act that person was missing for so many years 7 years are completed and he should be presumed died . Don't mention amount there reduce court fee
7) After declaration is received distribute the amount in between you
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After this process he appears then at least he can not raise voice personally or judiciary and you can say to him humbly , We did all thing what we can do for you kept your money every thing now we have transfered to ourself and subject over. Remaining thing is all your personal affairs how you can rejoice with your lost uncle. Finding some one who is lost is great feeling if it is appreciated at both end with affection.
