Hello sir,
I am planning to buy a property in Bangalore which is a house. Below is the descripttion of the title transfer of property a plot of 30*50 with a house.
1. The property was allotted by Society to person A in 1980. which he sold to Person B and C in 2006.
2. In 2007 Person B and C made a sale agreement with person D ( D is a sibling of C) for an X amount and mentioned that they received 90% of the amount specified in sale agreement for selling 50% of the property rights. This sale agreement is a registered sale agreement and does not have any clause of how long it is valid. Also it does not say how did they receive 90% of X amount ( that is no cheque/DD number mentioned in sale agreement.) but states 90% of amount has been paid to B and C. rest 10 % will be paid at the time of sale registration.
3. Sale deed between Person B,C and D have not happened till date.
4. This property is mortgaged to the bank by all B, C and D in 2017. 90% of the loan amount is yet to be paid by borrowers to bank.
5. Now they want to sell the property but Person D ( one with sale agreement) does not want to be a party in sale deed. He says he can do relinquish deed stating he does not have any rights in the property. Person D also mentioned that since in the sale agreement there is no proof of cheque/DD/online transfer he will just write that he received money and he does not have any rights in property anymore. so B and C can execute sale deed to person F.
Is it valid to buy this property as mentioned in statement 5? what happens to mortgage ? Does B,C and D have close mortgage before relinquish deed?
Please let us know your opinion?
