Hi Everyone,
My father had purchased a 40X60 plot in Bangalore way back in 1988.
The property was not registered but it is a GPA, stamped and signed by notary. The GPA gives almost all the powers to holder related to re-selling, lease. loan and so on. My father on his part did not make any attempt to get the property registered on his name all these years :-(
Recently we are looking to sell this property or go for a joint venture. But prospective buyers think that my father is not the authorized owner of this property and are saying it is impossible to get a bank loan even if my father registers the property on their names.
As per many buyers the only way out is the previous owner (owner previous to 1988) coming and transferring the property directly to their name at registration time.
My father approached the previous owner but the person says it is impossible for him to come and sign for him as it will lead to tax complications for him but assured that he will under no circumstances come and create any trouble regarding the ownership.
Can you please suggest what is the best course of action for us now?
1. Can my father as a GPA holder register the property to anybody?
2. Will it create problems for bank loan?
3. Can we enter a joint agreement on basis of the GPA?
Regards,
D.Srinivas.