s.saravanan (Head Engineering) 02 January 2012
sir
One of my relative is asking a loan from me for which i have told him to do sale agreement of his land . If he does not pay the amount with in three years , the property belongs to me after three years if he is not paying in time.
Kindly advise me the correct way of doing the same
Kanaksinh P.Boda (Educationist/Lawyer) 02 January 2012
Hire a good lawyer and ask him to prpare a mortgage deed in your favor for the said land against the looan amount you will be paying on these conditions to your relative.
Ibrahim Deshmukh (Legal Consultancy) 08 January 2012
While Agree with Lawyer Kanaksinh Boda, I would like to add that please also get the mortgage deed register with the sub-registrar where he property is located and try to give the loan amount by a crossed check in the name of the relative (who owns the property to be mortgaged with you), if possible.
This way your charge on the property will be registered and your loaned amount will be secured.
Ibrahim Deshmukh
Legal Consultant
Kuwait
Email: ibdesh@gmrail.com
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