PROPERTY TITLE DISPUTE

1.  Typically, no sale deed should be executed without verifing and inspection the original sale deed (original title deed and chain of subsequent deeds, if any).  It is grave risk to buy unverified properties.

2.  Unregistered mortgage deed, does not have much legal value.  Try to obtain the certified copy of the  "equitable mortgage deed"  and check each and every clause.

3.  Mr. X, might have played a fraud, by selling the commercial property,  which he earlier had mortgaged with the coop bank.  Ask the coop bank, if the "original title deed"  is lodged with the bank, as a mortgage.

4.  Possession of the property should not be parted to the coop bank,  unless there is a court decree.  Depending on various parameters,  a criminal complaint should be immediately lodged with the local police station (or with the EOW)   against Mr. X, for the  purported "fraud",   or a private complaint case may be filed with the local MM Court.

Keep Smiling .... Hemant Agarwal
 

Mr. Hemand Agarwal is correct. The cooperative society has right against you and if the demand is writing, respond with all the documents. It is for the society to lodge a complaint with the police and recover the money. The failure is on their part to have registered the mortgage and you will not be affected, having exercised due diligence and published advertisement. 

1. We cant say that the bank is in fault because of the non-registration of mortgage deed.
2. Equitable mortgage also have weitage
3. You can have an escape that you had published the fact before purchasing, otherwise teh bank initiate criminal action against both the seller and the purchaser
4. Immediately, lodge a criminal complaint against the seller

Hello,

I go by the experts answers.  All the experts are correct in their own sense.

L. Vinoba

Advocate

Pondicherry

Dear Shiv Kumar,

Please try to identify if any other properties available to "X" for taking attachment of the same for recovery of amount paid by you and also file a private criminal complaint against "X" .

Please do join the proceedings before the co-operative Registrar or concerned court where you can file objections for delivery of possession of property you hold. In the said circumstances, the Bank will also register a cheating case against the borrower of selling without notice to the Bank.