Dear Sir,
I wanted to buy on flat in hyderabad.It was developed by a builder and he has taken the land on GPA from lanlord. The landlord purchased the land in 2003 from a lady(Party A) who is the property owner from her husband who was expired long back and she had 3 GPA in favour of her from her sons.She is having two daughters. Everything went correct . The land was developed by the builder and nearly 20 owners purcahes the flats and living happily.It was nearly 8 years old property and now i want to buy a flat from one of the falt owner.I have collected the link documents from association. I have given the photocopies to the bank for loan purpose. In that Two ratification deeds from two daughters of the Party A were present. The Legal expert from the bank says these two ratification deed should be registerd .If they are not registered I cann't be given loan.
I have gone the the revenue and registration dept also they say ratification deed need not be registered because the property has come on heriditary basis and it is clearly mentioned by the two daughters that they are not interested in the proprty and in future they will not object.
So please guide me whether the ratification deed must be registered or notary one is OK for taking bank loan.
I have few doubts
1. The property is being enjoyed by twenty families with out any hurdle so far.
2. Two daughters already given their consent on notary.(Notary is also legal document). If every notary to be registered means India should have atleast 100 times of now registration offices.
3. Sale of Agreement is valid for giving/taking loan where as notarized ratification deed is not valid for taking loan.
Already bank killed my valuable time for one week.
Thanks in advance.
Sreedhar
