Dear Sirs,
Kindly provide your valuable opinion regarding the following matter :
A Lady and her made an conditional sale mortage for their property to a person for Rs.80,000/- As the sale was ostensible, the buyer made reconveyance deed - redemption mortage for the period of 5 years on the same day. The sellers of the property stayed in the property. The sellers paid Rs.41,000/- and the buyer took the amount as Rent for the building. The time mentioned for the period of 5 years was completed. .The dispute case was processing in .the court. meanwhile, the sellers dead and the legal heirs of the sellers taking the case in the court and the case was processing between the buyer and the seller' legal heirs. If the situation was being, the buyer sold the property sold to another person.
Kindly let me know that :
While the reconveyance and redemption mortgate was pending in the court, the Second Sale was valid or not ?
Eventhough, the time was barred debt for the redemption mortgage is over ( 5 years ) whether actual time of 30 years period to pay the debt for the redemption is allowed or not under Limitation Act.
As the first conditional mortgage was not considered, it was considered as Sale, based on that, the second sale was happened, But the Release Deed was not produced at the time of registration of the second sale deed, is there any possibility of previous sellers legal heirs ( i.e. Grand Children ) will make property dispute against the second buyer for the recovery of the property ? If so, what way they have to do ?
Thanking you,
Yours truly,
( D.Dakshina Murthy )
