legal advice on property:
Kumaran N
(Querist) 20 October 2016
This query is : Resolved
Hello Experts,
As per stamp agreement between my father Mr. Neela and Mr. Raju has on 4th Oct 1990 were has my father Mr. Neela lended rupees 30,000/- ( thirty thousand rupees ) has a loan, which was agreed by the borrower Mr. Raju liable to pay within 4 months, later he never paid, on the same he had handed over his sale deed document to my father has a security for his loan. Declaring sale deed which is free from disputes and litigations dully singed y both Mr. Neela and Mr. Raju, with required withness
Later Mr. Raju, passed away, today his son coming forward and wants the sale deed document back in returning the borrowed money with interest of his father Mr. Raju which was liable to us.
We need your help, and advise me on the below doubts.
1. As per law, can father Mr. Neela claim the schedule property as per the agreement by Mr. Raju legally, if yes what is the procedure. Or can we claim a property value on the same.
2. If we accept the proposal of his son in repaying the said amount, what is the value which needs to be considered or the rate of interest as on today’s value.
3. If need to do the smooth handover between both parties do we any agreement to be made for the benefit of both in future.
Appreciate your time and effort in addressing my request. Thank you
Kumar Doab
(Expert) 20 October 2016
Mr. Raju is Hindu?
Rajendra K Goyal
(Expert) 20 October 2016
All the documents need to be examined before advice.
The handing over of title documents may comprise of equitable mortgage, but the fact was not confirmed independently, the document recording the fact should not have been signed by the borrower and it seems formality lacks requirements.
If we consider the signed document as mortgage consent and as mortgage, the document should have been registered by paying required stamp duty, which was not done.
From the given facts, mortgage seem to have legal shortcomings.
Rajendra K Goyal
(Expert) 20 October 2016
You asked:
. As per law, can father Mr. Neela claim the schedule property as per the agreement by Mr. Raju legally, if yes what is the procedure. Or can we claim a property value on the same.
Reply:
Which law you are referring?
The document / language does not show that it was a mortgage with conditional sale / sale otherwise as was not registered. It can not be termed as agreement of sale, if so, is also time barred. You could have claimed your money with interest, which seem to be time barred now. Claim on the basis of mortgaged property (doubt it was legal mortgage) can be done in 12 years, can not confirm this time in case of your state, must be similar.
There is no question of past / present / future price of the property. Legally your claim seem to be on weak grounds.
Rajendra K Goyal
(Expert) 20 October 2016
You asked:
If we accept the proposal of his son in repaying the said amount, what is the value which needs to be considered or the rate of interest as on today’s value.
Reply:
As mentioned above, claim seem to be time barred, settle the matter amicably with the help of elders. You have not mentioned the agreed rate of interest.
You asked:
If need to do the smooth handover between both parties do we any agreement to be made for the benefit of both in future.
Reply:
As advised, amicable settlement is the better.
Kumar Doab
(Expert) 20 October 2016
Are the witnesses alive?
Kuummaar AS
(Expert) 20 October 2016
Kumaran N,
You have said,
"As per stamp agreement between my father Mr. Neela and Mr. Raju has on 4th Oct 1990 were has my father Mr. Neela lended rupees 30,000/- ( thirty thousand rupees ) has a loan, which was agreed by the borrower Mr. Raju liable to pay within 4 months, later he never paid, on the same he had handed over his sale deed document to my father has a security for his loan. Declaring sale deed which is free from disputes and litigations dully singed y both Mr. Neela and Mr. Raju, with required withness"
THE LOAN WAS TO BE CLEARED IN 4 MONTHS. ABOUT 26 YEARS HAVE PASSED SINCE 1990 WHEN LOAN WAS GIVEN.
YOU HAVE NOT MENTIONED ANYTHING AS TO WHAT HAPPENED IN THESE 26 YEARS AFTER EXPIRY OF 4 MONTHS WITHIN WHICH LOAN WAS TO BE CLEARED.
Ms.Usha Kapoor
(Expert) 21 October 2016
Answer EXPERT QUESTIONS.then ONLY YOU'D BE INA POSITION TO GET CORRECT REPLY.
Rajendra K Goyal
(Expert) 21 October 2016
Author need to reply the question from expert Kumar AS.
Kumaran N
(Querist) 21 October 2016
Thanks a lot for your expert advise,
Reply to Mr.Kumar Doab-
Yes Mr. Raju is a hindu, 2 withness are alive, afer 26 yrs people woke up, Loan was given in the same year 1990. I am trying my best to save at the interest of my father, Thank you
Reply to Mr. Rajendra K Goyal-
Thank you for the detail explanation on each points, will go with your advice and settle the matter amicably with the help of elders. Hopefully everything gets solved smoothly.
Thank you Ms. Usha Kapoor.
Kumar Doab
(Expert) 21 October 2016
Son is not liable for debt of father.
You have already gone thru the posts of Expert Mr. Rajendra K Goyal.
H.M.Patnaik
(Expert) 21 October 2016
An amicable settlement in presence of elders is the best way out.If things does not go in right direction , you can take guidance of an experienced civil lawyer locally since it is a time barred agreement.
Kumar Doab
(Expert) 21 October 2016
Certainly bar by limitation may stare at you.
As pointed out by Mr.Goyal, in case the property was not pledged, you may not have any lien on property docs also.
Dr J C Vashista
(Expert) 22 October 2016
In any sort of agreement time is essence which can be enforced (by law) within stipulated time, failing which, the party breached the term shall suffer and cannot seek legal relief.
If mortgaged then whether the agreement was registered? In the case of mortgage, whether it was with or without possession?
If the property was not mortgaged, what is the agreement?
