Assignment agreement done/ bank lost original paper

madhumita (Querist) 19 December 2014 This query is : Resolved
Dear COncerned

I have signed an assignemnt agreement for an apartment in Bangalore and given 20% advance. The apartment is ready to move in and Registration is due as of now. The seller had a loan with LIC. I am going ahead with some other bank for loan. Now when my bank has sought for a list of originals held with LIC we got to know that LIC has lost his original sale aggreement. LIC is sat=ying they are ready to give declaration that seller has given them original copy and they lost it. They are also giving me certified copy

1)Now if the seller closes the LIC loan and registers the property and then transfer it to me what the legal implications of this?

2) If I persuade my bank to sanction loan on certified copy then what are the legal implication i may have in future?

3) LIC is giving me an option that if I take the loan from them they ll forego the certified copy matter and sanction me loan for now and later I can get it transferred to where ever I want after registration in my name

AFter registration in my name whats the value or legal implication of older sale agreement?

Kindly hel

Follow Query

Report Abuse

Isaac Gabriel (Expert) 20 December 2014
Since the LIC is ready to sanction the loan,better avail and go ahead since there is lease cum sale agreement deposited with it.

Devajyoti Barman (Expert) 20 December 2014
1. No problem in it if LIC fulfils its promise as stated above.
2.If your bank is ready then there is no issue.
3.Better take loan from another bank.

In any event do take an Indemnity Bind from the seller on this account.

Rajendra K Goyal (Expert) 20 December 2014
If your Bank is ready to accept you can proceed otherwise can take loan from LCI.

Agree, take an Indemnity Bind from the seller on this account.

madhumita (Querist) 20 December 2014
Thnx all!!! Anytime in future will I face any demand for this lost document/? I shall be taking a certified copy and an indemnity bond anyways

madhumita (Querist) 20 December 2014
hnx all!!! Anytime in future will I face any demand for this lost document/? I shall be taking a certified copy and an indemnity bond anyways

ajay sethi (Expert) 21 December 2014
once LCi has agreed to give in writing that it had original documents and it has been misplaced by LIC you are safe . no need to worry . further seller is ready to give you indemnity bond to safeguard your interests

T. Kalaiselvan, Advocate Online

(Expert) 25 December 2014
The document lost is just the sale agreement and not the original title document (?), if that is the case, you can very well proceed with the arrangement in the offing by LIC subject to the an indemnity by the vendor.