Buy a housing property of guarantor.
Jay
(Querist) 21 September 2014
This query is : Resolved
I want to buy a housing property of a Guarantor of business loan,obtained from SBI in 2010 Amt 1.5 crores.
Now loan is taken against mortgage business property and as a guarantor his wife gave guarantee. And his wife (i.e guarantor) , holds one housing property.
But in 2012 due to business crisis, loan borrower failed to paid dues with the bank.So bank put charge both of the properties i.e. business premise as well as housing property of his spouse.
Now recovery dept of SBI bank with reference to SARFAESI ACT,settle all dues for 1.12crores, withdraw charge on "Housing property of Spuse",If he pays 65 lacs within 15 days and remaining amount in 45 days then bank will withdraw charge on business premises
Now i am having interest to buy housing property and pay 65 lacs on behalf of guarantor and she transfer property right in my favor after withdraw charge by bank.
So is it advisable to buy a property ?
If yes then which point i have to keep in mind or how can put myself safer side against i pay 65 lcas on behalf of gurantor
Anirudh
(Expert) 21 September 2014
When you are going to spend as much as Rs. 65 lakhs you would be advised to visit a local lawyer, discuss the issue and to get the agreement to sell / sale deed drafted appropriately to take care of your interests. Visiting a lawyer and spending a few thousands of rupees at the initial stage is quite worth, rather than spending huge money on legal tangle subsequently with no certainty.
Rajendra K Goyal
(Expert) 21 September 2014
Consult a local lawyer and get all the documents scrutinized.
ajay sethi
(Expert) 21 September 2014
consult a local lawyer
Devajyoti Barman
(Expert) 21 September 2014
yes show a local lawyer with lawyers.
Dr J C Vashista
(Expert) 22 September 2014
I fully agree and appreciate expert advise of Mr. Anirudh.
Jay
(Querist) 22 September 2014
I appreciate your replies but i have consulted 3-4 lawyers but still they were not give proper solution for the case.
Anirudh
(Expert) 22 September 2014
What according to you is the proper solution?
T. Kalaiselvan, Advocate
(Expert) 29 September 2014
Thee are no dearth of lawyers. A proper sale agreement carefully drafted by a prudent lawyer will solve your issue or keep searching for solution.
