Author :
pooja dedhia
Posted On 22 May 2012 at 18:36
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Mr x wants to purchase the property from the Mr.Y which is mortgaged with the bank.
His bank has issued the NOC:--
We would like to state that the original doc namely title deeds and charge on the said property will be released in favour of Mr Y subject to
1) Clearance of over dues in bill discounting & term loan
2) Offer of security worth rs 2 lacs to bank by june 2011
And the consideration amount of rs 15 lacs received for the part closure of term loan.
Query:
# Please what it indicate abone para in simple language?
# is “charge” mentioned in above para means earlier has anything to do with no liability in future
# has bank has to mentioned the name of Mr y or mr x(who is given the earnest money to mr Y)
# is word id require to mention the “free from all encumbrance “?
# what is more weightage between following two words
1) Release
2) Free from all encumbrance
# when earnest money as a part payment given by the Mr X TO bank of Mr y,WHOSE NAME should be mentioned in the NOC ?
# what is the care should prospective buyer has to take?
# how can he secure his interest?
# what help can Mr x take from the Bank of the mr y?
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