Morgaged property
pooja dedhia
(Querist) 11 June 2012
This query is : Resolved
when the mortgage property is purchased by the buyer and the bank issue the noc in the following ways:-
we would like to state that the original doc namely title deeds and charges on the said property will release in favor of the xxxx(who has mortgaged the property) subject to:-
1) clearance of overdues in bill discounting and the term loan no 112.
2) offer of the security worth rs 2 lacs to the bank by the june 2012.
further ROC CHARGE ON THE ABOVE ASSET OF XXXXX (WHO HAS MORGAGED) & BANK LIEN ON THE ABOVE ASSETS WILL BE RELEASED AS OON AS THE CONSIDERATION OF RS XXX LACS IS RECEIVED FOR THE PART CLOSURE OF THE TERM LOAN NO yyyyy.
query:-
is this type of noc secure the interest of the buyer?
whose name should be there?
that propertty will be released to the party who has actually morgaged or
the name of the prospective buyer?
K.K.Ganguly
(Expert) 11 June 2012
1) Yes, it will secure the interest of the buyer as per SARFAESI ACT,2002,
2) The Bank will takeover the property u/s13(4) of SARFAESI ACT,2002 from the possession of the borrower and then sell to the buyer in whose name the title of the property will be released, as per the Act.
malipeddi jaggarao
(Expert) 11 June 2012
Yes. The buyer's interest is protected if all the conditions narrated in the NOC are fulfilled by the seller before registration.
Property will be released to the owner who has originally mortgaged to the Bank. After the release of title deeds along with Bank's NOC the prospective buyer can purchase the property by a registered document.
If the buyer wishes to help the seller to fulfil the NOC conditions, there should be a sale agreement with the narration of the amount paid to the seller for satisfying the coniditions of NOC.
Shonee Kapoor
(Expert) 12 June 2012
Nothing left to be added.
Regards,
Shonee Kapoor
harassed.by.498a@gmail.com
RAJU O.F.,
(Expert) 12 June 2012
With the input, it is presumed that bank would release the property from mortgage and deliver the title documents to the original owner(mortgagor) on closure of the term loan AND on offering security worth Rs.2 lakhs. Hence after getting the documents released the owner can sell the property to proposed purchaser. I don't think this has any connection with SARFAESI Act. Any how, better consult a competent lawyer handling property matters.
