Liabilities & sale of property
Vinod Shah
(Querist) 05 July 2013
This query is : Resolved
Dear Sir,
My uncle who is a bachelor is in debt. He had taken Over draft which he could not pay it on time. Bank had put his house on-sale (15 Lakhs is due), Uncle borrowed the money from a finance guy who is charging him 24% interest and repaid the bank. The property documents (worth 40L) in with the finance guy.
There is one anothe cheque bounce case (civil and criminal) which is in district court and it is for 8 lakhs.
I am planning to purchase uncle's property by taking a bank loan and help him in repaying the debts. Is there a legal issue in this sales transaction given the back ground of his debts and cases. I want to help him out. Please provide advise.
Thanks,
Vinod
Adv Archana Deshmukh
(Expert) 05 July 2013
First of all see what is the agreement between your uncle and the finance guy and how much of his loan is repaid etc.
Raj Kumar Makkad
(Expert) 05 July 2013
Generally financer do not formally mortgage the properties so ensure it and then purchase it. There shall not be legal issue therein. You may also obtain a stay order against that house against general public.
Rajendra K Goyal
(Expert) 06 July 2013
You can pay the debt of your uncle and take the property mortgaged with the financer. You can get it registered in your name. don't forget to take clearance from both the finance-rs.
