Property sold to two persons
sahil
(Querist) 03 June 2017
This query is : Resolved
Respected experts,
I bought a flat in may,2014, i registered the sale deed and did mutation in may 2014. also having a bank loan and property is in my possession since may 2014, electricity connection is also in my name.
Now, after 3 years, i got to know somebody earlier then me, came into sale agreement with the builder in march,2013 for 3 flats in project, which also includes my flat (no registration and mutation done by them on any flat) and by triparty agreement they got loan from a bank on my flat in 2013. which builder is paying itself till now, as party and builder are relatives and they did all this to use the funds. 1st party recently took possession on rest 2 flats as they were vacant.
moreover,anybody never came to me for any claim nor any bank from the day i got possession till now.
moreover,builder is defaulter as he already defaulted in paying the loan on whole project he took loan on whole project in june 2013 (case is already pending in DRT courts)
so my concerns are
1. what should i do?
2. what previous buyer can do against me.
3. what bank of 1st party can do if builder fails to pay(they are in triparty agreement)
4. How my bank can provide loan to me as property is already mortgaged for two times(with 1st party's bank and builder's bank)
please give your valuable inputs, will be very thankful to all of you...
adv. rajeev ( rajoo )
(Expert) 03 June 2017
To advise you properly all the documents are necessary to looked into
sahil
(Querist) 03 June 2017
@adv.rajeev-sir, i can show you registered sale deed and mutation from my side.
copy of sale agreement or documents of other party i dont have.
Rajendra K Goyal
(Expert) 03 June 2017
You asked:
1. what should i do?
Reply;
Contact the builder to clear all loans. If does not agree, show all documents and discuss with local lawyer.
May try to lodge FIR against the builder.
You asked:
2. what previous buyer can do against me.
Reply:
Only he can tell. Nothing can be advised without referring documents.
Rajendra K Goyal
(Expert) 03 June 2017
You asked:
3. what bank of 1st party can do if builder fails to pay(they are in triparty agreement)
Reply:
It can recover its money from borrowers / guarantors / as per tripartite agreement.
You asked:
4. How my bank can provide loan to me as property is already mortgaged for two times(with 1st party's bank and builder's bank)
Reply:
Ask from the Bank. If you read the agreement, Bank can recover its money from any asset present / future you have / may have. It can lodge FIR against you for not declaring the same fact while applying for the loan. However, Bank avoid such steps if loan is recovered.
sahil
(Querist) 03 June 2017
Sir, so nice of you to clerify all the things.
Refer to answer of question 4th-
I agree that bank can recover its debts from present or future property. But i want to know which fact you are saying. If u mean that i hadnt disclosed about already mortgaged property to my bank at the time of applying loan then i want to tell you that i come to know few days back that my flat already been sold in 2013 and about builder loan -whole society came to know when we saw public notice in newspaper which i informed the same to my bank at that time which they didnt botherd and the case for that is already in DRT COURTS.
Kumar Doab
(Expert) 03 June 2017
"Now, after 3 years, i got to know somebody earlier then me"
The lender may not agree to any contentions.
It's sole objective is to recover its good money.
Focus on builder and his relative and apply your skills and resources to pay the debt in full.......
Kumar Doab
(Expert) 03 June 2017
If this is not possible despite your best efforts then ASAP approach a very able local counsel of unshakable repute and integrity specializing in such/civil matters with all docs and inputs..........
Kumar Doab
(Expert) 03 June 2017
You can benefit from counsel of Shri .rajeev ( rajoo ), Shri Rajendra K Goyal .
sahil
(Querist) 03 June 2017
Thanks kumar sir
sahil
(Querist) 03 June 2017
Thanks kumar sir
Sudhir Kumar, Advocate
(Expert) 04 June 2017
1. what should i do?
DO AS YOUR LAWYER ADVISES ON SEEING ALL THE PAPERS
2. what previous buyer can do against me.
HE CAN MAKE A SUIT FOR EVICTION BUT BEFORE THAT HE WILL HAVE TO GET THE PROPERTY REGISTERED IN HIS NAME WHICH YOU HAVE ALREADY DONE. FOR THAT HE WILL HAVE TO FILE SUIT FOR TITLE AGAINST YOU.
3. what bank of 1st party can do if builder fails to pay(they are in triparty agreement)
IF THE HOUSE IS HYPOTHECATED TO THE BANK (EVEN IF FRAUDULENTLY AND EVENT IF NOT REFLECTED) THE BANK CAN BRING SUIT FOR AUCTION OF THE HOUSE.
4. How my bank can provide loan to me as property is already mortgaged for two times(with 1st party's bank and builder's bank)
WHEN THE PROPERTY WAS UNENCUMBERED AND NO LIEN WAS MARKED AND HAVING BEEN SETTLED ABOUT YOU GOOD TITLE THEY GAVE THE LOAN. IF YOU ARE DISPOSSES OF THE HOUSE FRAUDULENTLY THE BANK IS NOT BOUND TO IGNORE THE LOAN.
Rajendra K Goyal
(Expert) 04 June 2017
You said :
If u mean that i hadnt disclosed about already mortgaged property to my bank at the time of applying loan then i want to tell you that i come to know few days back that my flat already been sold in 2013
Reply:
Being owner, you were not aware of the fact, how Bank can be held liable.
You said:
about builder loan -whole society came to know when we saw public notice in newspaper which i informed the same to my bank at that time which they didnt botherd and the case for that is already in DRT COURTS.
Comments:
The sale deed from builder must be containing the clause / wording that the property is free from any encumbrance. Society should lodge FIR against the builder for this fraud.
Consumer complaint / civil suit can also be filed.
Oppose the move initiated by DRT through some experienced lawyer.
Rajendra K Goyal
(Expert) 04 June 2017
Repeated query:
http://www.lawyersclubindia.com/experts/Property-sold-to-two-persons--643361.asp
sahil
(Querist) 04 June 2017
@sudhir kumar -sir thanks so much for your guidance, with refrence to answer of third question i want to ask,
1.Is there any liability of builder if borrower fails to pay in case of tripartite agreement ?
2. If bank of 1st party file a suit for auction, what my bank will do as he also funded me. And what builders bank will do as he also hypothicated same flat.(in short there are 3 banks involved who funded for same flat to 3 party's)
sahil
(Querist) 04 June 2017
@Rajindera K goyal- sir, while providing loan bank charge amout for technical and legal check , i agree they failed like me about the sale ,but as a financial institution they also failed to check wether project is on loan (taken by builder )
Rajendra K Goyal
(Expert) 04 June 2017
So what? They have recovered their loan. Bank deal in money not in property.
sahil
(Querist) 04 June 2017
Ok sir I understand your view
sahil
(Querist) 05 June 2017
Any other experts view???
Guest
(Expert) 05 June 2017
Frankly speaking, I see some holes in your story, which does not make me convinced about truth in your story. Hope you would like to clarify the following points:
1) By the way, how could you know that the flat has already been agreed to be sold to some other party?
2) Also, how merely on the basis of agreement with the builder and without actual allotment of flat, the other party could get loan and from which bank that offers loan without getting allotment documents?
3) Also, how could you get loan for the flat without production of any non-encumbrance certificate from the revenue authorities?
4) Further, could you get any claim from that party, who got agreement for the flat to be allotted in his name?
5) Still further, as per agreement, what is the actual date fixed for allotment of flat in the name of the other party?
Guest
(Expert) 05 June 2017
Frankly speaking, I see some holes in your story, which does not make me convinced about truth in your story. Hope you would like to clarify the following points:
1) By the way, how could you know that the flat has already been agreed to be sold to some other party?
2) Also, how merely on the basis of agreement with the builder and without actual allotment of flat, the other party could get loan and from which bank that offers loan without getting allotment documents?
3) Also, how could you get loan for the flat without production of any non-encumbrance certificate from the revenue authorities?
4) Further, could you get any claim from that party, who got agreement for the flat to be allotted in his name?
5) Still further, as per agreement, what is the actual date fixed for allotment of flat in the name of the other party?
sahil
(Querist) 05 June 2017
Answers
1. Party came into society few days ago, and they told to neighbor we have 3 flats, and neighbor said that one flat belongs to me and he is living from 3 years and neighbor called me about that. after enquiring all, I reached bank and come to know about there is a loan on my flat in name of that person.
2. On tripartite agreement they can get loan without allotment as per my knowledge may be they have some deal with bank as they are fraud.
3. I just applied for loan, the property was approved project by bank, and they approved the loan and handover the draft at the time of registry to builder.
4. I haven’t met them as they haven’t met me for any claim
5. Sir, I haven’t seen their document, why they will show their documents to me. I haven’t met them, as nobody came to me for any claim. So I also haven’t go.
Before doing anything, I want to discuss with you experts.
Guest
(Expert) 05 June 2017
Still not convinced if the party did not approach you even after knowing that his flat has been re-allotted to you by the builder and you are in possession of the flat! I still believe it is merely an adapted academic query by linking yourself.
Anyway, even if there is any truth in your story, there is no use of discussing anything on the issue, unless any claim arises against your own interest.
All that will be a premature activity on your part, if you take any initiative at your own, as once you try to do, the onus will shift on you to prove what you say.
However, as matter of precaution, you may show all of your property documents to some local lawyer to get any further advice after his examination.
sahil
(Querist) 05 June 2017
sir, I mentioned above they are relatives and they did all to use the funds from bank. now builder is financially week and the party on whom loan has been taken is in action. they took possession on both of flats and my tension is just, what bank will do if they stop paying EMI.(in case of triparty agreemnts)
its not an academic query you made me laugh by saying this......
Guest
(Expert) 05 June 2017
By the way, if it is not your academic query, what do you propose to do against the stated relatives, builder and the other party?
sahil
(Querist) 05 June 2017
that is why asking from you guys
Guest
(Expert) 05 June 2017
We "GUYS" have already expressed our views, as you desired.
For your information, this is not an astrologers forum to predict and tell, what you can do, what the previous buyer can do and what the bank can do, when there is no problem or the evidence for the time being.
Law comes to the fore only when there exists any problem as well as the evidence, while you don't have any for the time being.
sahil
(Querist) 05 June 2017
thnkw so much sir
Guest
(Expert) 05 June 2017
You are welcome, but with real problem along with description of proof available for the case.
sahil
(Querist) 05 June 2017
ok sir, I will send you the loan details of both parties for one property then suggest me
Adv. Yogen Kakade
(Expert) 08 June 2017
Contact a local lawyer with all the documents available with you to get the relief.
Kumar Doab
(Expert) 08 June 2017
You have posted that:
"sir, I mentioned above they are relatives and they did all to use the funds from bank. now builder is financially week and the party on whom loan has been taken is in action. they took possession on both of flats and my tension is just, what bank will do if they stop paying EMI.(in case of triparty agreemnts)
its not an academic query you made me laugh by saying this......"
We have not posted any laughable post.
So why would post such statement................. "its not an academic query you made me laugh by saying this......"
Kumar Doab
(Expert) 08 June 2017
Your post:
"its not an academic query you made me laugh by saying this......"
is for WHOM?
Kumar Doab
(Expert) 08 June 2017
You have posted that:
“whole society came to know when we saw public notice in newspaper which i informed the same to my bank at that time which they didnt botherd and the case for that is already in DRT COURTS……………………………… @Rajindera K goyal- sir, while providing loan bank charge amout for technical and legal check"
It is loud and clear beforehand that Bank/banker shall not agree (easily or at all) that it charged fee for including Non Encumbrance report..................
It may even argue that you were aware and may not agree that you became aware as contended by you.............
Kumar Doab
(Expert) 08 June 2017
It is felt that Kabza of 2 other Flats (also) by OP is illegal.
