Mortgage on EC

RamPrasad (Querist) 05 January 2019 This query is : Resolved
Hi Sir.. I have a doubt on mortgage mentioned in Encumbrance certificate. Seller is not having NOC regarding to mortgage ,but EC is saying it has been released. In this case shall I go head or any issues in future ? Please suggest ..!

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Dr J C Vashista (Expert) 06 January 2019
The property do not have marketable title, it has a claim.
Consult a local prudent lawyer with EC for better appreciation of facts and guidance.

kavksatyanarayana (Expert) 07 January 2019
There shall be two entries in EC regarding the Mortgage. 1. Mortgage deed. 2. re-conveyance of mortgage deed (after repayment of the loan amount, the bank executes re-conveyance of mortgage deed) . then you can proceed. this is up to Bank loan only.

Kumar Doab (Expert) 07 January 2019
'Buyer Beware' applies to property deals.
It shall be appropriate to get proper legal opinion from a very able LOCAL senior counsel of unshakable repute and integrity specializing in revenue/property/civil/DRT matters and well versed with LOCAL applicable rules/laws and having successful track record…. and worth his/her salt , before signing or making payment.
This may cost some FEE but can defend long term interest and hard earned monies.

Kumar Doab (Expert) 07 January 2019
Any document that is required as per your own very able LOCAL counsel can be applied/obtained by seller and provided by lender e.g; NOC

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