land a money
Ritesh Rathod
(Querist) 22 September 2014
This query is : Resolved
Dear sir, I will going to land a money of Rs. 2 lakh to mr.x against his property so which document or agreement we have to execute sothat i can claim my rights/interest in mr. X's�property if dispute will occur in future. For example mr. X not repay borrow money in future.
Devajyoti Barman
(Expert) 22 September 2014
Get a deed f mortgage executed and registered to make it a secured debt.
Dr J C Vashista
(Expert) 23 September 2014
Do you have a money lending licence?
If yes, motrgage deed be prepared and registered taking the professional services of a local lawyer.
Otherwise, it is illegal.
ajay sethi
(Expert) 23 September 2014
agree with experts
Ritesh Rathod
(Querist) 23 September 2014
Sir I am staying at gujarat and I thing mortgage deed attract a havy stamp duty. And I have not any licence.
Should I take a cheque from borrower or any other agreement is there for security.
malipeddi jaggarao
(Expert) 23 September 2014
If you wish to cover the property as security though stamp duty is payable, you will have to go for registered mortgage. If you do not wish to cover the property as security, you can obtain a Demand Promissory Note along with the cheque for repayment.
Biswanath Roy
(Expert) 24 September 2014
Enter into a Registered Sale Mortgage Deed of the property which will cover your rights and interest over the property.
Ritesh Rathod
(Querist) 24 September 2014
Thanks all of you.
Mr. Jaggarao I also think that I have to go for promissory note.
Once again thanks to all of you
T. Kalaiselvan, Advocate
(Expert) 30 September 2014
A demand promissory note executed by the borrower in your favor, as advised by expert Mr. Jagga Rao will be the better option to lend the amount if you want to avoid paying stamp duty for registered mortgage.
Biswanath Roy
(Expert) 30 September 2014
Your query is that you are going to lend money of Rs.2,00,000/-to Mr.X AGAINST HIS PROPERTY which means your intention is to create encumbrance over the property of Mr. X to secure loan amount. Under the situation either you shall have to make the loan as secured loan by entering into a mortgage deed or Mortgage sale Deed of the property and shall have to pay stamp duty which can be added with the proposed loan amount so that burden of stamp duty can be placed upon Mr. X as a part of loan. Sorry to say promissory note will not fulfill your desire. Secondly sale-mortgage deed of a property shall give you some extra monitory benefit than that of mortgage deed if god forbids Mr. X fails to repay loan amount.
Advocate Bhartesh goyal
(Expert) 23 September 2014
