Mayank 18 August 2017

Mortgage house related

Hi my name is Mayank and I am here in search for a solution towards a property purchased in gujarat from the bank under SARFAESI Act. The Property I purchased was in the name of his wife cum guarantor.

1. Bank has provided only sale deed between owner no 3 & 4.

2. Bank has also executed a Sale deed in favour of Me.

3. Being a Co-operative society Share Certificate is transfered till owner no 2.

4. Property card I presume that have been transfered till owner no 2 only.

My question to the senior people in this forum is what are the laws applicable in the case of mortgage loan wherein entries of Previous owners are not updated in Share certificate and Property card also state me who stands liable for the transfer fees levied then after Myself or the bank?

For sanction of loan is it mandatory or not, for the documents like Share Certificates,Property card etc to be updated in the name of the current owner?

If the bank fails to provide me the chain documents like previous owner sale deeds, plan, share certificate property card etc.

With Regards,

Mayank

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3 Replies

Kumar Doab (FIN) 18 August 2017

You have already purchased the property.

\Llook into the T&C that you have signed with bank.........

Kumar Doab (FIN) 18 August 2017

'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 matters before signing or making payment.

This may cost some FEE but can defend long term interest and hard earned monies.

Mayank 18 August 2017

Sir I have received only 2 things i.e., (1) Sale deed between Bank and My self. (2) Sale deed of the last know owner (no-4) and the owner before (no-3).

Other then this bank has not provided me any documents after the purchase of the property.

But on my inqury I got to know that Property card and Share certificate has been transfered till owner no 2 only.