Bank sale property

This query is : Resolved 

26 April 2014

I have purchased a SBI bank action property. SBI bank was given 600000 Rs lone/due on that property as on date. Anther three persons are given mortgage lone around 1500000Rs/- and some out side dues on the owner of that property. And that persons are approached to court. I have purchased the same property 2850000Rs/- in the action conducted by SBI, they deducted their due amount and reaming amount was handed over to court.

SBI authorized officer was register the same property on my name and committing in registration document " The sale of schedule property was made free from all encumbrance known to the secured creditor ".

But till date in EC certificate the mortgage due is live. And i am going to sale the same property the EC becoming main problem to me. Place suggest me how to clarify the same.

Thanking yor sir

T. Kalaiselvan, Advocate (Expert)
30 April 2014

Along with the copies evidencing the transactions, you may approach the concerned registrar office seeking solution to the problems being faced in this regard.

M V Gupta (Expert)
01 May 2014

On conclusion of the sale, the Bank should give u mortgage discharge certificate and hand over the original documents of title deeds which it had obtained from the mortgagor at the time of creating the mortgage, which is generally equitable mortgage. The bank should also get the discharge recorded with the Sub Registrar. Then only the discharge of the mortgage will appear in the EC. Pl take up the matter with the Bank.

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