can immoveable property be sold while there is mortgage

Querist : Anonymous (Querist) 12 April 2010 This query is : Resolved
Sirs,

Pl let me know whethter an immoveable property can be sold before the mortagage is released by the financing bank or Co., ir Instution.

The loan money is cleared to the last pie.

Thanks

Follow Query

Report Abuse

mahendrakumar (Expert) 13 April 2010
it depends upon the buyer.

usually,buyers insist on non encumbrance certificate of the property.

Raj Kumar Makkad (Expert) 13 April 2010
Until the mortgaged is redeemed the immovable property cannot be sold.

In the given case, if loan amount has been repaid then obtain clearance certificate and specific letter from bank in the name of revenue authority to redeem the mortgage.

mahendrakumar (Expert) 13 April 2010
if the deed of the property is with the seller, the registration authorities do not insist on non encumbrance certificate.i.e why,i said it depends on the buyer.if he does not insist on the non encumbrance certificate from the revenue authorities,the registration will be done.

Parveen Kr. Aggarwal (Expert) 14 April 2010
If the loan amount is paid in entirety, there remains no charge of the mortgagee over the property because as per mortgage deed the mortgagee has charge over the property till the entire loan amount is repaid. After repaying the entire amount due under the mortgage deed, the owner can sell his property to any person.

Previous

Next

You need to be the querist or approved LAWyersclub expert to take part in this query .

Click here to login now

Similar Resolved Queries :

Ask Query
Unanswered Queries