Can unregistered agreement enforceable in agreement in court of law
k padmaja
(Querist) 05 November 2016
This query is : Resolved
Sir, there is a property in walkheshwar road, mumbai and the agreement between builder and mr.x was unregistered. Agreement executed in the year 1962 and the original payment receipts are available for total sale consideration.. If they approach for Bank's loan for mortgaging their prpoerty then is it acceptable to Banker.
If Bank accepts the security. Can it be enforceable in cour of law, in case borrower defaults....
K Padmaja, Mumbai
Kiran Kumar
(Expert) 06 November 2016
The Legal position is that if the doc was required to be registered as per law....but never registered, then it cannot be enforced.....however the same may be used for collateral purposes....which is not there in ur case.
Rajendra K Goyal
(Expert) 06 November 2016
The documents mentioned by you are not title documents of property, can not be accepted as security by the Bank.
Dr J C Vashista
(Expert) 08 November 2016
Show the document to bank manager.
Generally bayana receipts are formal and unregistered agreements which are acceptable to the banker for lending money to buy the property if the seller has marketable title.
Consult a local lawyer for better appreciation of facts and proper guidance.
Guest
(Expert) 08 November 2016
Very vague academic question, "If they approach for Bank's loan for mortgaging their prpoerty then is it acceptable to Banker."
When there is no real problem, as they have not yet approached to the bank, you or they could have gone to a banker to ask this question, as the experts are not representatives of any bank.
Guest
(Expert) 08 November 2016
Your second question in the same post is also of academic nature, when you have asked, "If Bank accepts the security. Can it be enforceable in cour of law, in case borrower defaults.....
The presumption, "IF" has no scope in real problem for the purpose of legal implications. When you or they they have not approached the bank and the bank has not accepted the security, where arises such a vague question?
Rajendra K Goyal
(Expert) 08 November 2016
Even if Bank accept it as security, equitable mortgage is not possible, Bank may proceed with registered mortgage (though possibility is bleak) and it can be enforced / Bank can recover its dues from it otherwise.
