conditional mortgage
Querist :
Anonymous
(Querist) 10 May 2011
This query is : Resolved
wats conditional mortgage?wats the stamp duty in karnataka?
Dayananda Gowda
(Expert) 17 December 2011
Mortgage By Conditional Sale
Where, the mortgagor ostensibly sells the mortgaged property-
On condition that on default of payment of the mortgage-money on a certain date the sale shall become absolute, or;
On condition that on such payment being made the sale shall become void, or ;
On condition that on such payment being made the buyer shall transfer the property to the seller,
The transaction is called a mortgage by conditional sale and the mortgagee a mortgagee by conditional sale:
PROVIDED that no such transaction shall be deemed to be a mortgage, unless the condition is embodied in the document, which effects or purports to effect the sale
In karnataka stamp duty:
If the possession given: market value equal to a amount secured by such deed
If the possession is not given : Fifty paisa for every hundred rupees or part thereof for the amount secured by such deed
