Agpa validity
mohd sajjad
(Querist) 21 September 2011
This query is : Resolved
My father took private finance from afinancer of rs 25 lakhs. the financer executed AGPA( agreement of sale cum general power of attorney) in march 2009. we paid interest for about 6 months @ 4% per month. well my father expired on 11th december 2010. now the financer has vacated all the tenants of our property on whose AGPA is there and has locked the premises. The original tittle deed is with him only. well can he take possession of property by vacating the tenants . what will be the responsibility of tenants as they hold a valid tenency agreement with us . they too have collided with him and paid rent directly to him for 3 months and after that they vacated . they are threatening us to go leggally against us and pressurising us for return of security deposit. Is the AGPA agreement still valid after the death of my father . Kindly suggest a solution how to deal with this problem legally and to protect ourself from the antisocial elements of financer.
R.Ramachandran
(Expert) 21 September 2011
In which State the property located?
Whether the AGPA was registered or not?
If it is Agreement of sale cum GPA, it is not clear why you paid interest?
Raj Kumar Makkad
(Expert) 21 September 2011
Financier generally gets registered AGPA so question arises to raise question mark over it and it hardly matter where does this property situates.
GPA gets expired soon on the death of either of testator or GPA holder but agreement to sale remains operative. In your case, the action of financier is absolutely wrong. You being legal heirs of your deceased father get title to the property unless loan is declared NPA, possession is taken and property is legally auctioned by financier from civil court but nothing seems happened by way of facts of your query so it is better to go to either civil court or directly in High Court and seek stay order against your forceful eviction but meantime you also start paying EMIs or loan amount as per mode already decided.
