How to redeem mortgaged property
asruser
(Querist) 13 March 2014
This query is : Resolved
Hi,
I would like to know the steps to redeem a commercial property mortgaged some 15 years back. The original property papers are with the mortgagee and the mortgage has been registered in chennai registrar office as mortgage without possession and shows up in the Encumbrance certificate for the property.
If you can let me know the steps, that would be very helpful. For example, if payment has to be only via Demand Draft, if any release document is required from the mortgagee, apart from releasing it on records at the registrar office and collecting the original property papers back.
We have landed on a settlement amount that is agreeable to both mortgager and the mortgagee.
Would appreciate a quick response.
Thank you
Guest
(Expert) 13 March 2014
Redemption of property can be possible only on clearance ofthe dues as per settlement agreement?
For release document, copy of mortgage deed would need to be examined appropriately.
R.K Nanda
(Expert) 13 March 2014
consult local lawyer.
Devajyoti Barman
(Expert) 13 March 2014
A deed of release is to be executed on making full payment.
Rajendra K Goyal
(Expert) 13 March 2014
Consult a local lawyer and show him all the documents.
Release deed has to be executed.
asruser
(Querist) 13 March 2014
Thank you for the clarifications. I will consult local lawyer and also, prepare a release deed.
Mr.PS Dhingra-
we don't have a copy of mortgage deed, which I first have to obtain from the registrar, so will have to check the settlement agreement that my father has agreed upon.
Guest
(Expert) 13 March 2014
You are welcome.
T. Kalaiselvan, Advocate
(Expert) 14 March 2014
Please check up whether the property mortgaged 15 years back was renewed periodically because it should not be barred by limitations.
Sudhir Kumar, Advocate
(Expert) 12 April 2014
