Agreement of Sale - Flat

Querist : Anonymous (Querist) 22 January 2011 This query is : Resolved
R/sir,

The builder executed an Agreement of Sale in favour of the Single Purchaser.

The Purchaser expired after some days.

The legal heirs of the Purchaser want to avail loan from the Bank.

But the Bank do not sanction loan in favour of the legal heirs.

The possession is yet to be taken from the builder.

What deed the legal heirs of the Purchaser should ask from the builder.

Pl. answer.
Thanks!

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Advocate. Arunagiri (Expert) 22 January 2011
Enter into a fresh agreement of Sale. Discard the previous Agreement to Sale. Now the bank can give loan.

Parveen Kr. Aggarwal (Expert) 23 January 2011
On what ground bank is refusing to sanction loan in favour of legal heirs. After all, the sale deed will now be executed in their favour and the property would be mortgaged with the bank as security for repayment of loan. There seems to be no justification for the bank to refuse sanction of loan on the ground of death of purchaser after execution of agreement to sell.

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