Declaring Lease & Loan in sale deed

Querist : Anonymous (Querist) 27 April 2011 This query is : Resolved
Hi Experts,

My friend intends to purchase a property, but has the following query;

Sale consideration is 21 lacs
Lease hold tenants 6 lacs
Bank loan 5 lacs
Hence cash to be paid is only Rs.10 lacs.

The seller, bank & tenants are in pricipal in agreement for my friend to purchase the property, but the dilema is that;

1) Is it advisable to show lease hold(un-registered) tenants in sale deed.
2) can bank loan availed by the sellers be mentioned as part of sale considerations.

will the above affect the legality & marketability of the property.

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Srajadvo460 (Expert) 27 April 2011
It is not wrong to include all this information in the sale deed it will only clear the title from bank loan and the tenants.

PALNITKAR V.V. (Expert) 27 April 2011
in fact is it better to mention all the details in the sale deed provided the bank is also a party to the agreement

Kirti Kar Tripathi (Expert) 27 April 2011
It is always better to disclose all details in sale deed. You also mention the said conditions in the deed. There is nothing wrong in doing so.

Raj Kumar Makkad (Expert) 28 April 2011
I do agree with Kar.

Advocate. Arunagiri (Expert) 28 April 2011
How is possible to transfer the bank loan to the buyer?

Querist : Anonymous (Querist) 28 April 2011
Certain banks do have the pratise of switching or transfering loans to the purchaser; but the same is at the sole discretion of respective bank.
Suggest the following steps;
1) Approach the bank with your intension to purchase the mortgaged property.
2) Provide income docs for their internal sanction process.
3)Update all overdues on subject a/c, usually deliquent a/c's are not transfered.

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