Mortgage Deed with Possession.

BAALASUBRAMANNYAMM (Querist) 25 May 2011 This query is : Resolved
Respected Experts.

This is a problem. Plz. Give your opinion.

I want to give some money to “X” by way of Mortgage, as against his house property. He is ready to register a Mortgage Deed in my favour. I want to Mortgage the property “with possession”. But he refuses the same.

According to him, in case if he fails to pay the due amount, “I can recover the due amount by filing a civil recovery suit”. I think if I go that way, It will take years together. If I can go for mortgage with possession, I will success in any point of view, even if it took years together, as the said property is in my possession.

So plz. Suggest me, which one is better.

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bhagwat patil (Expert) 25 May 2011
with possession is better, filing a suit for recovery will take decades together for result.

Advocate. Arunagiri (Expert) 25 May 2011
Enter into a mortgage deed only.

And enter into a lease deed on the same day.

Guest (Expert) 27 May 2011
Mortgage with possession can be much more secure solution.

BAALASUBRAMANNYAMM (Querist) 27 May 2011
Respected Experts,
Thanks for giving your valuable opinions.

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