Gpa & mortgage
navin
(Querist) 23 October 2013
This query is : Resolved
friend RAMESH has executed a registered gpa {giving power to sell & register the property to anybody}to a financier & after 2 days mortgaged a property for 2 lacs.actually financier has lent him rs 20 lacs to him.he has also entered a notarized sale agreement & affidavit stating received full cosideration.
1.what powers does the financier have?
2.can we file a suit & pay 2 lacs to the court & release the papers from court?
3.ramesh is not able to repay the loan know,what legal implications he may face know?
ajay sethi
(Expert) 23 October 2013
financier can sell the property in event your friend defaults in repayment of loan .
it is necessary to go through the papers signed by your friend . contact a local lawyer
navin
(Querist) 23 October 2013
?1.what powers does the financier have?
2.can we file a suit & pay 2 lacs to the court & release the papers from court?
3.ramesh is not able to repay the loan know,what legal implications he may face know?
ajay sethi
(Expert) 23 October 2013
already replied
Rajendra K Goyal
(Expert) 23 October 2013
1.what powers does the financier have?
- He is registered GPA holder and can dispose the property. The GPA should be cancelled immediately. Take help of a local lawyer.
2.can we file a suit & pay 2 lacs to the court & release the papers from court?
- The agreement to sale exists. That should also to be cancelled. Consult local lawyer and show him all the documents.
3.ramesh is not able to repay the loan know,what legal implications he may face know?
- In such case he has to loose the property. As per agreement full consideration has been received.
If Ramesh is illiterate, he can take defense of not knowing the contents of documents, was not paid full consideration and was advised otherwise. case may be filed to set aside the agreement.
navin
(Querist) 23 October 2013
thanks every1
ajay sethi
(Expert) 23 October 2013
thanks for your appreciation
Raj Kumar Makkad
(Expert) 23 October 2013
I do agree with Rajender Goyal with an additional suggestion that Ramesh has done a criminal act which can attract even criminal action against him.
