Validity of registration

Sreenivasa Rao. S. (Querist) 05 January 2014 This query is : Resolved
Dear Experts,

One X is due for Rs.20.00 Lacks to Y,There is no proper evidence for Rs.20.00 Lacks,and X is having a property self acquired worth Rs.55.00 Lacks on which Rs.16.00 Lacks mortgaged to Bank.Now to avail loan through Y as his profile suits to eligible for housing loan X has done sale agreement with Y for Rs.63.00 Lacks with an advance of Rs.1.00 Lack, Now Y wants to recover his amount from X through this transaction, by depositing 25 to 30 lacks in X account through RTGS in 5 to 6 transactions, and he will collect back the amount from X, by which the amount routed through bank will be effecting the sale agreement, and for the balance sale consideration payable to X (Rs.32.00 Lacks) first Y will clear bank liability to release the document and the balance will be paid before registration.

Inview of X all this transaction is only to avail housing loan in favor of Y.Now after registration how to get the house property to Y as the tenants are paying rents to X.After registration legally can the tenants be vacated.Please advise as the case is critical.

Thanks and Regards,

Sreenivas Rao

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Guest (Expert) 05 January 2014
First you mention all the stated details in the sale agreement mentioning that the buyer could directly settle and collect documents from banks and regarding collecton of Rent or to surrender the vacant property to buyer on completion of sale deed in the sale agreement and get it registered.The seller has to give a seperate letter to the bank regarding this.The buyer instead of making 5 or 6 payments he could make one payment to the bank and could collect the documents.Regarding vacating of tenents it should be sellers responsiblity and he has to serve the notice to them.

prabhakar singh (Expert) 05 January 2014
The property proposed to be purchased is encumbered and charged with bank loan and lease.Unless tenants are evicted by owner
the purchaser would buy with burden of lease.However purchaser can claim eviction
of sitting tenants on ground of personal need with prior notice to tenants subject to rent laws of state wherein property situates.

Devajyoti Barman (Expert) 05 January 2014
agree with experts.

Rajendra K Goyal (Expert) 05 January 2014
Agree with the experts. Better contact a local lawyer and discuss in detail all the aspects as the matter is of considerable amount, payment of legal consultation charges can be afforded.