double registration
Querist :
Anonymous
(Querist) 15 November 2009
This query is : Resolved
sir,
i MD of construction firm sold about 40 independent houses and recieved cheques through a nationalised bank,then 8 of the property holders approached me to resale their property to other parties inspite of being loan theirwards .i sold that property on my behalf of my firm,as first property holder said he will close the loan. in that way i again received cheques through other bank through MOU by first property holder by development agreement ,this time we sold for about 2 lakhs more then first price i gave original price to first party and gained 2 lakhs profit on each house ,but the first property holder did'nt close his loan as promised and the docments are in first bank only .
so please guide me how to approach and what to do?
thanking you,
ram
Guest
(Expert) 15 November 2009
NANDKUMAR B.SAWANT.M.COM.LL.B.(MUMBAI),ADVOCATE
MOBILE.09325226691, 09271971251
e.mail.adv.nbsawant@yahoo.co.in
e.mail.nandkumarbs@sify.com
REGARDING THE RESALE OF PROPERTY KINDLY NOTE THAT.
1.YOU HAVE SOLE THE PROPERTY TO FIRST PURCHASER.IT IS MORTGAGED TO THE BANK BY HIM TOWARDS HOUSING LOAN.ALL PAPERS WITH SAID BANK.
2.YOU HAVE FURTHER SOLD THE SAME PROPERTY TO SECOND PURCHASER AND GAINED SOME INCREASE IN PRICE.
3.KINDLY NOTE THAT YOU SHOULD HAVE MADE PAYMENT OF BALANCE LOAN AMOUNT TO THE BANK WHO HAS FINANCED FIRST PURCHASER.AND THEY WOULD HAVE RELEASED OWNERSHIP DOCUMENTS OF SAID PROPERTY.
4.AS THE FIRST PURCHASER HAS NOT CLEARED BANK LOAN THE SAID BANK IS NOT RELEASING THE DOCUMENTS.HE HAS CHEATED YOU .HENCE IT IS ADVISIBLE THAT YOU CAN FILE A CIVIL SUIT FOR RECOVERING THE SAID BALANCE AMOUNT FROM THE FIRST PURCHASER AND ALSO FILE A COMPLAINT CASE UNDER SECTION 420 OF INDIAN PENAL CODE FOR CHEATING YOU BY NOT PAYING BALANCE LOAN AMOUNT TO THE BANK.
5.KINDLY NOTE THAT YOU MAY COME IN TO TROUBLE AS WHEN PROPERTY IS ALREADY MORTGAGED WITH THE BANK YOU HAVE SOLD THE SAME PROPERTY AGAIN. HENCE YOU FILE THE COMPLAINT AS ADVISED IN PARA 4 ABOVE.YOU WILL SUCCEED.
IN CASE YOU NEED ANY FURTHER HELP KINDLY SEND DETAILS OR WRITE OR CALL.
WITH BEST REGARDS TO YOU YOUR FAMILY AND FRIENDS.
THANKING YOU
YOURS SINCERELY
NANDKUMAR B.SAWANT.M.COM.LL.B.(MUMBAI),ADVOCATE
Raj Kumar Makkad
(Expert) 15 November 2009
The holders of the properties had approached to you not to make profits solely for you. If you dont share the profits with him hen you must be in a big trouble. It is advisable to immediately contact those persons, offer their profits and complete all the formalities otherwise you shall have to face criminal as well as civil consequences from both sides.
Querist :
Anonymous
(Querist) 15 November 2009
Raj kumar sir,
the property holders apprched us as they are not able to pay the emi to the banks and want to sell,they sold the property thrugh our firm to the second party and wotever amount was due to the frist party we paid it,still they did'nt clear their loan and hence the property docs are still in bank,now second party insisting us to bring their link docs from bank.
adv. rajeev ( rajoo )
(Expert) 15 November 2009
Issue notice to the first party to clear his debt and redeem the mortgage.
have u got any written documents regarding refund of the amount to the first party, if you have then such documents help you to defend.
Raj Kumar Makkad
(Expert) 15 November 2009
Mr. Anonymous! I still insist on my earlier opinion and suggest to you take them into confidence and settle the matter as if cant sell the property without getting its redemption of mortgage and if it has done then it is a criminal offence and you should not become party to all such legal complications and should share the profits amicably.
