Need help in property matter
Sandy
(Querist) 01 July 2017
This query is : Resolved
Hi,
I purchased a plot with my friend few months ago but due to some financial reason he sold the half portion of his plot to my mother.
So there are two registries:
1. Old full plot registry (me and my friend - both purchaser)
2. New half plot only registry (friend (seller) and my mother (purchaser))
But recently I approach the bank for the loan purpose but they are saying they can't give me the loan because there is no partnership deed or mentioned in the registry the proportion of the ownership of both the parties i.e., me and my friend.
And also the second half plot registry should be signed by both parties i.e., me and my friend both.
Can you please let me know, what shall I do now?
Thanks
Kumar Doab
(Expert) 01 July 2017
You should appreciate that the bank is right.
Who had advised you earlier some deed writer or some lawyer!
Rajendra K Goyal
(Expert) 01 July 2017
You are not a seller when your friend sold his undivided share, There is no reason why you should sign when your friend is selling his property. It seems Bank is not right.
Either you and your mother both can apply for loan or get registered partition deed executed and proceed to take loan on your property.
Sankaranarayanan
(Expert) 01 July 2017
Mr Rajendra k goal given correct suggestion, I do stand with his suggestion
Kumar Doab
(Expert) 01 July 2017
It is felt that boundaries are not mentioned hence the response of bank as posted by querist.
Kumar Doab
(Expert) 01 July 2017
It is felt that the plot is owned by 2 persons hence bank has asked for signature of both sellers.
Sudhir Kumar, Advocate
(Expert) 02 July 2017
First of all it is not at all a legal query..
It could be a legal query if there could be any remedy to compel the bank to give you loan without being satisfied about the clear title. You can try bank after bank.
The title prima facie is hanky panky. So bank cannot be expected to risk their money on it.
You can expect loan from some unscruplous, semi-criminal money lender at cruelly lavish rate of interest [usually 24(+) % p.a. compound] who will be sure of recovery by muscle power [such money lenders have a contract panel of goons] . So that option is also not advisable.
You should get the entire land registered in one name with no third party share and they venture for loan.
R.K Nanda
(Expert) 02 July 2017
it is not a legal query.
P. Venu
(Expert) 02 July 2017
Is this a real query? Your earlier query http://www.lawyersclubindia.com/experts/Name-removal-in-registry--635491.asp suggests the contrary.
Kumar Doab
(Expert) 02 July 2017
The bank and banker have advised you on defects in your case.
You should be thankful to them.
Rest you alone need to act to correct the defects.
Stamp duty, charges, fees as applicable in state has to be paid.
You have been adequately advised by experts.
You can inquire locally.
Rajendra K Goyal
(Expert) 02 July 2017
Expert sankar narayanan thanks for agreeing.
Kumar Doab
(Expert) 02 July 2017
Try with other,another bank/lender...................
Sudhir Kumar, Advocate
(Expert) 02 July 2017
You were well advised in earlier thread as to how to get clear title. It was a free advise so it was ignored.
Kumar Doab
(Expert) 02 July 2017
If the matter is already complicated approach , a very able local senior counsel of unshakable repute and integrity specializing in revenue/civil matters.
Kumar Doab
(Expert) 02 July 2017
One should tread carefully in property matters.
Litigation can be stressful, protracted and costly.
If one of the party becomes adamant he/she or his/her lawyers can pull the matters upto Apex Court.
Then one has to be content with decision of court of law.
