Necessity of rectification deed for home loans

Querist : Anonymous (Querist) 05 September 2019 This query is : Resolved
Im selling a property in delhi which was purchased using a bank loan in 2001. Now when the buyer aproached for the loan and document verification was done it was noted there was an typing error in the seller (previous) name in the parent document and the sale deed. Now when we approached our previous seller for rectification deed he informed us that his partner is living in australia as the flat was purchased from the builder parters. Now the person whose name was errored has given me the affidavit stating both the names are same. Now my question is:
1- if the new buyer can proceed with the bank loan with the affidavit as a supporting document till the rectification deed is made.
2- for the rectification deed does both the partner sellers should be present or just the person whose name is errored sign the document?

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Dr J C Vashista (Expert) 05 September 2019
Sell the property in the name recorded in the documents.
Even if there is some issue remains unresolved with bankers or vendee (buyer), it would be better to show the document to a local prudent lawyer for proper appreciation, guidance and proceeding

Querist : Anonymous (Querist) 05 September 2019
The buyers bank lawyer are insisting on the rectification deed. And moreover they are insisting on the original documents of property chain which is with the land owner. Is it legal to produced that and if it would suffice if the Encumberance Certificate is taken in that regards?

P. Venu (Expert) 05 September 2019
These are matters of procedure. The only option is to consult the Bank concerned as to the first query; this is a matter within their discretion. As to the second query, the rectification could be executed by the Power Agent as well.

kavksatyanarayana (Expert) 06 September 2019
Ji, the Rectification deed is must to both the parent document and sale deed.

Necessity of rectification deed for home loans

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