Missing gpa docs for seller

S.C. Majumdar (Querist) 24 March 2024 This query is : Resolved
I have shortlisted a resale home (Land+very old house) to buy in Bangalore. But current seller doesn't have GPA documents. It is very old property and current seller is in procession of this property from last 40 years.

Sale deed was done by previous seller's GPA to my current seller, but current seller doesn't have any records or document for GPA. Since sale deed registration happened 40 years before, GPA likely to be unregistered one.
When I applied for bank loan, banker lawyer is not approving without GPA documents. Please advise, if there is any remedy for it?
Will it be wise to go ahead with this deal even some private banks offer loan to me?

Follow Query

Report Abuse

Quick Summary

When purchasing a property in Bangalore, the seller's inability to provide GPA documents for a 40-year-old property can cause significant issues. Banks often reject home loans due to the defective title, as an unregistered GPA is not considered a valid title document. Proceeding with such a deal carries future legal risks, including problems with redevelopment or resale.

T. Kalaiselvan, Advocate (Expert) 24 March 2024
The bank is right to reject the application for home loan in the absences of proper title to the seller.
The seller might have bought the property through an unregistered power of attorney deed but the power of attorney deed is not a title document.
Therefore the title to the seller is defective hence you may land up in trouble when you go for redevelopment or to sell the property in future.

kavksatyanarayana (Expert) 24 March 2024
Yes. The bank lawyer is quite correct. Without a proper sale deed, the seller has no proper sale deed and if you buy it you may face legal problems and not advised to go ahead.

Previous

Next

You need to be the querist or approved LAWyersclub expert to take part in this query .

Click here to login now

Similar Resolved Queries :

Ask Query
Unanswered Queries