Mou for property _ ttust law

Maitri Gda (Querist) 22 November 2011 This query is : Resolved
Mr A is owner of Land. He expire & the same land is transfer to his Wife, the gropu of Land owner form trust to develope residential Building. Since A's Wife Expire the Life member ship transfer to Grand Son. Grand son had paid some amt as his share for Development of Res Premises.

Now Grand Son is not in possition to Pay the money more The Trust is charging interest. Since he has to pay approz 24 installments trust is sending notice either u pay or trust will cancell his membership as not folllowing trust rules.

What a poor person do since the property value is more than 95% then waht hw has to pay?
Can he enter in MOU with party that he will pay the borrowings within 2 to 3 years with interest & addition to that will give additional Amt say 3 Lacs

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Raj Kumar Makkad (Expert) 23 November 2011
It depends upon understanding between trust and present owner. If both are agree on terms and conditions then such MOU can be executed.

prabhakar singh (Expert) 26 November 2011
Yes!The arrangement sought for as alternative
can be entered into as contract as proposed action is not forbidden by any law,MOU can be entered into if either party is ready with free consent to it.

Maitri Gda (Querist) 26 November 2011
Can he entered with third party for the arrangement of fund via MOU? so that he Gets Maximum return on the said property.

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