Pledged property

Narasimman (Querist) 05 May 2012 This query is : Resolved
Hi,

We're planning to buy a collateral property with a nationalized bank.The property is in the name on an Unregistered firm with 4 Partners.The firm had 5 partners with father & 3 sons with their uncle.In 2006 one of the son moved to UK & got relieved from the firm.He has given POA to his father & has signed the release DEED.Now due to losses firm has no business & wanted to clear the debt property.

1.Can we buy this property?
2.When I pay whom should we make the payment?
3.Do we need to get any document signed by the son (relived)in UK?
4.EC says the firm has pledged the assert with only one bank? How to make sure if not pledged with any other private lenders?
5.After my purchase if can any other lender or file a suit for uncleared dues?
6.Can any of the personal dept taken by any of the partners affect me or file a suit against the assert purchased?

Kindly let me know the precautions to be taken & what all document to be verified.

Regards,
Narasimman

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Kishor Mehta (Expert) 06 May 2012
Sir,
Please inform whether the property is mortgaged to the Bank and whether a mortgage deed is registered?
Kishor Mehta

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