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Registered sale agreement+notarizedgpa & notarized affidavit

(Querist) 04 September 2013 This query is : Resolved 
I am lending some money to one of my close friend. He wants to deposit his property papers with me as a collateral security. I checked with my lawyer. He is suggesting that, instead of just acceptance the property papers, get SALE AGREEMENT REGISTERED in the registrars office STATING FULL CONSIDERATION PAID.GET A NOTARIZED GPA & NOTARIZED AFFIDAVIT.
1.IS THIS SAFE ?
2.ISTHERE ANY TIME HORIZON WITHIN WHICH I SHOULD RECOVER MY MONEY?
3.IN case he doese`nt pay what action should i take to recover my money?or to register the property?
ajay sethi (Expert) 04 September 2013
why would your friend agree for entering into sale agreement ? there are number of banks offering loan against property . let him obtain loan from bank .

if he is willing to pay you interest on loan hen contact a local lawyer
navin (Querist) 04 September 2013
???????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????PLS REPLY
Raj Kumar Makkad (Expert) 04 September 2013
You have very well been advised that the sale agreement as suggested by your lawyer do not seem morally correct but if both of you do agree then it can definitely be got executed. The terms of the agreement in that event shall prevail
Rajendra K Goyal (Expert) 04 September 2013
You may proceed for mortgage of property. Notarized GPA is not valid. If you want sale deed, register it in your favor.

For loan, registered sale deed does not sound well, check the encumbrance of the property.
navin (Querist) 04 September 2013
sir iam not a moneylender.
just in friendship wanna give with safety.hence wanna know about the pros & cons...........
C.V.Kansara (Expert) 04 September 2013
Best way is to get property mortgaged.
navin (Querist) 05 September 2013
not a money lender how can i mortgage ?
ANIL KUMAR 8867907494 (Expert) 05 September 2013
1. safe
2. once registered either u can demand for execution of sale deed or for refund of ur money the time u can fix and mention it in sale agreement
3. if he fails to register the sale deed or refund the money then u can demand for specific performance
navin (Querist) 05 September 2013
sir can i use the notarized poa & get the property registered to some other third party?
Rajendra K Goyal (Expert) 05 September 2013
Notarized POA is not valid.


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