Rights & liabilities over jointly possessed property obtained against finance
Sagar Kotak
(Querist) 30 March 2017
This query is : Resolved
Greetings Respected Seniors
Facts:
I along with my brother in law have conjointly provided loans to a person (Borrower) to the tune of Rs. 3,40,00,000 /- (Rupees Two Crores Forty Lacs Only) (Said loan) in equal proportion i.e. Rs. 1,70,00,000 /- each. However due to poor financial conditions, the said borrower is unable to repay the said loan to us. The said borrower is owner of a 3 BHK Residential Apartment whose approximate market value is about Rs. 6,00,00,000 /- (Rupees Six Crore Only). Since the said borrower is unable to repay the said loan to us and also since there is no potential purchaser of his “said flat premises” in the present market scenario, therefore the said borrower has now agreed to grant possession of his 3 BHK owned Flat premises to us pursuant to the execution of one “Memorandum of Understanding” which particularly stipulates that we (I & my brother in law) shall take possession of his said flat premises for a period of 6 months. During this phase of 6 months, we shall try to market & sell the said premises to a third-party or in the alternative I alone shall purchase the said property at market rate from the said borrower, in case, I desire to do so.
Query:
During this phase of 6 months wherein the said flat premises is in our possession, my queries are:
1. What are the rights and liabilities of each one of us i.e. Me & my brother in law in respect of the said 3 BHK flat premises during this phase of 6 months?
2. If I intend to take a trial of the said 3 BHK apartment by residing in it on trial basis (In order to decide if I wish to purchase the said flat premises from the said borrower), then what is the duration for which I can personally reside in the said flat premises (on trial basis)? Does my partner i.e. my brother in law has a right to take an objection against me for residing in the said premises on trial basis for a fixed duration?
Kindly enlighten me on this captioned matter.
Regards.
adv.bharat @ PUNE
(Expert) 30 March 2017
Do u have mortgage agreement of the 3 bhk flat with you?
Rajendra K Goyal
(Expert) 30 March 2017
All depend on the MOU entered among the parties.
Adv. Yogen Kakade
(Expert) 31 March 2017
a) The terms between you and your brother in law need to be fixed with mutual consent.
b) If you are willing to sell the said flat to the third party, then I think you should have had executed a power of attorney along with the terms rather than executing MOU.
c) What do you mean by trial basis? Do you want to check whether that flat is lucky for you or not?
Kumar Doab
(Expert) 31 March 2017
Also posted at:
http://www.lawyersclubindia.com/forum/Rights-over-joint-property-obtained-against-finance-148377.asp
Rajendra K Goyal
(Expert) 05 April 2017
Why to repeat?
If not satisfied with the replies in this section, should contact local lawyer for detailed discussion / guidance.
