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Transfer and selling of property

Querist : Anonymous (Querist) 08 June 2024 This query is : Resolved 
Hi sir
We have registered a land in the name of the institution which is running a school. It is a small town in Karnataka. Due to the hardships of running the school and debts we have to sell the property which is in the name of institution. The loan is also in the name of institution. Thak you
T. Kalaiselvan, Advocate (Expert) 08 June 2024
The institution should be run by committee members ?
If so then the committee members can pas a resolution to sell the property belonging to the institution as per the articles of association of the institution
kavksatyanarayana (Expert) 08 June 2024
Yes. But when there is a loan in the name of the institution, firstly the committee members clear the loan and then they can sell it if the terms and conditions of the bylaws permit.
1. Approach bank and inform them.
2. Property presumably is under mortgage to bank.
3. As per the articles, pass a resolution to sell the property and initiate the process of sale.
4. When Deal is struck, based on agreement entered with him by the institution, let the buyer pay the liability in bank, as part of the agreed price.
5. Bank releases the title document and also clears the charge online.
6. Vendor pays balance consideration by way of DD or online transfer before the Registrar duly getting Sale Deed registered in his favour.
P. Venu (Expert) 11 June 2024
Any suggestion depends upon the law under which the institution is registered and its bye-laws.

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