vickey (own) 11 March 2015
Respected Sir,
Myself Vickey from hyderabad. I have a flat in hyderabad my brother asking the flat for his financial purpose to put the flat in bank as security. Now i like to know if i had given the flat to my brother for my security purpose. what type of agreement is required between us. Please suggest me and send me a sample copy to me...
Jatin Mittal (Corporate Lawyer) 17 March 2015
Hii Vickey
Firstly, I would like to tell you that if you are giving your flat as security, it means you are the guarantor towards bank. In case your brother fails to repay the amount to bank, bank will forefeit your flat. So if you agree to be a guarantor on behalf of your brother then only you can put your flat as security. For this purpose, you can sign a memorandum of understanding with your brother, on the terms and conditions you may decide. For any clarifications write to me at mittaljets@gmail.com. No charges for the clarification of doubts.
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