rajeswari 27 February 2016

Bank demanding original sale deed

Dear Sir

My husband has a property in maharastra which we are planning top sell (resale). A purchaser has applied for loan with IDBI bank. he says that the approval of the loan has been done. but lately one of the bank employees has asked us to submit the original sale deed with the bank. My brother who also happens to work in one of the nationalized bank has told us to give the sale deed with one hand and and to get the DD on the other.

We sopke of this to the Bank employee and he says that to prepare the DD they want the original set and he will give receipt via mail.

Please give ur feedback on the points below

1. IS it safe to give the original document to the bank.?

2. If yes what document should we get from the bank upon submission.?

3. The loan arrangement is between the buyer and the bank why should i submit the documents with out any guarantee.?

4. If we give the original document to the bank can any fraud happen?

Thanks

Please note : we have not entered into any agreement to sale with the buy nad all is word of mouth and mutual belief

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10 Replies

adv.raghavan (Advocate,9444674980) 27 February 2016

Without going into merit, it is totally unsafe to extend any facility of this kind.

Kumar Doab (FIN) 27 February 2016

The old original sale deed or the sale deed to be executed?

The acknowledgment of any and each document should be obtained on the spot on the copy of the document under original seal and signature with date and also vide covering letter followed by email and scanned image of each document.

If you are not borrower the lender (bank) can not demand copy of any document from you, and let the bank demand everything in writing from you.

The buyer is to be provided with old original sale deed, and new one however obtain proper acknowledment and even thumb and finger impression on receipt.

Defend your interest.

rajeswari 28 February 2016

@ mr.raghavan : - what do you mean by going into merit please clarify @ Mr. doab :- Should i get only a mail from the bank or should I get it in writing.I live in bangalore and property is in maharastra should i go in person.

adv.raghavan (Advocate,9444674980) 28 February 2016

Merits of case are the essential issues or the main question which is at issue in an action. It is the substantive rights presented by an action or the strict legal rights of the parties to an action.

rajeswari 28 February 2016

how should i go into merit in this situation

Kumar Doab (FIN) 29 February 2016

All of your queries have been answered, by experts, and your brother.

If you are not borrower, then bank can not ask it from you.

Let bank ask it from you in writing.

jayakumar.R (ADVOCATE & LEGAL CONSULTANT) 01 March 2016

Before Loan disbursement bank people need the original document for Verification purpose only, You have directly appear before the concern legal officer in the bank and show the original document and after verification You can get back the document, then you hand over the Original document at the time of Registration of your Buyer Sale Deed at Registrar office and hand over the original document to the person who bring the DD in your name

Kumar Doab (FIN) 01 March 2016

If you are not the borrower you don't have to submit a single document to the lender bank.

if at all you decide to submit first let the bank demand it from you in writing and then show the original and ask to supply the acknowledgment/OSV on the spot.

rajeswari 03 March 2016

Thank you so much for resolving my queries everyone.

rajeswari 16 March 2016

Dear Sir/Madam

Recently we have received a mail from the bank asking for the documents. We insisted on sharing the sanction letter of loan from them till date they have not shared it with us.

please see the below content and kindly give me the guidance to it also please let me know what ORR is.?

Dear Sir,

Kindly provide hardcopy of following documents to Vikas

1. Original registered agreement to sale(with ORR) No.172/2011, dated 7/01/2011.

2. Original registered Sale Deed(with ORR)NO.6669/2011, dated 26/08/2011.

3. Original registered Sale Deed(with ORR) to be executed in favour of Borrower.

the bank representative is telling us that we can finish the registration by next week and that the sanction of lopan will end by this month and there are some strikes as well as holi holidays coming up. I feel pressurized. please help