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Resale_Buyer (NA)     21 February 2015

Buying a resale house whose sale deed lost by bank

Just a day prior to my loan getting disbursed (and date of registration) it was discovered that the sale deed is not traceable. The seller from whom I am buying has an outstanding loan with the same bank. So most likely the sale deed has been misplaced by the bank. What are my options then? The sellers are reputed people so no worry on that front. 

Bank would be doing the due procedure (FIR, Ad in paper etc). Are there any things that I need to do to ensure my interests are protected? What happens if some random person gets hold of original sale deed and makes a claim? Should I or should I not go ahead with this deal? As such I am keen to close the deal. 

Thank You



 3 Replies

Resale_Buyer (NA)     21 February 2015

BTW, Seller had purchased from builder directly.

Jayashree Hariharan (Advocate)     21 February 2015

You give a newspaper publication that you are going to buy the said property and if anyone has any objections or claim, they may come forward within a specified period of time. Give it in an english daily and vernacular newspaper. Give the schedule of the property and present owners, clearly. If no one replies by then, go ahead.

Keep the advertisements carefully so that in case of any future hassles, you can have that as a proof.

 

Resale_Buyer (NA)     21 February 2015

Thank You Madam for quick response.


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