Equitable mortgage

Dear Vaneet Thakur ,

Mushtari Hoshiar Bash meaning ,thereby that Buyer Beware . I am sorry to state that in your case you were not beware . Had you been aware you must have asked the seller to show you the document of his title to the property.

From the facts given it  is very clear that your title is subject to the mortgage charge . The Bank has rightly given you the notice,and the bank has every right to enforce the mortgage lien under Sarfaesi Act.

1. You have purchased a mortgaged property without the mother deed,

2. The Title Deed of the property has been deposited with the Bank creating security interest,

3. Mortgaged property can not be dealt with in any way,

4. So, the said sale of  the  mortgaged property to you was illegal,

5. Bank has full right to issue notices and  realise its outstanding dues by selling off the mortgaged property  duly initiating SARFAESI proceeding against the borrower/mortgagor.

Regarding intkal entry, that is done by revenue authorities (in their record) on passing title of the property from one owner to the other (may be by sucession or sale, gift etc. etc.), which is not done in the case of depositing of title documents with the Bank.

Undoubtedly the bank has a claim over the property and the question of title of the property is totally different from mortgage.

The property has already been pledged with the bank for the purpose of loan or OD amount and the title deeds have been deposited with the bank.  If you have purchased the property, did you demand the original title deed or the original parent deed?, whether you have purchased the property without seeing any original paper relating to the title?, I think you are knowing the fact but have ignored the issue on the basis of  assurance given the vendor that he does not have balance of loan with the bank moreover he has not registered the mortgage deed with the registrar hence you went ahead with the purchase of the property?,  The bank has the title over the property till the the time the entire loan amount with the interest has been fully discharged, so clear it and proceed with registering the property on your name after that.

I like to sell my portion of our house at kolkata, which is a joint undivided property in exchange of a certain amount. No partition yet done. I have sent notice to all co-owners (by speed post with a/d) that whether they like to purchase my portion or not otherwise it will be sale to a stranger. Only one co-owner has accept the notice and others have refused to accept. I have given 15 days (from the date of receiving) time to respond (only 7 days are through). 

I like to know that what may be the consequence if they do not purchase it, but can they create any problem so that I can not sell it.

Looking forward for your kind response

p.k. sen

I like to sell my portion of our house at kolkata, which is a joint undivided property in exchange of a certain amount. No partition yet done. I have sent notice to all co-owners (by speed post with a/d) that whether they like to purchase my portion or not otherwise it will be sale to a stranger. Only one co-owner has accept the notice and others have refused to accept. I have given 15 days (from the date of receiving) time to respond (only 7 days are through). 

I like to know that what may be the consequence if they do not purchase it, but can they create any problem so that I can not sell it.

Looking forward for your kind response

p.k. sen

sen_prashant@hotmail.com

1. It is advisable not to use others thread but to open a new thread for your query so that the answeres of the Experts do not get mixed up with two queries in the same thread,

2. First of all you shall have to file a partition suit of the joint property to determine and demarcate your portion of the joint property for offering to sell,

3. You have already taken the right step by offering to sell your share to the co-sharers at the market price before offering to sell to outsiders,

4. Once the property is partitioned, you can sell your portion to outsider if non of the co-sharers of the property  intends to buy your share at market price.

1. It is advisable not to use others thread but to open a new thread for your query so that the answeres of the Experts do not get mixed up with two queries in the same thread,

2. First of all you shall have to file a partition suit of the joint property to determine and demarcate your portion of the joint property for offering to sell,

3. You have already taken the right step by offering to sell your share to the co-sharers at the market price before offering to sell to outsiders,

4. Once the property is partitioned, you can sell your portion to outsider if non of the co-sharers of the property  intends to buy your share at market price.