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shaik. Muneer Basha (nun)     14 February 2019

executed sale deed for providing security for the repayment of loab

instead of Mortgage in order to provide security for the repayment of loan executed a sale deed and thereafter parties entered a separate Agreement setting the terms and conditions that if borrower failed to repay amount taken as loan and interest thereon within 3 years period, then the agreement will be write-off and lender becomes an absolute owner of the property

is such sale will be considered as valid one


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 5 Replies

Suhail suhail (LAWYER)     14 February 2019

That is cinditional sale, the terms need to be mentioned in the sale deed 

shaik. Muneer Basha (nun)     14 February 2019

if it is a conditional sale , is it valid ?
1 Like

Suhail suhail (LAWYER)     14 February 2019

 

The answer for your query is YES... ;  Conditional sale deed is valid ,must be duly registered however till the maturity of the conditions the deed shall be treated as motgage ; however if you go for judgmenst the sale deed is often challanged  may be due to increase in value of land or greed, and it can fetch litigation. If you feel that your title is secure under such instrument then proceed.

shaik. Muneer Basha (nun)     14 February 2019

sir already executed,but there is no any mentioning about loan and duration in the registered sale document, but after 10 days of such sale, the parties entered a separate agreement where in the mentioned all things abt loan and duration by naming document registration number in the agreement,

shaik. Muneer Basha (nun)     14 February 2019

sir please reply

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