Hi Guru's,
Property in Mumbai Suburb.
I am in process to buy a residential property and got to know from second owner of property that first agreement document, between Builder and first buyer is lost.
I will be Third buyer.
lost agreement document is not registered and deal commenced in 1980.
Second buyer brought this property in 1993 and have power of attorney document from first owner, second sale agreement and Share certificate where current owner name is mentioned.
second buyer paid stamp duty in 2013 but didnt regsitered the deed.
I am taking loan and hence submitted the documents to bank and make them aware about the lost document where in bank confirmed that post givlng indeminity bond about lost document they can disburse the loan and they have completed the Legal and technical verification of property and all Ok
Current seller have got the xerox of first sale deed (between first buyer and builder) from builder office.Also Current seller has done affidavit for loss of document and logged FIR in police station. They also have given advertisement in two news paper mentioning loss of document and Title report is done for last 31 years and title report by advocate says that said flat is clear Marketable and free from encumbrance. All the above was carried out in year 2013.
Questions:
1) Is there a way to get certified true copy of lost sale deed when it is not registered and only Xerox is available?
2) How safe is to buy this property?
3) anything else needs to be done over and above what current seller has done. any specefic indeminity bond which needs to be taken from buyer? or register second sale deed which seller has not registered but only paid stampduty?
4) Advertisement given in Paper is having wrong sir name of the first owner. does this make any diffrence?
5) Sirname incorrect for first seller in agreement of sale between first seller and second buyer (we are third buyer) And also Sq feet of proerty is wrongly mentioned.it is 430 sq feet but in agreement it is mentioned as 500sq feet.
6) Any other suggestion which may help me secure my benfits while i buy this property
I visited couple of advocated in my local aread but none of them were able to give me adequate answers hence writing this in this forum to get a accurate aanswers from Law Gurus.
Thanks in Advance for the help and support.
