Criminal Trident Pack: IPC, CrPC and IEA by Sr. Adv. G.S Shukla and Adv. Raghav Arora
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Debashis Mandal (Tax Consultancy)     23 September 2009

help needed urgently

Respected Friends

I have a question to ask , pls answer me -

I have a property to sell, buyer is trying for a bank loan, by which he will purchase the propertyt, which he will have in mumbai, but the property is situated in kolkata.so at this moment the buyer wants the original deed of the property & he wants to bring it to mumbai to hand it over to the bank & after that he will have the cheque of the loan, which he then after comming back to kolkata will give to me. & then the Transfer of the property will be done.

Now my question is whether it is safe for me to hand over the original deed to him or not?

Pls solve the Quiry

Thanking u

Debashis



Learning

 6 Replies

Kiran Kumar (Lawyer)     23 September 2009

absolutely no....my advice is dont hand over the original to him.

 

 

1 Like

RAKHI BUDHIRAJA ADVOCATE (LAWYER AT BUDHIRAJA & ASSOCIATES SUPREME COURT OF INDIA)     23 September 2009

No need to hand over the original documents.

abhijit (legal )     23 September 2009

Dear Mr Mandal,

Do not hand over the originals to the prospective buyer in Mumbai blindly.

What you may do is- you may obtain a certified copy of your kolkota property  from sub-registrar's office and hand it over to him. See if it works. You personally check from that bank either on phone or from their head office on phone or from any such bank in your locality whether presentation of originals is mandatory for procurement of loan or not and whether certified copy shall do or not.  If it works then well and fine.

However, If it is mandatory to present originals then better you accompany him or send your trusted person along with him to Mumbai with originals and ask him to bear the charges.

If we consider the extreme case that in good faith you hand over your original property documents to the prospective buyer and he eithers misplaces or distryos or burns your originals or runs away with them, you may not worry. You can obtain another certified copy from sub-registrar's office and lodge an fir with local police station stating theft or loss, as the case be, therein.

The certified copy then holds as good as original in eye of law.

 


(Guest)

even if u hand over the original document  (which is not at all advisable) it would not at all be possible to take loan on it as it's in ur name . Primafaciely it seems to be a case of FRAUD.

sangram (service)     23 September 2009

I agree with Manish.

Debashis Mandal (Tax Consultancy)     25 September 2009

To All the Advisers,

Thanks a lot for your valuable advice, I will definitely not hand it over to the purchaser & follow your instructions.

Thanks

Debashis


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