P.C. Joshi (service) 07 August 2009
Dear Friends,
Pls share your views on the following query.
A requests B to adavnce a loan of Rs 10 lacs for which B is willing to deposit the title deeds of his house, which is occupied by B for residential pupose as a security. what legal docs should be executed by A for the loan advanced and what will be the remedies available in case B defaults in repayment. Under what circumstances A can enfore the security of title deeds. can he sell the propert if B defaults in payment.
Bhumik Dave (Law officer) 07 August 2009
A.K.D Sayare (Advocate) 08 August 2009
PC Joshi, do you mean that B want loan from A and offer his property as security ???
P.C. Joshi (service) 08 August 2009
Yes.
A.K.D Sayare (Advocate) 09 August 2009
First of all take complete chain of document from B then go to lawyer and get search report of propoerty, then get letter from B that he wants loan and for security of same he wish to mortgage his property.
register mortgage is best form of mortgage for which deed of mortgage will be signed and register, other form is by deposit of title deed.
get gurantee deed, letter of interest, letter of waviver, loan agreement etc signed from B (get all these documents done from good lawyer).
may the amout through cheque and take EMI post dated cheques for loan repayment.
pay stamp duty for all the documents.
these are the basic things.
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