I have bought and registered a property in Pune from one of the renowned builder and township developer.
However,the flat was already registered in someone else name earlier and due to Non payment the builder resold the flat to me.The first owner never took the possession of the flat.The builder has mentioned this in my Registered document.
Now,I want to apply for a home loan and the bank is asking for a cancellation deed b/w the builder and the first owner which is not there.The builder is claiming that they have followed the legal procedure and sent 3 legal notices before cancelling the flat with the first owner as he was just not replying.However,due to some reason the first owner has not signed the cancellation deed.He just did not revert for 4 years(2006-2010).The builder claims that he has sent his cancellation payment to the first owner and he has credited that in his account via check.
But the first owner has not still signed the cancellation deed with the builder.
What risk do i have if i take this flat from the builder.( I have already registered though).Will i have problems selling this flat in future?Can the first owner harm me any way.