Upgrad LLM

registered release deed versus no objection


We are looking at purchase of an apartment. Apartment is constructed through Joint Development Agreement
between building and land owner. Land was obtained by Mr.X through Land Tribunal. Mr. X has two wifes W1, W2.
W1 has 4 sons (W1-S1, W1-S2, W1-S3, W1-S4) and 1 daughter (W1-D1). W2 has 2 sons and 2 daughters (W2-S1, W2-S2,
W2-D1 and W2-D2).


Second Wife's son and daughters have given no objection letter for the claim against the property.
This is done in stamp paper but not registered. This means W2-S1, W2-S2, W2-D1 and W2-D2 have given no objection.
Similarly First wife's daughter have given no objection letter for the claim against the property.
This is also done in stamp paper but not registered. This means W1-D1 have given no objection.

Two sons has split the land and executed the release deed. This means property is split into two P1 and P2.
W1-S1, W1-S2 has taken P1 and given release deed for P2 to W1-S3, W1-S4. Similarly W1-S3, W1-S4 has taken P2
and given release deed for P1 to W1-S1, W1-S4.

This would technically mean P1 now is owned by W1-S1 and W1-S2. Now they have entered in joint development agreement
with Builder and have constructed 32 apartments in P1. It was split into

W1-S1 --> 8
W1-S2 --> 8
Builder --> 16

Now we are trying to purchase one apartment from W1-S1. We have approached one bank for loan. For legal clearance
bank is asking for registered release deed from all the legal heirs of Mr.X. Owner (W1-S1) says it is impossible
as getting signatures from the different parties at sub-registerar would mean they would want some additional money.
Because now the value of property has increased as the land is now converted into apartments. He also says, 16 flats
owned by the builder has been sold and is approved by legal councils of banks they have approached.

Now legally the question i have is

Is no objection letter provided by other legal heirs not suffice? Is it really required to have a registered release deed?
If that is the case, how did other legal council of other banks approved this?

 
Reply   
 

The following clarifications are needed :-

(i) Is 'X' alive?  (If he is alive and the property is self-acquired, there is no need of NOC from the family members).  

(ii) Was the marriage (with 'X' second-wife) legally valid?

(iii) How the property has been acquired by W1-S1&S2 without the release from other heirs (W2)?

Is no objection letter provided by other legal heirs not suffice? Is it really required to have a registered release deed?

Yes.  To have a proper title over the property, it is necessary to register the documents.


If that is the case, how did other legal council of other banks approved this?

As there is close nexus between real-estate sharks/brokers and the banks (Nowadays, every banks have their own brokers, labelled as 'executives'!), proper 'title report'/'legal opinion'  is often over-looked;  But, you cannot quote others mistakes, since the rule 'caveat emptor' (Buyer beware) applies.

 


Total likes : 1 times

 
Reply   
 



Thanks for the quick response. I didn't think i could get response this fast. Please find the follow-up questions below

(i) Is 'X' alive?  (If he is alive and the property is self-acquired, there is no need of NOC from the family members).  

No Mr. X isn't alive.

(ii) Was the marriage (with 'X' second-wife) legally valid?

 

Not sure. How to check/know about this?

 

(iii) How the property has been acquired by W1-S1&S2 without the release from other heirs (W2)?

Is no objection letter provided by other legal heirs not suffice? Is it really required to have a registered release deed?
Yes.  To have a proper title over the property, it is necessary to register the documents

If they have given NOC, but not Registered Release deed. Isn't it not something valid under law.

 
Reply   
 

Hello, i have facing one problem. i have registered/purchased a flat and latter came to know from bank that allotment letter is in ONE name and share certificate is in TWO names. Bank suggested for releasing deed. but now registration officer is saying POA is given by the owner's wife {2nd owner -who is no more } so Deed of release is not need" and bank is saying without that we will not proceed. now i am not understanding what to do ? please reply me asap. sandhya 9819964093

sandhy@ingoles.com

poojary.sandhya@gmail.com

 
Reply   
 

LEAVE A REPLY


    

Your are not logged in . Please login to post replies

Click here to Login / Register  



 

  Search Forum








×

Menu

CrPC MASTERCLASS!     |    x