sale of land


A land is mortgaged to bank for taking out a loan from bank. Can sale be made of that land ?
 
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SR. ADVOCATE

Dear member:

First you read the mortgage deed.  Normally a sale of the mortgaged property is barred. Still a sale can be done with the permission of the bank. If the bank will not give you permission unless the mortgage is satisfied still you can go for the sale if the purchaser is ready to face the consequences and you are ready to face action under civil and criminal laws. 

No body in the world except the courts can restrain you from selling your property.  Go ahead.

 
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if the land is mortgaged before selling the property you have to redeem the property from the bank you have mortgaged if you want legally to sell.  since your property is mortgaged you can not validly sell the property. provided before making a sale you can enter into an agreement with the buyer to redeem the mortgaged property from the sale consideration.    

 
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Advocate

mortgage is a transfer under transfer of property act so the sale is.....

once the property is mortgaged the same can not be sold untill and unless the mortgage is redeemd.

u may enter into an agreement to sale specifying that mortgage and with the condtion that the same will be sold after redumption of mortgage.

 
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