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Bhuvaneswari M K (SR F&AO)     05 May 2011

settlement of property bought under loan

Hi,

I am planning to buy a property in Chennai. The seller has bought that property through a bank loan 8 years ago. 2 years back, she has executed a settlement deed in favour of her mother for a consideration of some amount. The bank loan tenure is not yet completed, the original documents are still with the banker. Is this settlement deed valid??

 

 



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 1 Replies

Vinesh K Chhaya (ADVOCATE)     08 May 2011

The Property will not be transfer completely before the amount due will not paid. It will be an "Ostensible Sell" means the purchaser will be able to enjoy the rights after getting NOC of bank


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