Dear Experts,
Please Help.
Person X expired in 1970 leaving as Legal heirs his Wife , 2 Daughters,and 3 Sons. The Wife of X and 2 daughtes and 2 sons give a GPA (registered - revocable only in writing) to sell their property to Y (agent) the Youngest son of X.
We have purchased a plot from Y using GPA in 1990 and registered the sale deed.
One of the witness signed was the brother of Y. The wife of X expired in 1988 and one of his daughters expired in 1989. I got patta for the land in 2007 and the subregistrar demanded a 'Copy of document ' of the Original GPA given, which i got and submitted, I also received the Patta. The E.C is clear.
The Agent 'Y' or any of his family members has not shown any objection to this. I recently contacted him and he said the sale deed is very much valid becuase the GPA was given only within the family.
Now we are trying to sell our plot to a builder to construct Flats. He says,there were issues with the sale deed as two of the principals expired before the sale was registered, but he is also ready to buy it, but said that banks will not extend loan etc.
The question is
1.should we do anything regarding the Sale deed validity?,
2.Will banks reject any loan if the purchase was done after one of the principals in the GPA is expired.
Thanks.
