It is ok as in schedule of sale deed 2BHK is mentioned
2) 2BHK means 2 bedroom hall kitchen
3) you can proceed with sale deed registration
4) there is nothing wrong with line quoted by you
Sale deed query
Dear Lawyers, I am going to register the absolute sale deed on Monday i.e on 23rd July in Bangalore. The sale deed draft is ready and it was signed by the MD of the builder but he has given the SPA power of attorney to Mr. Abc, the spl power of attorney only can execute the sale deed in sub register office but he cannot sign the sale deed. Now the MD has already signed the sale deed yesterday. In sale deed everything seems to be OK except one error. Under schedule C property there is a line like so and so property is "situated on the second floor of block-5, 2 BHK, B wing, in the apartment complex called (Builders name)... My questions : 1). There are is one paragraph in page 4 of sale deed , describing the apartment i.e this flat no, E khata no, floor no, B wing etc, but 2 BHK alone is missing. The same clause repeated under Schedule C where 2 Bhk is mentioned. Is it OK? Is it mandatory the 2 BHK must mention in page 4 of the sale deed as well? Anything problem? 2) Builder mentioned 2 BHK, but it must be 2 bedroom apartment right? Wheather '2 BHK' word is legal in sale deed in Karnataka? 3). "situated on the second floor of block-5, 2 BHK, B wing, in the apartment complex called'.. Anything wrong in this line? 4). Under Schedule A both the survey nos are mentioned but in schedule C there is no survey number. Is it normal procedure? Developer's MD is unavailable at the moment if we need to do any modification in sale deed as he is the authorized signatory but I want this registration to happen on Monday as I will be out of town from Tuesday for 2 months? Shall I proceed with sale deed registration? Plz help.
Asked 6 years ago in Property Law
Religion: Hindu
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7 Answers
1. Ni if the area is written in deed then there is no requirement to mention 2bhk again at every paragraph. It is perfectly alright
2. Sir 2bhk is just conotation in sale deed carpet area should be mentioned. So there is no issue in that.
3. No this is ok. Just check area and flat number wing are properly mentioned. Also the khata ans survey number of plots.on which building is constructed.
4. If mentioned in schedule A the repeation is not required.
Yes sir if.that is only query and rest everything is good in sale deed it is perfectly fine to proceed with the sale deed and register same.
I got the final NOC from bank, "To , ABCD Properties, 2ND FLOOR, NO 50/7, 16TH MAIN, 39TH CROSS, JAYANAGAR 4TH T BLOCK BENGALURU. SUB: “No- Objection” FOR RELEASE OF LIEN ON THE Part of PROPERTY MENTIONED HEREIN BELOW Ref: Loan Account Number : HLAPBNE00400720 (hereinafter referred to as “Said Loan”) Property Address: FLAT, 92 UNITS IN A WING AND 16 UNITS IN B WING IN THE PROJECT ABCD CONVERTED SY NO 23 & SY NO 25/2, SITUATEDAT DODDANAGAMANGALA VILLAGE, BEGUR HOBLI, BANGALORE SOUTH TALUK BENGALURU Name of the Owner(s): ABCD PROPERTIES (hereinafter referred to as “Said Owner”) Name of the prospective Buyer: Mrs. XYZ and Mr. XYZ (hereinafter referred to as “Said Buyer”) Property to be released: Unit No:205, Tower:B, Block:5. Project: ABCD (hereinafter referred to as “PROPERTY UNDER RELEASE”) Dear Customer, This is to confirm that the above said owners have availed financial assistance from IHFL (INDIABULLS HOUSING FINANCE LTD) vide above-referred Loan Account Number by way of mortgage of the immovable property acceptable to IHFL, as per the terms and conditions of the Loan Agreement executed between the said Owner and IHFL. The Borrower/ said owner have further requested INDIABULLS HOUSING FINANCE LIMITED to issue this “No-Objection certificate”, for release of part of the security i.e. “PROPERTY UNDER RELEASE” being Unit No:205, Tower:B, Block:5. Project:ABCD, mortgaged by them with us, to ensure part prepayment of the loan amount towards their aforesaid loan account. We, IHFL,confirm that the “No Objection certificate” is issued with stipulation that the entire sale proceeds, receivable from the sale of PROPERTY UNDER RELEASE, is escrowed/ deposited in the designated escrow account, by the Borrower" This was NOC I received from bank, Q : 1) Does builder/borrower needs to deposit in escrow after sale deed? 2) If failed to deposit , India bulls will catch hold me or builder? 3) Lien from sub reg offc needs to be removed as well?
Asked 6 years ago
1. By the builder the borrower of the financial institution.
2. Builder as he has taken loan on said properties.
3.yes the mitation has to be done on your name and lien shall be removed.
1) borrower has to deposit sale proceeds in escrow accounts after receipt of funds from you .
2) lender will sue builder to recover the money if builder fails to deposit sale proceeds
3)lender will also sue you
After the amount is appropriated to IHFL only then the lien will be removed, once done, nobody can catch you.
Also there is nothing wrong in mentioning 2 BHK without elaborating it. Survey Numbers will only be written in the A schedule property and not in B and C schedule property.
Correction is not necessary. The SPA Holder is authorized only to present the document for registration and complete other registration formalities on behalf of the M.D, and not sign the deed of sale on his behalf. This is quite a common practice.
Please proceed.
1. If you feel that this omission would cause any problem in future, you may ask the builder to rectify the same before hand i.e., before getting it registered.
2. It is universal abbreviation , 2 BHK is a clear indication of what type of flat are you going to buy. It is acceptable in Karnataka also.
3. It is how you view it, there is nothing wrong in mentioning this way also.
4. Schedule C will be your particular flat's description, hence survey number may not be written since C schedule is pursuant to A and B schedule
You can decide about it.
. Yes the amount should be deposited in the escrow account of the builder.
2. You are the person who has to repay hence you only have to deposit.
3. Yes.