bank gives you loan then market will treat documents as complete. - Nothing as such. Any private bank will grant loan.
Police missing complain is must along with paper publication.
One original sale deed of 1989 missing - not the latest
I am planning to buy a property in Gurugram, Haryana. After meeting the seller I am told he is the 3 rd owner- he has original sale deed of 1985 under which the first owner bought the property from DLF Universal the developer , but the original sale deed of 1989 of the 2 nd buyer confirming the property sale from 1 st buyer to 2 nd buyer is missing . The present seller is the 3 rd owner who bought the property in 1993 from the second owner- this 1993 latest original sale deed is available. Under above circumstances should I proceed with the transaction? My paramount consideration is clear and marketable title- I want no problems when I sell the property in future. I have got suggestions that I should apply for loan against the property- if bank gives you loan then market will treat documents as complete. The seller is wiling to give public notice and fulfil other legal formalities and procedures and will get certified copy of 2 nd sale deed. Thank you
Asked 2 years ago in Property Law
Religion: Sikh
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15 Answers
All sale deeds particularly second sale deed might be registered with registrar so obtain certified copies of all sale deed to check genunity. Carry due diligence through a competent advocate and only if report is in confirmation only then purchase the same. Loan from bank does not confirm any title nor do public notice.
Public notice has to be issued
FIR filed about loss of original documents
certified copy obtained from sub registrar office
then only purchase the property
The missing original document is one of the vital documents.
If the seller is following the procedure for following it then you can subsequently obtain a legal opinion from an experienced advocate and proceed only if recommended
- Since, the original sale deed is missing , then it can be a problem in future even after getting the certified copy of the same.
- Hence, the seller should publish notice after mentioning that the original sale deed has been lost and the missing report is already issued by the police , and hence that sale deed holder will have no right over the property.
- However, before publishing this notice , a complaint should be given to the police for missing and even it can be possible online as well.
Dear Client,
In order to ensure the authenticity of a property's sale deed, it is crucial to have it registered with the appropriate registrar. Obtain certified copies of all sale deeds, especially the second sale deed, and thoroughly examine them for legitimacy. It is highly recommended to carry out a comprehensive due diligence process with the assistance of a competent advocate. Only proceed with the purchase if the advocate's report confirms the validity of the sale deed. It is important to note that obtaining a loan from a bank or publishing a public notice does not guarantee the title of the property.
First, ascertain how the second sale deed went missing and satisfy yourself of the genuine reason. Was any FIR lodged and paper advertisement given for the missing deed earlier? If are satisfied, you may obtain a certified copy from the registry. Engage a competent lawyer to scrutinise all the title documents and obtain his/her written opinion. As the second owner bought the property in 1989, even by virtue of adverse possession, for argument's sake, he has clear title and ownership. Financial institutions should not hesitate to take the property under mortgage for a loan, if the title is otherwise clear, absolute and marketable.
Thanks so much for the informative replies . My primary concern ( much more than the due diligence through competent lawyer, title check by competent lawyer and getting certified copy of 2 nd sale deed after FIR, public notice in newspaper, other legal procedures -all of which I will do vigorously) is the marketability of my title when I intend to sell the property in future. Will my documents ( chain ) be complete and acceptable to a future buyer / his lawyer ? Would appreciate your input on this. Thanks
Asked 2 years ago
You would not be able to receive market rate in case you sell property n future
you will have to sell it at discount t to market rate
The marketability of your title will depend on a number of factors, including the completeness of your title documents, the existence of any encumbrances on the property, and the zoning laws that apply to the property.
If you have done your due diligence and have all of the necessary title documents, you are well on your way to having a marketable title. However, it is important to keep in mind that there is no such thing as a perfect title. There will always be some risk of litigation, even if the title is clear.
The best way to protect yourself from future problems is to purchase title insurance. Title insurance will protect you from financial losses if there are any defects in your title that are not revealed by the title search.
As for your specific question, it is impossible to say for sure whether your documents will be complete and acceptable to a future buyer without knowing more about the property and the chain of title. However, if you have done your due diligence and have all of the necessary documents, you are in a good position to have a marketable title.
Yes
Yes, if chain is confirmed by document then such property shall be marketable.
The procedures to be followed as narrated by you, if followed scrupulously. then you should not face any problem in future in this regard.
If you follow the advice given, your title is unassailable.
Yes your aforesaid observation is correct you can do the needful
- Yes, if you arranged the documents as given suggestions before purchasing the property, then it will be sufficient for selling the property in the absence of that original missing deeds.