My self Umesh, I bought a property from LIC in auction in 2010 but at that time LIC and he made my sale deed with paying double stemp duty. LIC has sell house under the securitisation and reconstruction of financial assets and enforcement of security interest act 2002 and in exercise of the powers conferred under section 13 read with the rule 12 of the security interest(Enforcement) Rules,2002 sold on behalf of LIC Housing Finance Limited in favour of me. LIC has given loan to first owner based on Try Party Agreement and Owner has not made any sale deed with developers and this agreement is registered with sub registrar office. Now the problem is I want to sell my property and new client apply for load and he didn't get title clearance because he required first owner sale deed. which is not made by first owner. As per Advocate statement "we required sale deed of first owner, Try Party Agreement is not work here". Also as per I know rule of Property Card issue, if we required sale deed of first owner and then after name will be transfer to my property card. No I want suggestion from your side what we do now ? can we create new sale deed of first owner ?
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1) it is necessary to peruse documents cited by you to advice
2) the sale deed between builder and original purchaser is necessary to confer clear and marketable title
3) deed of confirmation can be executed by builder in favour of original purchaser
Hi, The sale deed of the first owner will not come because the 1st owner is the defaulter of the loan and as per Securtization act bank has taken the possession and sold the same to you by way of auction.
2, Secondly the owner or other person has not challenged the auction and no body claim the ownership of the property so you are the absolute owner of the property.
If suppose first owner sale deed is not created then can we create for sale deed now ? or suppose first owner has created sale deed then how to find it? because LIC have no information about this and first owner is not in runaway and no more contact details of builder.
Though the first owner availed loan and subsequently LIC sold the property in auction the first owner's purchase documents confirming his title for sanction of loan by LIC and the loan agreement papers along with the sale deed executed by the seller (LIC) through auction sale and the same being registered in your favor shall confirm as a title document proving your marketable title to the property. Verify if all such documents have been handed possession to you by the vendor, i.e., LIC at the time of execution of sale, if not obtain it.
If suppose first owner sale deed is not created then can we create for sale deed now ? or suppose first owner has created sale deed then how to find it? because LIC have no information about this and first owner is not in runaway and no more contact details of builder.
The first owner without any proof of title to the property cannot avail loan from government financial institution like LIC, hence you confirm the availability of such document. The sale agreement between first owner and the builder, a registered document, if has enabled the first owner to avail loan from LIC, then the loan offer letter and sanction letter shall be an evidence of confirmation of marketable title to the the first owner based on which LIC has acquired the property under SARFESI act and has sold the same under auction sale by execution of registered sale deed in your favor, therefore this becomes the proper title document on your name. So you may proceed on this.
1) documents in your possession must have first owner address
2) approach the first owner and obtain documents in his possession
3) approach the builder for assistance and request him to execute deed of confirmation
you cannot create any sale deed now .
contact a detective agency to trace out the builder and first owner
1. The title to the property flows from the sale deed. If the sale deed was not executed in favour of the first owner by the developer then the subsequent owners will not get perfect title. The tripartite agreement does not have any legal value if the sale deed is not executed.
2. The remedy is the execution of sale deed in favour of the first owner by the developer. Whether or not a sale deed has been executed in favour of the first owner can be ascertained by conducting a title search in the office of sub-registrar.
Hi, if the owner is not created sale deed then sale certificate issued by the LIC during auction it self is sale deed.
2. It is better you can take Encumbrance Certificate of the property in that you come to know whether sale deed was executed by the 1st owner or not.
For finding out a sale deed or atleast a registered sale agreement in the name of the first owner, you can apply for encumbrance certificate in respect of this property, verify the transaction entries and if you find any entry, you may probe the details and find out if the same is relevant.
You may ask your advocate for tracing the title by inspecting the records from the registrar office.