Multiple mortgages on a property that I do not own
Hello there,
I'm buying a residential property for which I applied for a loan of Rs. 6.5 Lakhs which is sanctioned by the LIC Housing Ltd. During the disbursement process their agent asked me sign multiple agreements some of them were on Rs. 50 non-judicial stamp paper. These agreements include Indemnity Bond, Irrecoverable Power of Attorney, Memorandum of Deposit of Title Deeds, etc. Before signing them I've gone through them and read them as much as I can. I'm aware that LIC going to lien/mortgage against this property and will ask me to hand over Title Deeds and other papers as soon as I made the payment to seller and get the papers registered in my favor.
Now the problem is after I came back home after signing these numerous agreements I felt like that the agent asked me to sign some other "MORTGAGE AGGREMENT" too apart from these LIC agreements I mentioned above. I admit that I'm not 100% sure that the agent asked me to sign some other agreement too. But I called the agent and asked him about the same and he denied that apart from Indemnity Bond, Irrecoverable Power of Attorney, Memorandum of Deposit of Title Deeds he didn't ask me to sign anything. But I'm still worried about the same incident.
Now, I would like to know is it possible for the agent or someone to create another mortgage on this property that I DONT OWN (sale deed/title deed is not on my name) currently by taking my signature unknowingly and when I already entered with some mortgage agreement with LIC and they are giving me loan for this property? Any help will be highly appreciated.
Asked 8 years ago in Property Law
Religion: Hindu
Thanks you Mr. Ajay Sethi for your valuable inputs. I will ask them for the xerox copy for these agreements and no I didn't sign any blank document. Can you please elaborate point 1) and 2) a bit more. Will the LIC call me again and ask me register this mortgage agreement after I pay the full amount to seller and get the sale deed registered/transferred to me. Is my signature on the agreement on Indemnity Bond, Irrecoverable Power of Attorney and Memorandum of Deposit of Title Deeds isn't sufficient enough to mortgage the property? If that's the case then I don't need to worry.
I would be grateful if other lawyers will also answer my original question.
Asked 8 years ago
Mr. T Kalaiselvan, thank you for answering all the questions. As usual, I found them very useful. Well, I told about this to my agent that I have a doubt that you asked me to signed some "Mortgage Agreement" on saying this he denied and told me that he only asked me to sign on Indemnity Bond, Irrecoverable Power of Attorney and Memorandum of Deposit of Title Deeds. He also gave me the file with all the agreements and now I have the xerox copy of those agreements. I examined these agreements again and I couldn't find anything suspicious.
But still somewhere in my mind I had a doubt that he had my signature on some other "Mortgage Agreement" too which is not related to LIC and he's not showing this to me. So I would like to know is that agent or any other person/company has the LEGAL ability to create mortgage on the property that I'm buying (not own it) and already took the loan from LIC if they had my signature on some "Mortgage Contract"?
Asked 8 years ago