Purchase a resale property
Is it OK to buy a resale apartment whose seller has lost the sale deed? but has the following:
1. Police complain FIR copy
2. Attested duplicate copy from sub-registrar office.
3. Notification in the newspaper (English and local language)
4. Affidavit of loss of document from the seller.
Asked 7 months ago in Property Law from Bangalore, Karnataka
Hi, If all the above legal requirements has been done by the owner then you can purchase the property.
2. In order to protect your interest you can also make paper publication call for any objection to buying the property.
The listed items are among the valid documents/necessary proofs for the action taken by the vendor with regard to the lost original documents.
Besides this you may obtain encumbrance certificate from the registrar's office and a legal opinion from a local lawyer to confirm the genuineness.
1) if FIR has been lodged , public notice issued about loss of originals and certified copy of sake deed obtained from sun registrar office you can proceed with purchase of resale flat
2) indemnity clause in sale deed should protect your interests
1. With the above documents, can I avail bank loan from govt. banks like SBI (exclude private banks)?
2. What if the original sales deed is mortgaged to a private lender? Will the above documents protect my interest in future?
3. Can I register the apartment\property in my name with the available documents?
Asked 7 months ago
1) you can register the flat in your name with available documents
2) registration of equitable mortgage is mandatory . Take search in sub registrar office as to whether any such mortgage has been registeted
3) bank should grant loan as FIR is lodged and public notice issued
1. You can jolly well purchase the property on the basis of the certified copy of the sale deed and the FIR lodged by him but before doing that conduct due diligence to ensure that title is free and marketable.
2. Since he has lodged a police complaint for the loss of his original sale deed he would be liable to be prosecuted for cheating if it subsequently emerges that he has mortgaged it.
3. The bank will conduct its own due diligence before sanctioning loan.
1. The grant of loan will depend on the discretion of the bank manager. In the normal sense the said documents should suffice the requirement.
2. You can go only by the registered transaction on the title documents, the hidden things cannot be predicted, if he is doing so then it is an act of cheating, he may be booked for cheating offences, but you have a due diligence about it through your advocate's opinion before buying the property.
3. You can proceed as per the provisions of law in this regard after complying with the other formalities.