Can the sale consideration be made to GPA holder?
I have a situation where the GPA holder claims to have settled the dues with original owners and have a GPA notarized and clauses included of executing sale, transfer of property, including receiving of sale consideration. Basis which I applied for loan and the loan has been sanctioned since the title was clear but the manager is reluctant to disburse sale consideration to the GPA holder and is requesting either the original parties take the amount and then transfer the money to GPA holder or get the GPA registered which is currently notarized. The following points I am listing below for your benefits on the property.
Title is clear and our legal consultant have given concurrence as affirmative and also the bank valuation is positive and bank legal claims that the title is clear
Property is single converted site with state development authority approval
Seller is a GPA holder who has paid money to the original parties and now want to re-sell
Sale, advance receiving right, sale consideration, sale deed rights clauses included in GPA
GPA holder has paid the stamp duty charges trough district sub registrar office
GPA not registered but notarized and also stamp duty charges paid
GPA holder now cannot include original owners for obvious reasons, since he has paid their due and the settlement with them was done about 2 years back and the appreciated price he cannot disclose to the original parties.
Can I move ahead in such a transaction considering some bank is willing to lend loan. And if so, what are the things I need to be cautioned of. Seller (GPA holder) so far has been co-operative. Request your expert suggestion and guidance to take this forward appropriately. It would really help. Thanks much in Advance