Hi. We have purchased a 3BHK flat in mumbai. The docs of the flat are mortgage with a bank. The owner of the flat was behind the bars as there was the case against him by Economic offence wing. This property was supposed to be auctioned but as we agreed for the deal the auction was cancelled. We and the owner signed a MOU in the court saying we are paying 10lacs as advance and getting a single key possession. When we applied for loan we got sanctions from couple of bank for 2Cr. But in their search it was found that it is also registered in somebodies name last year.
Court had issued a decree that this flat has to be sold and the bankers will get the amount.the other agreement was not in knowledge of anyone unless our financers searched it. We also payed stamp duty and registered agreement for 2.3Cr. The other agreement is mentioned in our registered agreement in the chain of registration of agreements.Financers need cancel deed of this agreement which the owner is not providing.
We had to make payment in 60days as mentioned in agreement which expires tomorrow but proper docs not yet recd. from owner.
Bankers are saying they will go for auction and owner is saying if we dont pay by tomorrow the other person( whose cancel deed was required ) is now willing to pay.
I hope iam clear and not confusing in terminology...