You need original chain of documents
2) if original agreement between builder and first owner has been lost has Police complaint been filed about loss of said sale deed
3) whether public notice issued about loss of original documents. Kindly clarify
Resale property has original gift deed but chain of agreement not available
Hi I am in conversation with owner for buying resale property. Owner is second in chain First Owner was his father who bought property from builder. He has passed away but gift deed was done when he was alive in his presence. He has following document in his name 1. Original Gift Deed along with index 2 2. Society Share Certificate 3. Property Tax 4. Light Bill He does not have original agreement from builder to his father His lawyer says that he can obtain verified copy of original agreement from registrar office. My doubt is if property was mortgaged or if there is any loan against said property then how would I know ? Is there any mean to check if property is clear of any financial debt ? Also if present owner has clear title of property to sell it ? Should I move ahead with this deal ?
Asked 4 years ago in Property Law
Religion: Other
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14 Answers
As per him he just came to know about it. if he follows your above said process then would it be fine to go ahead with deal ? what should be waiting period after public notice and complaint ?
Asked 4 years ago
You can take search report for property researcher of that particular area.
And the gift deed.
To check property papers check civil records in property wise that loan available on both owners name. Than you will come to know if their civil records are clear.
You need to have chain of agreement for further resale if demanded by buyer. You need to seek an indemnity bond from the seller for the same
1) you should avoid purchasing flat where original chain of documents are not available
See if the owner has lost the original document then he can file a complaint for same and he can take a lost certificate from police and also can give notice in newspaper for same.
You can get the certified copy of agreement and an indemnity bond that property is free from all encumbrances and in case any dispute the present vendor shall be liable to indemnify you.
Yes after the above process if no objection on public notice is received and vendor sign indemnity bond you can go ahead with the deal.
The police can take a week or more for the lost certificate after that same can be published in newspaper.
You can ask him to procure a certified copy of the registration document by first making a police complaint, obtaining a non-traceable certificate from police, and then publishing the same in a newspaper as a public notice, wait for 15 days for any objection from any quarters;
After that you can ask the vendor to execute an indemnity bond indemnifying the loss or to pay or compensate for the losses, damages or liabilities incurred by the buyer in this connection at a later date
After obtaining all these formalities, you may get a legal opinion in this regard and then proceed only if recommended to buy.
The waiting period after complaint shall be 7 days and for the public notice it shall be 15 days.
You may obtain a legal opinion before buying it and proceed only when recommended.
Not only original agreement but original sale deed also through which his father had purchased the property. If original sale deed is lost than certified copy/original receipt of missing report filed at police station.
can obtain verified copy -- Not verified copy but certified copy. Also ask them to provide Non Encumbrance certificate - no mortgage.
Public notice also.
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There are various option that can help you out to get the documents.
you have to apply for certified copy of the same concerned sub registrar office which it is registered. Before going to apply certified copy, seller have to give police complaint for lost in transit, before police station and to publish local news paper for the same and to made affidavit for the same and to apply the certified copy of the said lost documents.
you have to wait for the next 15 days to see if anybody finds it and returns it within that time frame.
1. Let the owner obtain a certified copy of the sale deed executed in favour of his father and deliver to you.
2. Publish a general notice in the newspaper about your intention to purchase the property and caution general public to intimate you if any one claims to have any pre-existing rights in the property.
3. Ask people in neighbourhood and also contact banks in the vicinity about any encumbrances. There is a lot of information that can be obtained from them.
1. You can purchase the said Property only after verifying the presently available Original Documents (GIft Deed & Share Certificate), since IF the property was mortgaged earlier by Father or presently by Son, THEN the original documents would be lodged with the Bank. Mortgaged Property CANNOT be Gifted, since it would amount to criminal offences of Cheating, Intimidating, Breach of Trust etc....
2. HOWEVER, you MUST take an "Irrevocable Indemnity Bond" executed by the Seller in your favor, indemnifying you against any & all futuristic losses /legal litigation /claims from any person or institution or govt. This would atleast safeguard your investment.
1. If property is mortgaged then bank must have taken the sales deed or gift deed in their possession so try to see original documents.
2. If he have gift deed in his favour from his father then deed itself shows clear title in his favour.
3. You can go ahead with purchase.
