Person A : First owner who has purchased a home from the builder Person B : Second owner who has purchased from the Person A with collector's order as the first owner belongs to Schedule Cast. Myself : 3rd owner purchased from the Person B i.e second owner Person D : 4th owner to whom I am selling my home. Documents I have as a third owner My ( 3rd owner's ) original Sale Deed ( April 2012 ) 2nd owner's sale deed ( may 2010 ) I have title clearance report I have all the property tax paid receipts I have my name in municipality I don't have original sale deed (may 1998) of the person A i.e 1st Buyer. But I have the xerox copy of the first ever sale deed with the short sign of the 2nd owner on each page. The last page of the xerox also mentions that the 2nd owner has paid the additional stamp duty on the property. When I have purchased the home I took a loan and bank asked me only 2 latest sale deed copies i.e my latest sale deed ( 3rd owner's sale deed ) and previous sale deed ( 2nd owner's sale deed ). Since bank has not asked the second owner might not have submitted it to me and to the bank. I am the 3rd owner of the property and I am selling my home to someone who happens to be the 4th owner. Now the loan rule has changed and person D who happens to be the 4th owner of the home is asked by the bank to submit the original copy of the 1st sale deed else i as a seller ( 3rd owner ) have to sign an indemnity with the bank. I have asked my loan bank the list of the document which i have submitted but the bank said ( verbally ) we had collected only 2 latest sale deed as per the rule at that time. Even the 2nd owner said " I have given all the document to the 3rd owner i.e me ". So basically the bank and the 2nd owner have washed their hands. The bank from where the 4th owner is taking the loan has given him the title clearance for my home. So can we execute the sale deed with 4th owner ? Do the 4thowner run the risk of property dispute ? Do i run the risk of being complied by the indemnity ? What are the worst possible risk of signing the indemnity with bank? in this forum an advocate naming Mr. Hemant Agrawal has mention that "A Latest HC judgement states that the last latest duly executed stamp duty paid & registered Sale Deed, is final for all purposes." I need that judgement copy. https://www.kaanoon.com/239528/builder-to-first-buyer-sale-agreement-and-deed-lost-by-the-first-owner
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You woukd be required to indemnify the purchaser in case any claims are made by third party
2) you need chain of original documents of title to confer clear and marketable title to property
3) approach first owner if he has original documents
4) unable to find judgment sought by you
Ask the previous owner to register FIR in the police station on whose name was the sale deed as ownership.later on you can make registered sale deed in currently by obtaining photo copies bof all registered sale deed from SRO.
It is pertinent tht all the original documents with regard to the title of the property are to be handed over to the buyer at the time of registration of the sale deed.
If any document is missing, then the seller has to procure the same from the previous vendor or he may have to provide an indemnity bond indemnifying the seller against the losses in this regard or to solve the litigation that may arise due to this issue.
An Indemnity bond is a surety bond used by governments, businesses and individuals to establish assurance that an agreement will be fulfilled as stated. The indemnity bond outlines a pledge to compensate, financially or otherwise, one party if the second party fails to fulfill a contract or obligation.
Indemnity Bond is an undertaking providing a surety that the party shall be compensated monetarily in event of the breach of the contract.
Dear Querist
File a complaint before the police for missing the original documents and then apply the certified copy of the all sale deed before the sub-registrar or registrar office of your area, you will get a certified copy of the sale deed within a week.
1. you may execute the Sale Deed with 4th owner
2. no there is no risk if you provide certified copies of the same.
3. there is no risk if you are sure that there is no dispute in the title and you are the absolute owner of the proper
The original deed would be registered one. As you Said you have photocopy of the same, you would find registration number and the office of sub registrar where the sale deed was executed. You may contact sub registrar's office and apply for certified copy of the same. Every registered document is a public document which can be procured from government office on application. This would resolve your problem.
So far as indemnity is concerned, it is risky as the same is dependent on solvency of the purchaser. If purchaser fails to pay installments then you may be caught hold of.
It is advisable to not to involve in such indemnity bond.
