Discharge/Release Deed of Deposit to Title Deed required?
Hi,
We are planning to purchase a vacant property in a layout in Bangalore.The said property was allotted by the society to its member in 1995 via a sale deed. This is a very clean and clear document. Later in Jan 2011, the member through a gift deed transferred it to his daughter (Pooja). Immediately in the very next month,i.e; Feb 2011, Pooja took a loan of 30 lakhs from a private financial services firm (ABC Pvt. Ltd) by registering a memorandum of mortgage by deposit of title deed and also created a notarized GPA appointing the representing Manager of ABC Pvt. Ltd (Mr. Ashish) as her lawful attorney. Within 2 months, i.e; April 2011, the GPA holder, Mr. Ashish transfers the property through a sale deed in favour of ABC Pvt. Ltd (represented by Mr. Dev). This sale deed does not mention any reason(like default from Pooja or any other reason etc.) Finally, in 2015, ABC Pvt. Ltd (represented by its MD - Mr. Sanjay) sells the property through a sale deed to Mrs. Mamta. The latest Khata and EC is in the name of Mamta. However, the EC has an entry of Mortgage in Feb 2011. Now, in 2017, I have taken a set of documents from Mrs. Mamta with an interest to purchase this property. Please advice me of the points to take care. Is there a requirement of Discharge/Release Deed of Deposit to Title Deed? If yes, how can that be done and in this case, between whom does that need to be done, because there is no clarity if Pooja did a default or any other reason. Also, do I need to verify ABC Pvt. Ltd's firm registration and details of Mr. Ashish, Mr. Dev and Mr. Sanjay, as three people from the same firm got involved at different stages or is it ok since they were just representatives of ABC Pvt. Ltd. Finally, kindly also advice me of any other points that you feel which i should consider. Your guidance is much appreciated. Thanks, Vikas