Buying a plot with wrong survey number in the sale deed schedule
I am evaluating the purchase of a plot through a Financial Institution auction (property under the financial institution’s possession under SARFAESI Act). The current owner has defaulted on payments, hence the plot is being auctioned. The survey number in the property schedule in the sale deed of the current owner (defaulter) is wrongly mentioned on account of a typographical error. This error has been missed by the current owner as well as by the legal team of the financial institution providing loan to the current owner. However the registered mortgage deed between the current owner (defaulter) and the financial institution features the correct survey number
A rectification deed is also not possible as it involves convincing the current owner (defaulter), who in turn has to locate the previous owner and convince them to rectify the deed, and more importantly also incur stamp duties to the tune of Rs 20 Lakhs. A rectification deed is therefore ruled out
I am writing to seek expert opinion if there is an alternative to a rectification deed to formalise and correct the error in the schedule in the survey number, or any other alternative to protect my ownership, title and the location of the property in case I would like to purchase it
I look forward to hearing back from you
Regards
Krishnan P S
Chennai