Mrs Mrs

5 years ago

Hello sir/madam
As we are in financial difficulty , one of other friend has come forward to assist us financially, but they want our property ( house) registered in their name , but has assured us that as soon as we are able to repay , the property will be registered back in our name. Reg cost will be borne by both the parties both the time.
My question is ,can we put a rider in the sale deed saying that , this reg is mainly for security for loan purpose , that they cannot sell the said property till the stipulated time ( time by which we should repay the amount)after the expiry of the said time , they can do as they pls with this property.
Thank you
Hoping for an early reply

Kishan Dutt Kalaskar

Responded 5 years ago

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A.Yes, it is called Conditional Sale Deed
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Anonymous

Replied 5 years ago

Ok Thank you sir for your time & patience.
So we make a deed like that & will it have legal hold for us & will it be bindi g on them

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Prabhakara S K Shetty

Responded 5 years ago

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A.You better make a mortage agreement and register it, ca do that even if other guy is not having any licence.
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Anonymous

Replied 5 years ago

Ok Thank you sir for your time & patience.

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Ashish K Dongre

Responded 5 years ago

A.That friend which you are taking about does have a valid money lending license? if yes go for mortgage deed only.
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Anonymous

Replied 5 years ago

Ok Thank you sir for your time & patience.

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Ved prakash Shaw

Responded 5 years ago

A.I studied your Case.u can make a registered agreement citing all conditions of both the parties for taking loan or u can make registered mortgaged with your money lender.But don't make any sale deed.
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Anonymous

Replied 5 years ago

Sir, as they have assured i of reregestering our property once we repay ,is it ok to.

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Ved prakash Shaw

Replied 5 years ago

According to law sale deed means transfer of ownership from the hand of seller to the hand of buyer.The buyer becomes the owner.The buyer is not bound to retransfer the property in your name.Legally u also can not claim retransfer.So u r going to loose yours property if u r making sale deed in favour of money lendor

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Anonymous

Replied 5 years ago

Ok Thank you sir for your time & patience, will see what we can do

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