Issues in buying mortgaged propery in Bangalore
2 years ago
Hi, I need help in the following scenario if there is any protection to the buyer of the mortgaged property
Seller has running home loan with XYZ branch of UBOI Bangalore. The property has been mortgaged with that Bank. The seller wanted to sell the property. But he did not have enough money to clear the existing loan.
Buyer applied for the home loan in the same XYZ branch of UBOI Bangalore to buy the property.
Lets say on the day of registration after bank clearing the loan and discharging the mortgage on the property with buyer's loan amount, if the seller does NOT turn up for the registration, what kind of protection is available to buyer ? Does Bank have power to register it on the name of Buyer ?
You are purchasing not only property but also litigation.
Ayantika Mondal @ Prime Legal
Responded 2 years ago
You will have to get a NOC from the bank since the owner of the property has the loan. It would be also better if you are in a tripartite agreement between you seller and the bank.
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Ankur Goel @ Complete Law Shield
Responded 2 years ago
If seller tries to do any fraud then you have remedies.
Not sure abt seller but you have criminal mind.
The bank acts only as an intermediary between the seller and buyer. They cannot register the property in the buyer's name. The buyer can request the bank to be considerate towards the whole transaction.
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