simple mortgage(mortgage without possession) taken by promoter for plots
2 years ago
Promoter started selling plots.
After sometime 60% Plots have been sold out then he took the simple mortgage loan of the Plots which he sold out already and also remaining 40% of the pending PLOTS.
Between he started executing SALE DEEDS of the remaining properties to buyers as well.
If he fails to repay the amount after some months/years whether the buyers are obliged to pay?
A.Dear Sir,
It is a risky transaction but it is in practice in many cities in India. It all depends upon reputation of the Promoter. If his intention is honest he will pay off entire loan amount and his intention is not good then the purchasers will be in risk.
PLEASE GIVE ME RATING AS RANK 5
It is a risky transaction but it is in practice in many cities in India. It all depends upon reputation of the Promoter. If his intention is honest he will pay off entire loan amount and his intention is not good then the purchasers will be in risk.
PLEASE GIVE ME RATING AS RANK 5
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A.Dear Sir/ Madam,
The buyers shall not be obliged to pay money if he fails to repay the amount after some time. It is only the person who has taken the loan who will be obliged to pay the sum.
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The buyers shall not be obliged to pay money if he fails to repay the amount after some time. It is only the person who has taken the loan who will be obliged to pay the sum.
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Ayantika Mondal @ Prime Legal
Responded 2 years ago
A.Dear Sir/ Madam,
No, the buyer shall not be obliged to pay as he is not concerned in the given matter. It shall be the sole obligation of the person who has taken the loan to pay it back in some months/years.
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No, the buyer shall not be obliged to pay as he is not concerned in the given matter. It shall be the sole obligation of the person who has taken the loan to pay it back in some months/years.
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A.No the buyer will not be obliged to pay. It is always the person who has taken the loan who is responsible to repay the loan and since you have not taken or executed the loan agreement papers hence you will not be liable to pay the loan.
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