Mr Mr

2 years ago

Hi Sir/Madam, request your help and guidance. I am selling my flat, I have loan in LIC, the buyer also applied for loan in LIC. Part of his loan to be used to close my existing loan and the remaining to be paid by LIC on registration.

Request your guidance. LIC says they will give NOC for my loan closure after few weeks of registration done to the buyer. The sale deed says I promise the buyer I have no mortgage as of the date of selling the property. Is it ok to agree to receive the NOC after few weeks? I thought LIC will give me NOC on the day of registration since the loan amount is used for closing my loan.

Also, LIC says they will give me cheque after the registration is complete. Is there a chance the buyer could notify LIC to stop payment or make partial payment after registration stating they had paid partial amount in cash to me?

I never new the buyer before and selling my flat for urgent need of money. Please help and guide me. Buyer urges me to do registration on 18th and he got an appointment from registrar office for 18th. He says that is the only good date this year for him to purchase the property. Please advice. Thanks.

Kishan Dutt Kalaskar

Responded 2 years ago

View All Answers
A.Dear Sir,
You must co-ordinate with both the lending bankers and see that you get benefited out of such transaction.

I could have explained more if background is known to me. If background is made known in full then legal experts will be in position to understand correctly. Moreso, the background must be in brief.

Please give me FIVE STAR if satisfied by my answers.
Helpful
Helpful
Share

Post Your Matter Post Your Matter

Talk to a Lawyer Talk to a Lawyer

Ask a question Ask a question

Vidhi Samaadhaan Vidhi Samaadhaan

Anik

Responded 2 years ago

View All Answers
A.Dear Client,
It is required to examine the terms of that Sale Deed in order for you to execute it. Please be aware that making a false declaration in the Sale Deed is a criminal offence that will cause you problems in the future, and the buyer may deprive you of that partial payment after registration.
Thank you!
Helpful
Helpful
Share

Post Your Matter Post Your Matter

Talk to a Lawyer Talk to a Lawyer

Ask a question Ask a question

Vidhi Samaadhaan Vidhi Samaadhaan

Advocate Sinjari Bandyopadhyaya

Responded 2 years ago

A.You have said that LIC says that they will give NOC for your loan closure after few weeks of registration done to the buyer, therefore, how you can covenant in that Sale Deed that you have no mortgage as of the date of selling the property? It is necessary to scrutinize the terms of that Sale Deed so to be executed by you. Please take note that false declaration in the Sale Deed will considered to be a penal offence on your part and it will create problem for you in future and buyer may deprive you from that partial payment after registration . Please further take note that until and unless you safeguard your interest prior to such registration of Sale Deed, you may have to suffer in future.
Helpful
Helpful
Share

Post Your Matter Post Your Matter

Talk to a Lawyer Talk to a Lawyer

Ask a question Ask a question

Vidhi Samaadhaan Vidhi Samaadhaan

Read Related Answers

question iconProperty issues
Dear Client, Until and unless an undivided property is partitioned through a decree of partition passed by a Civil Court, a coparcener or legal heir cannot get his/her share in the said property, and...
question iconRenting out property
Dear Client, From the contents of the query, it appears that your mother-in-law does not possess any title or ownership of the property where she is now residing as a tenant paying the rent. So, in th...
question iconProperty acquire
Dear client, to acquire a co-owner undivided property as a third party the following are the requisites: 1. No Objection Certificate from the co-owners with respect to transfer of ownership i.e. title...
question icon1943 DOCUMENT NOT YET REGISTARTION IN MY NAME
Dear Client, When a property is left by a deceased owner without any will, all the surviving legal heirs and family members are entitled to an equal share in the said property. So, in the case of int...
question iconFamily Property
Dear Client, When a registered owner passes away leaving a property intestate, i.e, without any will, all the surviving family members and legal heirs are entitled to an equal share in the said proper...