property verification related
1 year ago
Hi, I was willing to buy a property in bangalore. Had handed over all documents to a lawyer. According to lawyer, property papers are all clean however there is a issue. The land on which property is constructed was mortgaged some 40 or 50 years back. The loan was for 24 months tenure. However builder is not able to provide a discharge deed for the same. Builder's version is we do the document verification for 30 years. Since this is so old and there has been no problem so far and land has gone through few hands after the mortgage, the loan is deemed to be closed. Also SBI has approved the property and several buyers have taken loan from SBI. Can any lawyer tell me if it is safe to buy this property? Will there be any problem in future and if yes, what sort of?