Can you register a mortgaged property?

5 years ago

I am planning to buy a property. It has a loan from the bank so the property title deeds are with the bank. Can I complete the registration first so that my (buyers)bank can repay the sellers banks loan and collect the title deeds.
Is it possible to register a mortgaged property ?

We (buyers) have applied for a loan but the bank needs the property to be registered first before they clear the sellers loan.

Previous Question

Next Question

Deepak Yashwantrao Bade

Responded 5 years ago

A.Dear Client, if you may want to purchase the property with earlier mortgage loan then that loan should be discharge and this should be mentioned in the sale deed. You should pay the balance amount to the vendor and You will get the title to the property subject to mortgage loan.

Helpful

VIMAL K MISHRA

Responded 5 years ago

A.You can contact me for more information under the Paid section.

Helpful

Ambrose Leo

Responded 5 years ago

A.You have a compex issue,better to contact a pruidance on all aspects of the professional property lawyer from the panel of Vidhikarya for help & guide and assist you on all aspects of the issues till the schedule property is registered in your name by performing all parts of proceedings.

Helpful

ROBERT D ROZARIO

Responded 5 years ago

A.there are various ways to handle this situation. Generally NOC from bank is a must before entering into an agreement with the Vendor. However arrangements can be made by executing a triplicate agreement wherein bank, vendor and you be the parties and thereafter pay the loan amount and get NOC. Complete the registration with the Vendor.

Helpful

Anand Shukla Legal Practitioner,Legal Consultant & Advisor

Responded 5 years ago

A.Although a mortgaged property cannot be registered in others name but still have to look at the stage of the case for better suggestion.

Helpful

sistla ramakrishna

Responded 5 years ago

A.Dear Client,
You can purchase the property even before discharge of earlier mortgage loan, but the same should be mentioned inthe sale deed. You should pay the balance amount to the vendor and rest of the amount used to discharge the mortgage loan and release the title deeds to your bank if that bank accepts the same. You will get the title to the property subject to mortgage loan.

Helpful

Sundaravadivelu Velu

Responded 5 years ago

View All Answers

A.When the property is in mortgaged should make any sale deed it is against the law, first clear loan liability and clear mortgage endorsement by the bank, or take under taking letter from bank if it is nationalized bank and pay the amount, before making payment verify the property mortgaged any other party also.

call for proper advice through vidhikarya

Helpful

Rameshwar Dadhe

Responded 5 years ago

A.By advocate Rameshwor dadhe dear sir Frist privious owner paid all payments to the bank then. Take back all legal documents.with NOC of the bank. Then go ahead

Helpful

Manjula Shanmugasundaram

Responded 5 years ago

A.In that case you can enter into a tripartite agreement with the bank and later, at the time of registration, pay the sale consideration by two DDs. You can also request the bank for simultaneous registration of the sale deed in your favour and the receipt in favour of your seller.

Helpful

Read Related Answers

Agriculture Land Purchased in Gujarat from Non-Farmer Seller

Dear Sir, Please consult local advocate who is well acquainted with local laws particularly revenue laws otherwise you may be mislead.

Registered legal entity as nominee of chs flat Mumbai

Dear Sir, Registered legal entity may be nominated but it cannot sell the property after the death of such title owner and it goes to the legal heirs of title owners unless the legal entity get Gift D...

Sc st land purchase by obc mp dist narmdapuram

Dear Client, Section 42 of the SC, ST Act, 1989 prohibits the sale of SC land without approval. This law was enacted to protect the interests of the SC/ST tribe. However, you can acquire SC/ST land b...

Property share

Dear Sir, Under the Muslim law, there are three classes of heirs • SHARERS, they are entitled to a prescribed share of the inheritance. In case of a man’s property, his wife/wives are the sharers of...

Hiring of professionals as executor of a will

Dear Sir, Yes, the payment to the executor starts only after the death of testator of the Will and not earlier to it.

Read Blogs on Property

Property Name Transfer: Essential Steps Explained

Understanding Criminal Breach of Trust: A Legal Perspective

Explore Section 44: Transfer of Property Act Insights

India's Property Power: GPA in Property

Legal Verification of Property: Legal Mastery

Property Lawyers

Kolkata

Bangalore

Mumbai suburban

Prabhakara S K Shetty

Bangalore

View Full Profile

Arvind Tripathi

Allahabad

View Full Profile

Type of Consultation	Fees
Phone Consultation	₹	Not Yet Updated
Meeting Consultation	₹	Not Yet Updated
Email Consultation	₹	Not Yet Updated
Video Conference	₹	Not Yet Updated
Request for quotation from the Lawyer.