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.

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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.

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VIMAL K MISHRA

Responded 5 years ago

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

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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.

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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.

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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.

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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.

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Sundaravadivelu Velu

Responded 5 years ago

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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

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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

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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.

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