Seller is Unwilling to transfer the ownership
9 months ago
Recently, I bought a two-wheeler from a seller on OLX who is based in Delhi. After purchasing it, I found out that the vehicle still had a loan on it. Initially, the seller claimed to have bought the vehicle in cash and that there was no liability on it. Consequently, I paid the full amount to purchase the vehicle. When I confronted the seller about this issue, he made excuses and neither provided me with the Bank NOC nor transferred the ownership to my name. What legal action should I take against the seller to address this situation?
A.Dear client,
As soon as possible, send a letter to the relevant bank inquiring about the status of the loan that is still outstanding in the seller's name. Once you have this information, you must serve the seller with a legal notice demanding that he refund the entire sale consideration or repay the entire loan balance, failing which you will file a criminal complaint against him for fraud and aiding in the fact. Additionally, you must notify the relevant Registering Authority (RTO) about the incident in writing; otherwise, if you use the vehicle without the owner's permission, you risk being arrested and fined for breaking the law
As soon as possible, send a letter to the relevant bank inquiring about the status of the loan that is still outstanding in the seller's name. Once you have this information, you must serve the seller with a legal notice demanding that he refund the entire sale consideration or repay the entire loan balance, failing which you will file a criminal complaint against him for fraud and aiding in the fact. Additionally, you must notify the relevant Registering Authority (RTO) about the incident in writing; otherwise, if you use the vehicle without the owner's permission, you risk being arrested and fined for breaking the law
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A.Dear Client,
Ownership of a vehicle hypothecated under a loan is not transferred from seller to purchaser until and unless a NOC in Form - 35 is issued by the financier Bank. So, the status of a vehicle is required to be searched out by the purchaser before buying the vehicle. The status of any vehicle is now easily accessible online and for such a lapse on your part as a buyer of the vehicle, you have to face a lot of odd consequences to get the ownership of the vehicle transferred in your name. However, in the prevailing situation, you should immediately write to the concerned Bank asking about the status of the loan lying outstanding in the name of the Seller and on receipt of the status of the loan, you need to serve a legal notice demanding the refund of the entire sale consideration money or to repay the entire outstanding amount of loan failing which you are going to file a criminal suit against him for cheating and abetment of fact before the competent Court of Law. You also need to inform the incident in writing to the concerned Registering Authority(RTO) otherwise if you use that vehicle on road without the ownership or authorisation of the concerned owner, you may be booked and penalisd for violation of the provision M V Act and Rules. Reach out to an Advocate for proper guidance and steps.
Ownership of a vehicle hypothecated under a loan is not transferred from seller to purchaser until and unless a NOC in Form - 35 is issued by the financier Bank. So, the status of a vehicle is required to be searched out by the purchaser before buying the vehicle. The status of any vehicle is now easily accessible online and for such a lapse on your part as a buyer of the vehicle, you have to face a lot of odd consequences to get the ownership of the vehicle transferred in your name. However, in the prevailing situation, you should immediately write to the concerned Bank asking about the status of the loan lying outstanding in the name of the Seller and on receipt of the status of the loan, you need to serve a legal notice demanding the refund of the entire sale consideration money or to repay the entire outstanding amount of loan failing which you are going to file a criminal suit against him for cheating and abetment of fact before the competent Court of Law. You also need to inform the incident in writing to the concerned Registering Authority(RTO) otherwise if you use that vehicle on road without the ownership or authorisation of the concerned owner, you may be booked and penalisd for violation of the provision M V Act and Rules. Reach out to an Advocate for proper guidance and steps.
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