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Buying mortgage flat
3 months ago
I am planning to buy a flat on top floor . It was under mortgage but now its released . Building has OC also. The builder bought this site from another builder and another builder also had a mortgage . When I asked this question my builder told me that as we purchased that from builder that mortgage doesn’t holds good .So nothing to worry . Now my question is the previous builder mortgage still holds good. Even it has to be released?
A.Dear Client,
Until and unless a deed of release is executed and registered between the Mortgagee Bank and the Mortgagor releasing the property from the marriage, the status of the property is not considered encumbrance-free and a property under mortgage cannot be a subject matter of any agreement transferring the title of the said property. So, be sure of the status of the title and encumbrances of the property through court searching and other authentic sources before entering into the deal. If required, hire the service of a Lawyer.
Until and unless a deed of release is executed and registered between the Mortgagee Bank and the Mortgagor releasing the property from the marriage, the status of the property is not considered encumbrance-free and a property under mortgage cannot be a subject matter of any agreement transferring the title of the said property. So, be sure of the status of the title and encumbrances of the property through court searching and other authentic sources before entering into the deal. If required, hire the service of a Lawyer.
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A.Dear client,
If the property is released, there is no mortgage in existence. However, as part of your due diligence, please refer to the encumbrance certificate of the property to check whether there is no existing mortgage.
Before purchasing the property, please ensure that the builder has paid all his dues to whom he gave his property as a mortgage.
Thank you
If the property is released, there is no mortgage in existence. However, as part of your due diligence, please refer to the encumbrance certificate of the property to check whether there is no existing mortgage.
Before purchasing the property, please ensure that the builder has paid all his dues to whom he gave his property as a mortgage.
Thank you
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