Property registered through gift deed
4 weeks ago
I'm planning to purchase mortgaged property which was got from his parents to son as a gift deed during the mortgaged period. The owner has taken consent from bank and registered the property to his name. Is there any legal problem to purchase it when he clear the entire loan?
A.Dear Client,
Even if the property owner obtains a No Objection Certificate (NOC) or release letter from the bank, indicating that the property is free from mortgage, it is prudent to conduct a thorough title search through the court to confirm the freehold title and ensure there are no encumbrances on the property before purchasing it.
Even if the property owner obtains a No Objection Certificate (NOC) or release letter from the bank, indicating that the property is free from mortgage, it is prudent to conduct a thorough title search through the court to confirm the freehold title and ensure there are no encumbrances on the property before purchasing it.
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A.Dear Sir,
You are inviting risk if they change their mind then you will be in trouble. Please take some blank cheques or written cheques with the amount you have paid to them to avoid future complications.
You are inviting risk if they change their mind then you will be in trouble. Please take some blank cheques or written cheques with the amount you have paid to them to avoid future complications.
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A.Dear Client,
If the owner of the property obtans NOC or release letter from the Bank in respect of mortgaged property that makes a property encumbrance free,, but still it is advisable to ensure and satisfy yourself regarding the freehold title and status of encumbrance of the property once again through the process of court searching before buying that property. Reach out to an experienced Advocate for guidance and steps.
If the owner of the property obtans NOC or release letter from the Bank in respect of mortgaged property that makes a property encumbrance free,, but still it is advisable to ensure and satisfy yourself regarding the freehold title and status of encumbrance of the property once again through the process of court searching before buying that property. Reach out to an experienced Advocate for guidance and steps.
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