Gift deed made during mortgaged period
1 month ago
Sellers father has made gift deed to his son during mortgaged period after taking consent letter from bank. Now he will clear the loan and get the discharge deed done. Now bank will issue the NOC in favour of seller or his father? If discharge deed executed in favour of son, then there will be any legal problems?
A.Dear Client,
Even if the property owner receives a NOC or release letter from the bank, confirming the property's encumbrance-free status, it's wise to independently verify the property's freehold title and encumbrance status through a court search before purchasing to prevent potential future issues.
Even if the property owner receives a NOC or release letter from the bank, confirming the property's encumbrance-free status, it's wise to independently verify the property's freehold title and encumbrance status through a court search before purchasing to prevent potential future issues.
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A.Dear Sir,
Normally the Bank will issue NOC in favour of principal borrower only. The discharge deed will be executed in favour of son.
Normally the Bank will issue NOC in favour of principal borrower only. The discharge deed will be executed in favour of son.
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A.Dear Client,
The Bank will issue NOC or release letter on receipt of entire dues to the Mortgagor of the property i.e, the owner of the property with whom the mortgage agreement was executed. If the owner of the property obtains NOC or release letter from the Bank in respect of mortgaged property that makes a property encumbrance-free, However, 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 to avoid any future consequences. Reach out to an experienced Advocate for guidance and steps.
The Bank will issue NOC or release letter on receipt of entire dues to the Mortgagor of the property i.e, the owner of the property with whom the mortgage agreement was executed. If the owner of the property obtains NOC or release letter from the Bank in respect of mortgaged property that makes a property encumbrance-free, However, 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 to avoid any future consequences. Reach out to an experienced Advocate for guidance and steps.
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