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Can a buyer take bank loan on property papers paid only half amount
08-Dec-2023 (In Documentation Law)
I am selling my property. The purchaser has paid the half amount and prepared a 2nd agreement where it is mentioned the he is taking bank loan on the property for which is has already paid half of the amount. is the 2nd agreement correct.
It is important to know whether you have already executed a sale deed in favour of the buyer? If not, then the title of the property is still with you and the buyer cannot use the said property to obtain a bank loan. Unless he owns the property he cannot make the property as a security for the loan. Please be aware. Do let me know the details of the matter so I can guide you better.
Regards
Regards
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Adv. Shikhar Khare
Delhi | 100+ Answers
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As long as the purchaser has made true and correct statements in the agreement and no new terms are being introduced, your interests are safe.
He might have been adviced to draft this agreement in order to secure loan from the Bank.
He might have been adviced to draft this agreement in order to secure loan from the Bank.
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Adv. Pravin Sharma
Delhi | 100+ Answers
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