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Developer sold land to me I sold to 3rd party can he mortgage the same


03-Feb-2023 (In Property Law)

12.5% Gaothan plot is developed by developer. occupancy certificate issued in the name of landowner .Developer sold flat to Mr.A.Now Mr.A sold flat to Mr.B. Members formed co-op hsg soc and issued share certificate, Mr.A is also having share certificate. Now the question is can Mr.B will get loan from Bank?. Can he create valid mortgage in favour of Bank.? please answer.

Answers (1)

Answer #1
922 votes
It highly depends upon what sort of instrument for transfer has been executed, Firstly between Developer and yourself and Secondly between yourself and the said third Party. The Bank will need a Perfect and Undisputed Title to give a loan against and therefore it also depends upon their understanding of the nature and manner of transfer that have been executed. The bank will also weigh the Title of the said 3rd Party as well as earlier Transferees.
Advocate Chintan Thakker

Adv. Chintan Thakker

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