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Whether we should deposit money in escrow account or not
23-Dec-2023 (In Property Law)
Hi, I have executed agreement for sale regarding residential flat in Mumbai. Where owner/developer mortgage the land with some finance company against which he has taken a loan for construction purpose. Till now we have paid 80% of the agreement value or cost of property. Builder provided us the copy of noc 1 week after the agreement where the lender provide no objection to builder to enter into agreement with buyer subject to condition all the proceeds received or to be received deposited to the escrow account (which is maintained with lender) I have receipts of all the payments made to the builder till now. But I dont know whether builder depsited the funds to escrow account or not? It is clearly mentioned in the noc if it's not deposited in the escrow account then our noc stands terminated. And if proceeds are deposited in the escrow account then our charge on the same
It is very complex legal and technical situation in your matter.
No Advocate will be in position to advise you without looking and reading all the documents.
As it is very sensitive and relate to your already paid money and the flat yet to be handed over to you hence please take appropriate advise before taking any step.
No Advocate will be in position to advise you without looking and reading all the documents.
As it is very sensitive and relate to your already paid money and the flat yet to be handed over to you hence please take appropriate advise before taking any step.
Helpful?
23+
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Adv. Namitabh Kothari
Mumbai | 400+ Answers
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Based on Terms and condition lender can give no objection certificate to the builder. Hence as provided in real estate regulation act passed in 2016 consumer need to pay the amount in the escrow account.
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Adv. Bharat Pandirao Pawar
Pune | 500+ Answers
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Firstly write a letter to the lender seeking information on the escrow account by and between him and the builder. After confirming the same you can further inquire with the lender of any second lien on the said property.
Helpful?
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Adv. Purvi Shah
Mumbai | 100+ Answers
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