Advocate Bankim Mehta

Questions Answered by Advocate Bankim Mehta

Q: Is 35 years old agreement valid when the seller died 22 years ago

My grand father done one development aggrnemt with on of developer 35 years back and grandfather passed away 22 years back and now he is asking to do new aggrnmet with old rate and we as a family member now we don't want give our land to that developer. After development he has not done any development on that land. Is their their old development aggrnment will work for today's work can he start doing construction on that same land with out heriterty permission?

Advocate Bankim Mehta answered
We will require to study the terms on which the agreement was executed, until then it will be inappropriate to reply. What arrangements were agreed between your father and the developer needs to be thoroughly scrutinised in order to guide you in a right direction, cause it is a matter of 35 or 22 years old.

Q: Does registration get cancelled if buyer could not make payment

I sold out my flat in 30.5 lacs in which buyer paid me 14.5 lac. rest 16 lacs will be paid by bank as he has requested for home loan and after issuing the sanction letter we have registered the flat and mention the clause in agreement within one month the bank will disburse the balance amount to me. Now bank is saying they stopped funding new case and disbursement is closed now. what should I do now?

Advocate Bankim Mehta answered
It will be the responsibility of the buyer of the flat to pay you the balance or arrange for the same by applying to the other Bank. If he does not make you payment, then you can file suit for against the buyer for recover of balance amount or cancellation of agreement or for eviction.

Q: Should company equity be divided with silent partners

I had an idea and approached a friend. He advised me to make the product more technical and since one year both of us have been preparing the product. Now the product is ready. He recently told me he would not be coming back from Germany now. Now that the product is ready its all upto me to find funding, execute, expand and everything from now on. His job would be limited to product refinement and upgradation if required and would be further zero after we hire a tech team. We are discussing how much equity should we both share? As he developed the product and has stepped aside. Should he be given equal equity as me who will life long be working on the project?

Advocate Bankim Mehta answered
Without him you would not have been able to develop a product and further until you find a tech person he will also help in refining the product. But I understand that subsequent to that he will have no role to play and all other and further efforts will be done by you for sustenance and making it successful. So as far as to issue him equity shares many parameters requires to be considered so that even the other founding partner be rewarded appropriately. Though this is a commercial call which you have to take, taking into confidence your other partner. What I feel could be reasonable will anywhere between 20-30% shares. But then you need to decide whether to issue 10% or 20% or 30% or 40% etc.

Q: Is it advisable to buy a flat having only part OC

Dear sir , First of fall , thank u for such online platform . actually i seen one flat in building which is 14 years old .This flat having part oc . so can i consider this flat is legal ? Is their any problem to purchase this flat ? I mean 14 year buiding still why they dont have full oc ? Can i buy this flat ? Thank u once again

Advocate Bankim Mehta answered
There are many other options available in the market and at a better price, then why you want to buy a flat where the building has received only part OC? If you still intend to buy then check upto which floor the OC is received and whether the flat you intend to purchase is at the floor that has received OC? Buy the flat only on the floor that has received OC and also only if you are getting at the best offer price as compare to the property available in the market. Else, do buy.

Q: I am surety to my friend for a home loan and he is not paying EMIs

I am guarantee to my friend for two home loan, Now he is not paying his emi regularly. He is earning well 50k p. M. In spite of taking strong action against him, Bank person coming to my house and harrashing me. This has damaged my CIBIL badly soI am not able to get loan for my need. Suggest what to do.

Advocate Bankim Mehta answered
This is the biggest mistake you have ever done. Law is very clear as to if the borrower does not pay the lender can recover money from the guarantor. So either you pay the loan amount and get things settle with the Bank and then independently recover money from your friend and if does not pay then take legal action against him or else you ask your friend to repay pain amount