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Builder mortgaged the land, Flat resale
19-Aug-2023 (In Property Law)
One reputed Panvel builder has sold the flat with sale agreement dated 6th Feb 2014. Flat allotment done in the year 2010a nd owner took loan from LICF to serve the flat EMI and taken possession In Oct 2018 and repaid the LIC loan in 2020 and taken the no due certificate.
While resaling the said flat to another owner, it came to notice that land has already been mortgaged to BOI from Aug 2013 along with the to be built flats.
Society has 200 flats and sale-purchase happening now also with loans from LIC and other banks. BOI has also served several notice to the building. Builders have no money, gone to jail.
Just wanted to know if I should buy this resale property? What will be the legal stand? Can bank attach the said flat?
If the property is already mortgaged to somebody else there is no way that you should get involved in buying of the property instead obtain a title certificate of the land which will assist you for further references
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Adv. Garima Anil Mehrotra
Mumbai | 700+ Answers
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Well, in your case, it seems, that, the Ownership of the Land on which the Buildings are firmly based and grounded is with the Builder and as such, the Builder, rather than transferring the Land to the Society which would have been formed by now , has mortagaged such Land to Bank. Thus, in case, if Society gets formed tomorrow, the Society will be liable to settle the loans taken by Builder to construct Buildings in such Society.
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Adv. Pankaj Bajaj
Mumbai | 1000+ Answers
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