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Buyer saying will pay once loan is sanctioned how can I get amount
22-May-2023 (In Property Law)
Buyer had taken a loanof 24 lacks against my property which he is going to buy by august and given me an advance of 1 lack. He will pay me 20 lacks by august.now he says i will get a sum of 24 lacks in my account after the loan gets sanctioned. How will i get the amount if the loan is sanctioned in his name.?is it a fraud?
The query is not clear. I assume he made you a guarantor or co-applicant to his loan and mortgaged your property. Naturally the loan amount will be disbursed to his account only. Need more information for a clear answer.
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Adv. Nelson Joseph
Kochi | 100+ Answers
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Here the buyer is the loan applicant and you are the co obligant. The buyer has taken the loan by mortgaging your land property. If the buyer couldn't pay the loan in time it will be your responsibility as well to close the loan amount. If the loan sanctioned the amounted will be credited to his account only.
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Adv. Sindu R Kurup
Kannur | 200+ Answers
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