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Developer borrowed money mortgaging the land
22-Aug-2023 (In Property Law)
I had.purchased a plot in a layout in 2006 . The developer got into some money problems and borrowed money mortgaging the land which he sold to us by using the mother deeds in 2012. The developer was unable to pay and now the lender has filed a litigation against the developer. I would like to know how this will impact us and should we be concerned about this issue . George
As you have purchased the plot in 2006, and the fraudulent mortgage of the property by the developer, (including your plot ) was made in 2012, you are totally safe as the mortgage is subsequent to the sale in your favour. You have to implede yourself in the case and present your claim, with documentary support.
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Adv. Sasidharan Nair M N
Ernakulam | 25+ Answers
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Did the purchase of the plot in 2006 absolute in every respect? If so, he had not standing to mortgage the property. You have no reason to be concerned. Any how, keep a watch over the proceedings if it is a civil litigation.
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Adv. P Venu
Vaikom | 500+ Answers
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