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Is it risky to shift into flat as tenant which is mortgaged by owner
26-Mar-2023 (In Property Law)
We are students shifting in an independent house by being tenants, the owner himself told us that he has taken house loan of a particular amount (probably by mortgaging his house) Is it legal for him to rent us his mortgaged house tWius? What are the things we should be careful of? As we will have to pay a high security amount to him. What can we do if he will not be able to pay us back the security amount.
Hi, Do you have any evidence stating the person who let out property is original owner?. You may refer sub-register office of the area to find he is original owner. If loan was taken by mortgaging property then the property may be auctioned, if loan is not repaid. You need to get the property details from owner and discuss with a lawyer before pay security deposit.
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