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Is mortgage affected on basis of agreement to sell?
18-Jul-2023 (In Property Law)
SIR, IF MORTGAGED IS AFFECTED ON THE BASIS OF AGREEMENT TO SELL, IS IT POSSIBLE TO TAKE POSSESSION OF SUCH UNDER CONSTRUCTION FLAT? WHEN TILL DATE TITLE IS NOT TRANSFERRED IN FAVOR OF BORROWER? IF YES... HOW?
I'm afraid the question is unclear.
I believe the property in question is an under construction flat which is the subject matter of the agreement to sell. The borrower is interested in taking possession of the flat despite the fact that the title is yet to transferred (as per the terms of the contract.) It is the part about the mortgage that is not clear to me.
Nevertheless there is something to be said from the facts that are clear to me as stated above. It is important to note that the fact as to when the possession of the fact is to be transferred is entirely dependant on the express terms of the contract regardless of the fact that sale has been completed as per the contract or not. Where there is no such term (which is unlikely in such cases) then the possession is transferred on the payment of the consideration.
Your question as it is framed apart from being unclear in some respects is also very academic nature. It is advised that you state your practical problem with surrounding circumstances as far as they are relevant to the question.
I believe the property in question is an under construction flat which is the subject matter of the agreement to sell. The borrower is interested in taking possession of the flat despite the fact that the title is yet to transferred (as per the terms of the contract.) It is the part about the mortgage that is not clear to me.
Nevertheless there is something to be said from the facts that are clear to me as stated above. It is important to note that the fact as to when the possession of the fact is to be transferred is entirely dependant on the express terms of the contract regardless of the fact that sale has been completed as per the contract or not. Where there is no such term (which is unlikely in such cases) then the possession is transferred on the payment of the consideration.
Your question as it is framed apart from being unclear in some respects is also very academic nature. It is advised that you state your practical problem with surrounding circumstances as far as they are relevant to the question.
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Adv. Nikhil Sabharwal
Chandigarh | 25+ Answers
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