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Promoter sold flat by fraud taking signature on the blank paper
23-Feb-2023 (In Property Law)
A lady has given her house for development of Flats to a Promoter & gave him POA for a part of the property.The Promoter registered the undivided share of the portion for which POA was given to 5 flat buyers. The Promoter pledged the whole property (after selling the Undivided shares to 5 buyers) to a financier and borrowed a sum of Rs. 4.5 Lakhs handing over the Document as Colateral Security.He used a sheet of paper on which he has taken the signature of the land lady in blank and filled as if she has given consent. None of flat buyers signed.There is no witness also. Is this valid?
If the promoter sold the 5 flats, how can he mortgage the entire property and with whom did he mortgage the entire property, I mean with a private financier or any financial institute or a bank? At any cost, any flat will not assessed to a low rate of Rs. 4.5 lakhs nor anyone can pledge entire property for a paltry loan amount of just Rs. 4.5 Lakhs. Your query seems to be an academic query, if yes, you may clarify further doubts from your tutor or if not you can consult a local advocate by producing the relevant papers in this regard to get an on the spot opinion.
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Adv. T Kalaiselvan
Vellore | 400+ Answers
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