Legal Question in Real Estate Law in India
My dad purchased a 1bhk apartment costing around 4 lakhs , out of which 2,50000 was
paid to the builder through a bacnk loan .
somehow my dad could not manage the repayment of the loan due to financial crisis and
so he rented out this property to a person on lease.
the housing loan installments were overdued for quite some period and than again some
amount was paid by my dad for repayment of loan.
My dad unfortunately was in huge losses financially so he decided to sell this property
to the tenant .the tenant agreed and he made a power of attorney on my dads (as a
seller )name alongwith four witnesses and his wife ( as the buyer).
in the power of attorney document he mentioned a clause wherein the remaining housing loan on my dads name was agreed to be paid by this tenant and also it mentioned clauses about transfer of property. He mentioned a token amount of 30,000/-as been paid to my dad on day of making this document and remaining 1 lakh would be paid later on .
the problem is he has not paid us the remaining 1 lakh amount and neither has he paid the repayment of the loan on my dads name and the loan is still getting pilled up in my dads name .
does my dad stand a chance of getting this property back .
the society transfer of name to the tenant has not been done by him.
the electricity bill and land tax bills are still getting issued in the name of my dad.the original agreement of the property in my dads name are still there with the bank from whom my dad took the loan, please advice if there are chances of getting this property back.
2 Answers from Attorneys
Yes. You can cancel the power of attorney and take back the property. Power of attorney is not a sale deed.
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