Legal Question in Real Estate Law in India
Multiple Sale/Dual Mortgage
I own an apartment which is registered in my name. I also have a loan for the same.
Recently I got to know that the builder of the apartment had taken a loan against my apartment by entering into a mortgage agreement with a bank. The mortgage is some kind of a tri-party agreement where the parties involved are the builder, an employee of the builder and the bank.
Now since the builder is not repaying the loan to the bank. The bank is threatening to go for securitization of the apartment.
What should I do? What steps can I take to secure my apartment.
It is not my fault. As a buyer I had no means of knowing if the flat was already mortgaged with some bank when I purchased the apartment.
3 Answers from Attorneys
Re: Multiple Sale/Dual Mortgage
If mortgage is prior to your agreement with the builder, then you may not have any remedy against the bank.
In such case, you can initiate civil and criminal action against the builder and others involved.
Re: Multiple Sale/Dual Mortgage
the builder has committed fraud upon you by selling u a mortaged flat..you file a complaint under relevant sections of forgery and cheating and also claim recovery of damages. in case you fail to take the legal action, the bank may strip you of your rights.
Re: Multiple Sale/Dual Mortgage
you may consider lodging a criminal case of cheating against the builder.
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