Legal Question in Real Estate Law in India

I am about to purchase a property in ghatkopar, Mumbai. it is about 40 yrs old. the seller has the last gift deed and his purchase agreement. he does nt have previous agreements including the first agrrement of purchase from builder.The whole chain of agreement is missing except the last purchase agreement. I need Bank loan to make the payment. bank requires the whole chain of agreement for granting loan. Is this requirement of bank valid?? Is it asked by all banks?? the most important when the building goes for redevelopment will the ono-availability of chain of agreements create any problem??

Asked on 2/04/13, 2:17 am

4 Answers from Attorneys

Fca Prashant Chavan Expert Edge LLP

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04.02.2013

Dear Sir / Madam,

(Vakola, Santacruz East, Mumbai)

You can request the seller to obtain the whole chain of agreements if he has registered his latest Agreement with the Registrar, on payment of the prescribed fees. If you are serious about the purchase, you may offer to bear 50% of the registration cost incurred by the seller to obtain the entire chain of documents. It will also give you sufficient comfort that the property is free of all encumberances, and also fulfill the bank's condition for granting you the Home Loan. The Bank's requirement is valid and it is in your own interest. Most banks insist on this condition prior to sanction of a Home Loan. When you have the whole chain of documents, you will not have any issues at the time of redevelopment.

Regards,

FCA Prashant Chavan

Mumbai

(You can also mail me for any further on-line advice at [email protected])

Answered on 2/04/13, 2:48 am

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Sanjay Kalra Sanjay Kalra & Associates

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The answer to your queries are here in below :-

1) YES.

2) YES

3) YES........Please check Sanjay Kalra and Associates on the internet to know more about your query and the legal services we are rendering for our clients from all over the World.

Answered on 2/04/13, 4:53 am

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