Legal Question in Real Estate Law in India

sorry my question didnt cover all the facts properly. read the question again please. I took a loan of X rupees from a person and in return i mortgaged my land to him. now i am building that land and when the land is fully built I WILL SELL IT IN ACCORDANCE WITH THE AGREEMENT I HAVE WITH THE MONEY LENDER and give 80% of the SALE money to the mortgagee and 20 % of the SALE money i will keep AGAIN IN ACCORDANCE WITH THE AGREEMENT I HAVE WITH THE MONEY LENDER. what is a safe way by which to effect this transaction so as to ensure that rights of all parties are balanced out and no party is cheated out of their share. i was thinking of an escrow account but it does not seem to fit the situation.

Asked on 8/09/09, 11:50 pm

4 Answers from Attorneys

Shrichand Nahar S.V.Nahar, Advocate

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Which question??

Have your agreement vetted by an experienced lawyer.

Answered on 8/10/09, 12:23 am

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RAJIV GUPTA (Cell: +91 9811284735) [email protected]

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but once you enter a mortgage agreement, legally you cannot sell the property unless the mortgagee is paid his dues. you will have to pay your and only then you can sell it. legally the agreement sought by you is not enforceable. how would a purchase buy a mortgaged property. will you buy a mortgaged property and pay 100% of consideration amount to the seller and after a few days get the sale deed registered in your name. you think the future buyer will trust you.

Answered on 8/10/09, 1:20 am

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Rohini Kumar Tenneti R.K.1080 LEGAL SERVICES

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You can make an agreement with the person who mortgaged your land for disbursing the flats and only after that the mortgaged amount could be paid so that you will not have to face any further obligations in future.For the agreement draft and other legal aspects contact on [email protected]

Answered on 8/10/09, 5:23 am

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