Agreement To Sell Of Mortgaged Property
According to legal experts, the sale of a property cannot be made when a seller serves a home loan, because the buyer wants to see the original real estate documents held by the bank. Therefore, the amount paid by the bank for the disclosure of the documents should be part of the real estate purchase agreement. The purpose of the sale is only IMMOVABLE PROPERTY in accordance with section 54 of the Act. Immobilizing objects can be tangible or immaterial. Material property is a property that can be affected, while intangible property refers to real estate that cannot be affected, such as a right to fish, a right of priority, etc. “Very often, mortgaged property that is for sale is not very old, usually less than 10 years. The owner may have decided to sell it because of the valuation of the capital in the area concerned and can give you a good deal compared to other expensive properties in the same environment. If the seller pays the unpaid taxes, a NOC is issued by the bank to confirm that there are no unpaid home credit charges and that the original documents are released. Buying a property can be a tedious business and getting a good offer for a preferred property is a challenge. Instead of new projects, mortgaged assets are often attractive to potential buyers.
However, a mortgaged property involves a different purchase procedure than a regular re-check or a new project property. If you`re interested in choosing a mortgage property that meets your needs but doesn`t know how to do it, read on to find out the benefits and procedures associated with it. The delivery of items must be completed when the seller hands over the property to the buyer or the person he is directing. I did it. Under Section 58 (a) of the Transfer of Property Act 1982 “A mortgage is the transfer of interest in certain personal property to guarantee payment of advanced money through a loan, an existing or future debt or the performance of a liabilityable obligation” Section 55(a) – The purchaser is entitled to (unless , he unduly refused the acceptance of the delivery of goods: when a person decides to sell his mortgaged property, he should ensure that he has all the important documents – sales certificate and certificate of housing company, etc.