Risks in registering a site without original papers

[Nammane]

Dear members,



I have an offer



There is a BDS site with owner is in US , all original papers are lost & owner has given notarised GPA to his father's care takers for selling(owner parents no longer alive).



As original papaers are not there broker is will to give @ govt guidence vaule & says registration is no problems with certified copies & with that GPA but bank loan is remote as there are no orig papers



I want to know what are the risks?



I will be getting legal opinion also.



TIA

Venkat

[msn1270]

Its very risky to go ahead in this special case. Uou may need to gather further information. Don't blindly believe the Broker's words.

1) Firstly Neither the Broker nor the GPA holder is accountable for any kind of transaction damages or losses occur in the future based on this asset. Also as you say, owner is not at all available here.

2) GPA authority can be withdrawn at anypoint of time by the original owner without giving any reason.

3) Ask them to furnish the News Paper public notice published atleast in 2 lelading news papers regarding the loss of Documents and the registered Police FIR Copy.

4) Ask them to produce the Tax paid receipts till date and the latest EC Copy.

5) Paralally you can also approach BDA Special Cell through formal procedure and collect the plot details and consult a reliable legal advisor before taking the final decision.

[Nammane]

Thanks MSN.

1) They have not filed complaint regarding loss of documents.
2) Broker already got all the papers from BDA & BBMP & has given me the copy.

Reg
Venkat

[msn1270]

Hi Venkat

Usual procedure is that once the transaction is done and after the registration, the buyer has to collect all the original documents of the asset from the previous owner. Now you don't get this option. Hence you need to see atleast two scenarios on the other side.

1) The so called preset GPA holder and his GPA document might be a fake one. Since the original title owner physically not available for you, Someonw else might be misusing the opportunity. Just by speaking to a person(So called orignal owner staying in abroad) over phone or email doesn't give any proof that the person on the other side with whom you interacted is the original owner.

2) By chance the original titles are very much available and just for greedyness, if they start selling the same site to multiple people by giving this reason, you will also be one of the Victim and since the original documents are with the owner, when you go for legal procedure, always they can justify that he has not sold the site to anyone and your transaction and claims is a false one done by strangers.

hence until and unless the original owner takes the full responsibility for the "Loss of Documents" and proves it, and also takes the accountability of issues arising in future on your transaction, you are the one and only person fully accountable for any kind of losses/damages happens in future. Neither the GPA holder nor the Broker comes into picture.

[Nammane]

Thanks msn1270, i was tempted to go 4 it, after your reply i thank u for saving my hard earned money & future litigation headache

I mentioned to them to find the owner but broker is not intended to do that.

Thanks again.

[bmsboy]

Hi msn1270, very nice info.. U r absolutely right.. One of my ex-colleagues became a victim like this 2 yrs back.. Broker sold property(near horamavu) to 2 people and now both victims r fighting each other.. but broker is no-where in the picture and he is roaming around freely..