Hi,
The single owner original allottee in title-sale deed has taken a loan from a co-operative bank by pledging his site.
In the EC it is mentioned that person #1 (some person not mentioned in sale-deed) and person #2 (who is mentioned on sale deed) has written the property to the bank.
The loan has been repaid after 4 yrs and there is a proper registered doc from bank manager in this regard.
After loan repayment, entry exists in EC that says bank has written the property to the 2 persons (person #1 and person #2).
My question is - does person #2 whose name is not mentioned in any land doc have any claim on the land? If only person #1 sells the land to me is that enough? Any possibility of person #2 producing some docs in future and claiming the land?
Pls help!
thanks.
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Encumberance cert. question
Re: Encumberance cert. question
It looks funny at your statement. when you are saying a single owner, how come second name comes into picture, unless it is purchased by joint investors.?
Basically, EC gives the list of the owner of the land from current to the last 13 years(general Requirement). Only if the land is purchased and sale deed done in joint names, then only two names will come on the EC. otherwise there is no reason for appearance of two names in the EC for the same land at that point of time.
Basically, EC gives the list of the owner of the land from current to the last 13 years(general Requirement). Only if the land is purchased and sale deed done in joint names, then only two names will come on the EC. otherwise there is no reason for appearance of two names in the EC for the same land at that point of time.
Re: Encumberance cert. question
Hello Man1270,
I agree with what you are saying fully.
But reality is that in the EC, in the column for 'Baredu kottavaru' there are 2 names; although only one of the names is the sole owner as per title-deed during allotment.
I took an advocate's advice and he is ok with this. Said that there is no problem and I can safely purchase; I still fail to understand how. What if this unknown 2nd person shows some registered document in future and claims ownership of site??
Also, when the loan was repaid, the bank's name is in the 'Baredu kottavaru' column written to the 2 people.
I agree with what you are saying fully.
But reality is that in the EC, in the column for 'Baredu kottavaru' there are 2 names; although only one of the names is the sole owner as per title-deed during allotment.
I took an advocate's advice and he is ok with this. Said that there is no problem and I can safely purchase; I still fail to understand how. What if this unknown 2nd person shows some registered document in future and claims ownership of site??
Also, when the loan was repaid, the bank's name is in the 'Baredu kottavaru' column written to the 2 people.
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blrsiteseeker
- Posts: 508
- Joined: July 18th, 2009, 2:23 am
Re: Encumberance cert. question
I don't know too much about this. but could the 2nd person have been the co-signer of the loan. (just a guess).
Re: Encumberance cert. question
if you are looking for a double security of this document,
Best option is to get the contact details and meet that second person personally and speak to him about your concern and convince him and get a NOC and make it as a registered document through a Notary lawyer.
Best option is to get the contact details and meet that second person personally and speak to him about your concern and convince him and get a NOC and make it as a registered document through a Notary lawyer.
Re: Encumberance cert. question
hi,
as you told that there are 2 names in "baredakottavaru" column in EC, check from bank on what basis they have included both names and after clearing the loan, get an NOC (should have boht names as appearing on EC) on the scheduled property.
if you still have any doubt, and you are interested in purchasing the same, you need to get a RATIFICATION DEED from the person whose name is missing(first or second person) for the corresponding schedule property.
after registering, get a new EC in which only your name should appear, no one else.
if you are taking loan, your bank name will appear.
comments, criticisms welcome
regards,
ravindra kumar hg
as you told that there are 2 names in "baredakottavaru" column in EC, check from bank on what basis they have included both names and after clearing the loan, get an NOC (should have boht names as appearing on EC) on the scheduled property.
if you still have any doubt, and you are interested in purchasing the same, you need to get a RATIFICATION DEED from the person whose name is missing(first or second person) for the corresponding schedule property.
after registering, get a new EC in which only your name should appear, no one else.
if you are taking loan, your bank name will appear.
comments, criticisms welcome
regards,
ravindra kumar hg
Re: Encumberance cert. question
Hi ravi, msd, blrsiteseeker, and all others. thanks for your valuable inputs.
It turns out that the other person is an employee/member of the bank co-operative association from where the loan was taken. Attorney has taken a look at the docs and has committed to safeguard my interests and is ok with me to go for registration. He also advised to put newspaper ad calling for anyone who has objection to me purchasing the site. Also, thanks for the advice to get a clean EC wherein the other persons name is not mentioned.
regards.
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It turns out that the other person is an employee/member of the bank co-operative association from where the loan was taken. Attorney has taken a look at the docs and has committed to safeguard my interests and is ok with me to go for registration. He also advised to put newspaper ad calling for anyone who has objection to me purchasing the site. Also, thanks for the advice to get a clean EC wherein the other persons name is not mentioned.
regards.
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