How do I buy a property without a parent document from the recent owner?
India, tamilnadu, Coimbatore. I would like to buy a property in coimbatore. The owner is not having parent document of the property which was registered 1974. that property was pledged on 1992 and the first owner sold it down to the recent owner by said that the original document was missed. But actually that original document was kept in a bank as a surity for his machinary loans and the company was winded up and the case was closed. Now i am going to buy this property after 14 years from the recent owner who has already bought this property on 1994.
Please suggest some advice
Answer:
First of all, get in touch with the bank and see whether the loan is closed and the banker's rght is relinquished. The recent owner would have bought this property when the property was mortgaged with the bank. Without he himself getting the title of the property , he cannot pass it on to you.
1. Get in touch with the bank and enquire whether the right is relinquished.
2. if the documents are lost, then a Public notice should be published in newspapers (one in English and the other one in local vernacular) in this regard and the purpose of the advertisement (that you intend to buy if there is no objection from any body)
Exercise caution or better avoid the deal. In India, a civil case does not close quickly , thanks to the black ro(b)bers.
Put de lime in de coconut;
Drink 'em bot' togeder.
Put de lime in de coconut;
Den you feel better.
For buying a property apart from other documents parent document (Sale Deed) is a must. How can you know that the present owner has better title over the property. No bank will finance in the absence of parent document. Even advocate insist you to obtain parent document. In the parent document you will come to know about the original owner and passing on the ownership to several persons during the period.
As such, in the absence of parent document do not purchase the property.
for buying property without its original documents, you should first get the duplicate copy of registry (ownership documents) form registring authority , for which they charg very nominal fees .then you can check with the bank if it is currently under any sort of pledge before buying .
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