What is the procedure for mortgage registration without possession?
I am lending money to someone and in return the other party is doing mortgage registration on their property(Agriculture land + Guest House in it) for security. I have following questions. 1 .What is the legal process for possession if conditions not met by other party? 2. How long does that process takes in best/worst case scenario? 3. What kind of protection I have with this registration? 4 .What wording I should put in registration documents for A. Possession of property if other party didn't clear with in time mentioned. B. Didn't paid interest in agreed intervals
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Hi, suggest to go for registered mortgage deed for both agricultural land and guest house. Also take a special irrevocable power of attorney (registered) after registration of mortgage. So typically you should have the following. a) loan agreement duly stamped. b) promissory note. if documentation is proper you can recover your money within 1 year. c) registered mortgage deed and d) special power of attorney. Also ensure that loan is disbursed through cheque and post dated Interest cheques for entire duration of loan and principal amount cheque. Get three to four reliable witnesses.if documentation is proper you will recover your money within 1 year in case of default by borrower.
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