FAQ (freqantly asked question)

A: Freehold property are those property, which may be sole in whole are or in part by owner of the property without taking any prior consent from the government authority

A: Leasehold properties are those properties, which have been allotted by the government authority such as land & Development office/Delhi development authority to the allottees. The property so allotted is on perpetual lease basis and cannot be sold on the basis of a sale deed. Any transfer of the leasehold property requires prior permission from the lessor (Government authorities)

A: Co-ownership where a property is owned by two or more person and each of the said person is a Co-owner of the property.

A: Sale deed, release deed, gift deed, exchange deed, will etc. The sub registers of Assurances where the said documents are registered. On registration, the original Document is returned to the person presenting the said document for registration and a duplicate copy returned by the sub registrar of Assurances.

A: Clear title implies that the borrowers ownership in the property proposed to be mortgaged is absolute and that the creation of mortgage.

A: Conveyance records the transfer of interest in immovable property. The conveyance of right, interest and title in the immovable property may take place by way of sale deed, gift deed, exchange deed etc.

A: Deed means a written document?

A: Power of Attorney is a deed/document wherein the owner of property authorizes some other person to manage, look after and supervise the immovable property and the concerned attorney is vested with the right, authorities and legal capacity to sell and transfer the property. There is need to examine the power of attorney on case-to-case basis.

A: It is a report prepared by the lawyer confirming that the borrower has a clean and marketable title to the property, which is free from prior charge/mortgage etc. The report is to be minutely examined to see whether on the subject property equitable mortgage can be created.

A: Conveyance and sale deed essentially have no difference as in both the documents, the right, interest and title of the previous owner is transferred to the purchaser. Ordinarily any conveyance deed is executed, generally by the government agencies, for example, DDA, L&DO, HUDA etc, and the sale deed is executed where the seller and the purchaser are individual/firms/companies other than government companies.