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Questions by Emails

Subject

Triparty agreement and Intimation of Mortgage for residential Property
 
 

Detailed Question

Hi,

I have purchased a flat in Pune and taken loan from TATA finance.Regisration for the flat is copleted. We have done the franking on Triparty agreement.
Bank executive has taken up the process of filling of Intimation of Mortgage. But even after completing 1 month he has not filled this.

He says If IOM is delayed by 1 month, I'll face the penalty.

Triparty agreement that we did on franked papers, Is it same as registerd agreement?
Where do we need to register that?
If whatever above we have done so far Do we really need to fill IOM?

I have visited the government site and found this
http://igrmaharashtra.gov.in/writedata/PDF/explenatory%20note%20on%20Equi%20motgage.pdf


Effect of the amendment :
In case of Mortgage by way of Deposit of title deed done on 1st April 2013 and thereafter:

1)If an agreement is executed (signed) between the Mortgagor and the Mortgagee, it has to be compulsory registered. The usual time limit for registration is four months from the date of execution.

2)If such agreement is not executed, then the Mortgagor has to file a notice of intimation of such mortgage. This notice should be filed within 30 days from mortgage.

3)When an agreement is executed and registered as per clause (1), then no need of filing of notice of intimation.

4)The non registration of agreement/non filing of notice of intimation may defeat the legality of the mortgage and cause injury to the interests of parties. Any person who fails to file such notice within the prescribed time limit shall be liable for punishment under section 89C of the Act.

Regards,
Hrishi
 
 

Reply


Replied By - Advocate Asgher Mahdi on 5th Feb 2017 ( Total Replies - 24, Total points - 196 )
Advocates Reply - You can seek court help by citing the reasons for delayed and court may gives permit to do so

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