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Author Topic: Property Documents Misplaced by Bank  (Read 109 times)

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Offline wasimshaikh1985

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Property Documents Misplaced by Bank
« on: January 03, 2019, 10:57:04 AM »
Hello Sir/Madam,

I would like Your expert advice/suggestions for my problem below:
I have sold a property on which there was a mortgage and registration with purchaser has been completed for the same, the purchaser wanted to balance transfer and when we reached out to the bank they are unable to trace my property documents. They are searching but I am kind of sure they will not be able to find. The bank said they will give below documents in case they are unable to trace the documents:

Certified copies of chain document
FIR
News paper publications
No Claim Certificate from advocate
Covering letter

So far they have not mentioned anything about Indemnity Bond.

Based on the sell of the first property I have paid token amount to a third party for purchasing the new property and since my first property documents are misplaced the bank is not releasing the final payment and I am unable to pay the rest of the amount for new property to be purchased.

Now my questions are as below:
1. In case the first property that I am selling, the bank does not provide loan (even on certified copies) and I have to return back the amount I received as well as other charges demanded by the purchaser like Agent commissions, registration charges etc. Will the bank that lost my documents compensate me for the loss?
2. Also the token I paid for purchasing new property and if that seller does not return me back my token amount,Will the bank that lost my documents compensate me for the loss?
3. In addition for loss of original documents and reduction in fair value price of the property in open market will the bank compensate for it as well?

Please note that the bank had requested for 15 working days of time to search for the documents and the time is approaching soon, in the meanwhile I have also sent a legal notice to the bank for giving my original documents and the potential losses that bank would have to pay.
Shall I complaint now in NHB?
Shall I approach to consumer court?

Hoping to hear back from You all.

Best regards,

Offline kalaskarkk

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Re: Property Documents Misplaced by Bank
« Reply #1 on: January 13, 2019, 11:14:43 PM »
Dear Sir,
My answers are as follows:
1. In case the first property that I am selling, the bank does not provide loan (even on certified copies) and I have to return back the amount I received as well as other charges demanded by the purchaser like Agent commissions, registration charges etc. Will the bank that lost my documents compensate me for the loss?
Ans: You have to raise the issue with the head office of the Bank as well as with the banking ombudsman etc.

2. Also the token I paid for purchasing new property and if that seller does not return me back my token amount,Will the bank that lost my documents compensate me for the loss?
Ans: You have to get issue  a legal notice to compensate you failing which approach Civil Court.

3. In addition for loss of original documents and reduction in fair value price of the property in open market will the bank compensate for it as well?
Ans: You can claim compensation accordingly.

Please note that the bank had requested for 15 working days of time to search for the documents and the time is approaching soon, in the meanwhile I have also sent a legal notice to the bank for giving my original documents and the potential losses that bank would have to pay.
Shall I complaint now in NHB?
Shall I approach to consumer court?
Ans: It is better to complaint to NHB and also approach Civil Court and not consumer Court where you may not get appropriate remedy.
« Last Edit: January 14, 2019, 06:31:24 AM by admin »
Regards:

Kishan Dutt Kalaskar
Retd Judge and Advocate
No.74, 1st Floor, “Disley”  House,
Malleswaram, Bengaluru-560003.
Mob: 9686971935, 080-23461189
kalaskarnetra@gmail.com
Call me for clarification

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