# Mortgaged properties are mostly sold at a discount to new ones. This is because they would have been occupied for some time and might have some wear and tear. So, if you buy a mortgaged property, you are getting a ready-to-occupy property at a lower cost.
Can bank sell mortgaged property?
Once the terms and conditions are negotiated and finalized, the prospective seller needs to obtain no objection certificate from the bank stating that the bank has no objection in the sale of the mortgaged property and the housing loan shall be transferred in the name of the prospective buyer once the transaction is …
Can mortgagee sell mortgaged property?
A mortgagee can take possession of mortgaged property in case of default. Under the Transfer of Property Act, if there is default in payment of mortgage money, the mortgagee can take possession of mortgaged property and sell it without intervention of a Court only in case of English mortgage.
Can an opponent buy a mortgaged property?
Only if the person who owns it is willing to sell. A mortgaged property is still owned. The buyer must pay the owner the agreed purchase price of the property. If the buyer wishes to immediately unmortgage the property they may do so by paying the bank the mortgage amount plus 10%.
How do you sell a mortgaged flat?
A home owner can sell his mortgaged property based on mutual agreement with the buyer and enter into an agreement for sale. The seller should present a letter from his bank stating the due amount that is to be paid for the release of his property documents.
How do I transfer a mortgaged property?
The mortgaged property can be transferred/inherited only with the written consent of the lender. This means that if a person passes away while the home loan was still running on the property that has to be bequeathed, the beneficiary (spouse, or children of the deceased) will have to pay the outstanding loan.
Who owns a mortgaged property?
A mortgage is a temporary transfer of property in order to secure a loan of money. The person who owns the land is the ‘mortgagor’. The person lending the money is the ‘mortgagee’.
Can mortgagee sell mortgaged property without involving court of law?
The essentials of a simple mortgage are: … No power of sale out of Court, but a decree for the sale of mortgaged property must be obtained; and. It must be effected by a registered document even if the consideration is below Rs. 100.
Who is the legal owner of a mortgaged property?
Persons involved in Mortgage
The individual who mortgages his property against the loan is called “Mortgagor/Borrower.” While the individual/institution to whom the property is mortgaged is called “Mortgagee/Lender”.
Can you sell mortgaged property Monopoly?
When you mortgage a property in Monopoly, you turn the Title Deed card over. You’ll receive a refund of half of the property’s original value – the mortgage value is printed on the card. When the property is mortgaged, it’s inactive. … You can, however, sell a mortgaged property to another player in the game.
Can you sell mortgaged property to the Bank Monopoly?
So in Monopoly can you sell properties back to the bank? Although you cannot technically sell your properties back to the bank, you can take out a mortgage against the properties to get some cash in your hand. Many people use this as a way to pay off debt to try and prevent having to file for bankruptcy/lose the game.
What happens to mortgaged property in Monopoly when you lose?
According to the rules: A player is bankrupt, when he owes more than he can pay either to another player or to the Bank. … In this case, the bank immediately sells by auction all property so taken, except buildings. A bankrupt player must immediately retire from the game. The last player left in the game wins.