-------------------------------------------------------------------------- | Wishing all Goanetters | | a Prosperous | | and | | Happy New Year - 2006 | | Goanet - http://www.goanet.org | -------------------------------------------------------------------------- Interesting post. I wasn't aware of these agencies maintaining such records.
Thanks Kenneth. Jim Fernandes. New York. -------------- Original message ---------------------- From: kenneth fernandes <[EMAIL PROTECTED]> > No flats despite full payment > The Navhind Times > > Are you buying property in Goa? Doing so without acquiring the title > certificate and the nil-encumbrance certificate on the property would cost > you > dearly. This has happened to about 24 persons who paid a builder an average > of > Rs four lakh each and bought flats in Diyana Holiday Homes at Umtavaddo, > Calangute. The builder even gave them physical possession of the flats but > subsequently, the Economic Development Corporation Limited (EDC) attached the > property and in a recent newspaper advertisement, has announced it will > auction on September 7. The builder had mortgaged the property to the EDC to > avail of a loan of Rs 65 lakh before he sold the flats to the unsuspecting > buyers. He took their money but concealed the fact that the property they > were > buying was mortgaged. > > According to Mr Benedict Nazareth, a Mapusa-based lawyer for four of the > flat-owners in Diyana Holiday Homes, the buyers should have obtained the > title certificate and the nil-encumbrance certificate on the property before > they paid the builder. Every person who buys immovable property has to > ensure that the property title is clear and marketable. The title > certificate is issued by any lawyer who will conduct the necessary > investigations and issue it, Mr Nazareth said. Secondly, they should have > also obtained a nil-encumbrance certificate from the office of the > sub-registrar. The moment a mortgage is registered, the same is reflected in > the encumbrance register maintained by the sub-registrar. Had the buyers > approached the sub-registrar, they could easily have found out that Diyana > Holiday Homes was mortgaged. > .... ...... > One may notice that the builder has not been mentioned in this possible > solution. With laws as they are, it is feared that he may go off scot-free. > Says Mr Nazareth, the law says Buyers beware! take precautions or else, > you may be crying in vain before police and lawyers and courts while the > builder laughs all the way to the bank with your money. > > Kevin invites you to join his group > > Click to join From_Goa_with_Love > -------------------------------------------------------------------------- | Goa - 2005 Santosh Trophy Champions | | | | Support Soccer Activities at the grassroots in our villages | | Vacationing in Goa this year-end - Carry and distribute Soccer Balls | --------------------------------------------------------------------------