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BI have a two-story house where the first floor belonged to a company which was a partnership firm having partners A, B & C. They took a loan from a bank of 60 lakhs by keeping their floor as a collateral but failed to pay the loan back. The bank sealed the property and took it over.
Meanwhile, a guy joined the partnership firm and included his wife & daughter as partners D & E. Then he repaid the loan to the bank while dissolving partners A, B & C. Which means, his wife & daughter now owns 100% of the company. However, he did not register the property in the name of D & E, as he is under the impression that there are 2 partners remaining who automatically own all assets (movable & immovable) & liabilities of the company which includes the property too.
Our lawyer mentioned that he needs to register a new deed with the municipality clearly stating the change of ownership of the **property** from the old partners A, B & C to the new partners D & E which will incur stamp duty (which he is trying to avoid paying stating it’s an accepted practice).
Is it wise to buy such a property where the deed/dolil still has the old partners and not the new ones? Is retiring of the old partners mean that the new partners automatically are new owners of the company AND the property as well without registering it?
Any advice would be really appreciated.
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AYour lawyers have told you what you need to do, but still you are asking questions on Reddit.
It’s like going to the doctor and asking opinion from your friends.
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ASure. You can spend 7 or 8 figure amount to buy a property, take a decision against professional advise and risk being embroiled in legal uncertainty.
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IYour title would be defective and uncertain, and might even be challenged later by A, B, C, or their heirs.
You may also face issues selling or mortgaging the property.It would be unwise to buy this property as it is, without addressing the appropriate issues.
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BThat’s what my worry is as well. Which is why I’m refraining to buy the property. I wonder what’s the way out as I’m owning the ground floor and 2nd floor of this premise whereas the 1st floor remains in a messed up situation.
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BBank has already given the NOC but the new partners D & E aren’t willing to bring the old partners A, B & C to sign the new deed as that’ll incur stamp duty on the property due to him registering the property which he’s trying to avoid paying.
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