1. Is seal of the housing society director must for the sale deed during 2006?
Situation : I have purchased a residential site from Housing co-operative society during 2006 through sale deed.
I have applied for education loan for my son and agreed to offer the above sale deed as a collateral security to Bank. Bank has sanctioned the loan.
During handing over of documents, the bank said that the sale deed does not contain the seal of director who has executed the sale deed and requesting me obtain rectification deed for missing seal of the society and the director.
In the body of the sale deed, it is clearly typed that Mr. X is our director of the society and executing/signing the deed on behalf of the society and also on the last page, he has signed on behalf of the society - matter which is typed.
Now the society is not agreeing for rectification deed as they have not done in the past and all the sale deeds executed without the seal.
Why the bank is insisting for seal/rectification deed ?
I do not know what to do ?
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If Bank raises such issue then you may approach another Bank and get loan without that issue. Alternatively you may approach Civil Court and get a direction to the Society to execute rectification deed.
For full procedure contact me on mobile through the Administrators of this Website.
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