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Legal Documents

Legal Documents . By: Noman Ahmed KASB Bank. Housing Financing Agreement. Essentials. Interpretation Sale & Purchase of asset Payment of Price Responsibility of Bank Prepayment Customers Presentations & Warranties Security. Essentials (Cont.). Fees & Charges

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Legal Documents

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  1. Legal Documents By: Noman Ahmed KASB Bank

  2. Housing Financing Agreement

  3. Essentials • Interpretation • Sale & Purchase of asset • Payment of Price • Responsibility of Bank • Prepayment • Customers Presentations & Warranties • Security

  4. Essentials (Cont.) • Fees & Charges • Events of Default • Declaration & Rights • Indemnity Clause • Address • Cancellation or Reduction • Termination

  5. Essentials (Cont.) • Remedies & Waivers • Provisions regarding Amendments • Further documents • Governing Law • Signatures & Thumb impression • Schedule

  6. Technical Aspects • Repayment Schedule • Suggested Paragraph • Prudential Regulation • Prompt payment bonus • Purpose of the mortgaged property • Authority Letter for taking possession of the register document • Intimation letter for equitable mortgage • Date of execution of financing agreement

  7. Mortgage by Deposit of Title Deed • As per section 58 (f) of Transfer of Property Act “Where a Person delivers to a creditor or his agent documents of title to immovable property, with intent to create a security thereon, the transaction is called a mortgage by deposit of title of deed”

  8. Essentials • Debt • Deposit of Title Deed • Intention to create a security thereon

  9. Memorandum of Deposit of Title Deed (MODTD) • Technical Points to be observed • Past tense • Filling of date • Specific property • Property that may come to existence in future • Title deed must connect the customer with property

  10. Memorandum of Deposit of Title Deed (MODTD) • Technical Points to be observed • Document deposited must be title deed • Financing agreement date • Signature of customer on every page • Detail of title deed • Witnesses

  11. General Power of Attorney • What is GPA • Why and when applicable • Legal implications • Financial Charges for GPA • Kinds of GPAs • Importance

  12. Lien Marking in Revenue Record • Property governed by an authority • PTM is tantamount • Free hold land • Lien marked fard • Oral gift

  13. Token Registered Mortgage • Security • Redemption Deed • Addition to Equitable charge • Mandatory requirement • Search certificate • Must be mandatory

  14. Letter of Intimation • Letter of intimation to concern Sub-Registrar • Ensure that property is in Ban list

  15. List of Standardized Documents • Application Form • Sanction Letter • Financing Agreement • MODTD • Undertaking for completion of Post transaction Formalities (if any)

  16. List of Standardized Documents (cont.) • Intimation letter regarding Equitable Mortgage to the concerned Sub Registrar • Lien Marking in Record of rights (Specifically in Revenue Record properties) • Token Registered Mortgaged • Authorization to take possession of the Registered Document in case of Purchase of Property.

  17. Thank You

  18. Suggested Paragraph “Repayment schedule; means the Repayment Schedule attached hereto as Schedule II, as amended and/ or replaced, from time to time, in accordance with the terms hereof depending upon the ____ prompt payment bonus and ____ Months KIBOR-ASK side (Base Rate) plus ___ Basis point without prompt payment bonus. Upon such revision, the purchase price mentioned in clause ___ above, shall be deemed to have been correspondingly increased or decreased or and the Re-payment Schedule annexed hereto as Schedule II shall also be amended and replaced by the Bank”

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