Property Sold To Multiple Buyers
Mr. Ashwani comes from a middle-class family; after working for years, he saved some money to fulfil his dream of owning a home. He went to a family friend who was involved in real estate transactions and expressed his desire to have a home at an affordable price. His friend assured him that he would get a home that would fit in his budget as well as offer many exclusive amenities.
This enchanted Mr. Ashwani, and he went happily and told his wife about it. Both went to meet a broker through his family friend. The broker introduced himself as Mr. Ayush and told Ashwani that he had several exclusive properties for sale in his budget, and those properties came with high capital appreciation and exaggerated the features of the property. Mr Ashwnai was happy and purchased the property.
Mr. Ashwani and his wife, Mrs. Harshita, were overjoyed as they stepped into their dream home. They were filled with hope and excitement for their new life. However, their happiness was short-lived. A knock on their door one day changed everything, plunging them into a nightmare they never saw coming.
A person named Mr. Sumit came with the police and introduced himself as the real owner of the home. Mr. Ashwani kept on telling them that this property belonged to him and showed them the property's papers, but all went in vain as those papers were fake. He got to know that someone who sold them already sold property to someone, and as per the law, only the first buyer has the legal right on the property. And the second one does not possess any authority on the property. Now, what steps can Mr. Ashwani take to get back his money? Let's see.
What Steps Can Mr. Ashwani Take To Get His Money Back?
It's crucial to understand that if a property is sold to multiple buyers, the law recognizes only the first buyer as the legal owner. Any subsequent sale of the property is deemed invalid. These acts are not just fraudulent, but also illegal, both towards the first buyer and the others. If the affected parties decide to take this matter to court, the judiciary may order the seller to compensate them for the damages.
How To Check If The Property Is Sold To Multiple Buyers Or Not?
To safeguard yourself from falling into a situation like Mr. Ashwani, it's essential to conduct comprehensive checks before purchasing any property. Whether it's a commercial property or a residential one, always ensure to:
Title Search: Begin by checking the property title through the appropriate government or municipal records. This search will reveal the current owner of the property.
Encumbrance Certificate: Obtain an encumbrance certificate, which records past property registrations. It serves as evidence of clear ownership. You can request encumbrance details dating back up to 30 years from the sub-registrar's office.
Sale Deed: A sale deed serves as the principal evidence of property ownership transfer. It contains the personal details of both the seller and the buyer, along with precise information about the property and its owner.
Public Notice: Consider placing a public notice in a leading daily newspaper to invite objections regarding the sale of the property. This step helps mitigate the risk of purchasing a property that has been sold to multiple buyers.
Can One Property Have Multiple Owners?
There could be multiple owners of a property, but in that case, all the owner's names will be listed on the sale deed. Sometimes, the sale deed also mentions their specific share percentage of property ownership.
Conclusion
While the situation may seem dire, there are ways to protect yourself. Always verify the details and every legal aspect of the property before making a purchase, or consider hiring a property legal advisor. And remember, you can always rely on RERA-authorised property consultants like Commercial Noida. We will guide you to your dream home or commercial space, ensuring a smooth and legal process. Your dream property is just a call away.
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