Legal Opinion on amendment of Transfer of Property Act.

Mr. Z

Address….

Dear Sir

RE:     Legal Opinion on amendment of Transfer of Property Act.

We refer to your letter dated 11 December 2006 on the same subject.

From perusal of your letter it appears that in light of the recent amendment dated 24.09.2006 to Section 59 of Transfer of Property Act 1882 you require our legal opinion on the matter whether the Bank could go for Equitable Mortgage instead of Registered Mortgage for securing Mortgage loan in cases of tripartite agreement for the sale of a flat or floor space to be constructed or a plot of land to be developed. You have also asked us to draft a revised standard Tripartite Agreement in light of Equitable Mortgage.

OUR OPINION:

On perusal of the amended Section 59 of Transfer of Property Act, we are of the opinion that the Bank could go for Equitable Mortgage instead of Registered Mortgage for securing Mortgage loan in cases of tripartite agreement for the sale of a flat or floor space to be constructed or a plot of land to be developed.

Regarding the drafting of a revised standard Tripartite Agreement, please find enclosed herewith a general Tripartite Agreement in light of Equitable Mortgage. BUT be informed that in each different situation the Tripartite Agreement will be different depending on the circumstances of the case. As such you may not be able to follow the provided Tripartite Agreement in all cases.

If you have any further query, please do not hesitate to contact the undersigned.

Thanking you.

Yours faithfully,

………………….

For: “The Lawyers & Jurists”

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