Vetting of property documents related Rajuk

Our Ref: LJ/PJ/05/2008                                                        Dated: May 11, 2008

Mr. A

Managing Director

Bank 1

Head Office

100, Motijheel Commercial Area

Dhaka

Dear Sir,

RE:     VETTING OF DOCUMENTS/PAPERS THE PROPERTY SITUATED AT GULSHAN RESIDENTIAL AREA, DHAKA

We have perused the documents/papers (all photocopies) referred to us. Our opinion is as follows:

1.

 

 

 Owner of the property

 

 : a)         Mrs. Mrs. B wife of Mr. C.b)         Mr. C son of late Mr. X

c)         Mr. D son of Mr. C

d)         Mr. E son of Mr. C.

e)         Ms. F daughter of Mr. C.

all of House No. 50, Road -3, Plot – 2, Block –SW(H), Gulshan, Dhaka.
2. Description of the property : All that piece and parcel of land measuring 01 (one) Bigha 01 (one) Katha 02 (two) Chhataks situated in Gulshan Model Town of the then Dacca Improvement Trust (DIT) now Rajdhani Unnayan Katripakkha (RAJUK) within District Dhaka, P.S. Sabek Tejgaon Hal Gulshan, & Sub-Registry office Gulshan, Mouza Bholashamair, Plot No.02, Block –SW(H) of the lay out plan of Gulshan Model Town prepared by the then Dacca Improvement Trust (DIT) now RAJUK.
3. Area : 01 (one) Bigha 01 (one) Katha 02 (two) Chhataks
4. Title Deed Referred : a)         Deed of Lease No. 5584 dated 17.04.1972 executed by Mr. G in favour of Mrs. B.b)        Notarised Affidavit dated 18.04.1990 affirming oral gift sworn by Mrs. H in favour of Mr. C, Mr. J, Md. E and Mrs. K.
5.

Bia Deed

 : Not submitted.
6. Mutation : Not submitted.

Mutation record with the Rajuk in the name of the present owner and Proposal Sheet of Mutation of the Revenue Authority over the land in question to be obtained.
7. Khatian : Not submitted.
8. Chain of Ownership : Upon perusal of Deed of Lease No. 5584 dated 17.04.1972 it appears that Mrs. G was originally leased out land measuring 01 (one) Bigha 01 (one) Katha 02 (two) Chhataks under Mouza Bholashamair, Plot No.02, Block –SW(H) of the lay out plan of Gulshan Model Town of the then DIT now RAJUK vide Standard Lease Agreement No. 4193 dated 14.05.1965.Subsequently, Mrs. G transferred his all right and interest over the land to Mrs. Mrs. B vide Deed of Lease No. 5584 dated 17.04.1972.

On 01.10.89, Mrs. Mrs. B orally gifted 35% of the land to her husband Mr. Mr. C and 10% each to their sons and daughter namely 1. Mr. J, 2. Md. E and 3. Mrs. K and a notarised Affidavit dated 18.04.1990 affirming the said oral gift sworn by Mrs. H.

Thus, the present owners have become owners of the land in question.
9. Ground Rent Payment Receipt : Not submitted.

Up to date ground rent receipt for the land in question showing payment in the name of the present owners should be obtained.
10. Valuation Certificates : Not submitted/required.
11. Non-Encumbrance Certificate : Not submitted.Non-encumbrance certificate for the last 12 years to be obtained.
12. Municipal Holding Record : Not submitted.Up to date municipal tax payment receipt should be obtained.
13 Wanting papers/Documents

a)         Mutation record of the Rajuk in the name of the present owner and Proposal Sheet of Mutation of the Revenue Authority over the land in question.

b)        Up to date ground rent receipt for the land in question showing payment in the name of the present owners.

c)         Non-encumbrance certificate for the last 12 years.

d)        Up to date municipal tax payment receipt.

e)         Development Agreement executed between the landowners and developer.
14. Opinion : Upon perusal of the documents/papers, we are of the opinion that present owners/landowners Mrs. B, Mr. C, Mr. D, Mr. E and Ms. F have acquired prima facie ownership over land in question. Bank should ascertain physical possession of the present owners over the said land and documents/papers referred in Clause 13 above should be obtained.From certified copy of Irrevocable General Power of Attorney No.11580 dated 25.08.02 (the ‘IGPA’) has been submitted from which it appears that the landowners have executed the power of attorney appointing Capital and Development Limited represented by its Advisor Mr. Mukarram Hossain (the ‘developer’) as their true and lawful attorney inter alia to construct multi-storied commercial building with two basement on the schedule property and to mortgage/sell any portion of the land and building to any financial institution/prospective buyers.

Memo No. Rajuk/Estate/4174/Stha dated 07.12.03 issued by RAJUK accepting the said IGPA has been submitted. Please note that we have not provided with any Development Agreement executed between the landowners and developer showing their sharing arrangement in the project.

Deed of Agreement dated 15.11.2005 has been submitted from which it appears that the developer entered into an agreement with Mr. W to sell Office Space measuring 3000 square feet on 5th floor and 03 car parking in the building proposed name ‘South Avenue Tower’ under construction on the schedule land at per the following price:

a.       3000 square feet floor space – Tk. 1,39,50,000.00 only @ Tk. 4650.00 per square feet

b.      03 car parking – Tk. 9,00,000.00 only @ Tk. 3,00,000.00 per unit

Summation of 3,000 square feet floor space and 03 car parking space is Tk. 1,48,50,000.00 (Taka one crore forty eight lac fifty thousand) only.

Tripartite Agreement executed on the year 2005 in between the developer and Mr. W and Prime Bank Limited has been submitted. This agreement was executed between the parties to meet up the amount agreed as the balance consideration of the floor space and car parking (the ‘property’). The tripartite agreement was executed as per the terms of the Sanction Letter dated 17.12.05 issued by the Prime Bank. It has been confirmed in the agreement inter alia that Prime Bank has provided credit facility of Tk. 100 lac to Mr. W who will create mortgage in favour of the lender upon registration of the property in his name.

Please note that we are not aware whether the title of the property has been transferred to Mr. W by any registered deed or he has created any mortgage in favour of Prime Bank.

In such situation Mr. A intends to purchase the property.

Please note that before purchase the property, permission from Rajuk is required to be obtained. A thorough search should be conducted with the Rajuk and concerned Sub-Registry to ensure the property is unencumbered.

We have provided this opinion on the basis of the documents/papers referred to us. We do not confirm the genuineness of the documents. The genuineness of submitted documents may be verified with the Rajuk and concerned Sub-registry Office.

All papers/documents referred to us are returned herewith.

Kindly acknowledge receipt.

Thanking you.

Yours faithfully,

(___________)

Advocate

Supreme Court of Bangladesh

 (_________________)

Advocate

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