Our ref: LJ/PJ/08/2006
Dated: August 29, 2006
Consumer Credit Risk
Personal Financial Services
Dhaka Main office
1/1-B Sonargaon Road
RE: VETTING OF PROPERTY DOCUMENTS/PAPERS A/C. “W”
We refer to your letter dated 11.07.2006 and 19.07.2006 on the above subject.
We have perused the documents/papers (all photocopies) referred to us. Our opinion is as follows:
|Owner of the property
|:||1. Mr. A son of Mr. X2. Mrs. B wife of Mr. A
Both of Village Baiddergaon, P.O. Rasulpur, P.S. Gozaria, District Munshiganj present address at 31, Purana Paltan, P.S. Motijheel, District Dhaka
|2.||Description of the property||:||All that piece and parcel of land measuring 19 (nineteen) Kathas 13 (thirteen) Chhattaks situated in the Gulshan Residential Model Town of the Dhaka Improvement Trust now Rajdhani Unnayan Katripakkha (RAJUK) in the District Dhaka, P.S. Sabek Tejgaon now Gulshan, Sub-Registry Office Gulshan, Mouza Bhola Shamair being Plot No.16, Block CEN(G) of the lay out plan of Gulshan Model Town, Dhaka prepared by RAJUK butted and bounded by:On the North: Plot No. 14
On the South: Plot No. 18
On the East: Pond
On the West: Road
|3.||Area||:||19 (nineteen) Kathas 13 (thirteen) Chhattaks|
|4.||Title Deed referred||:||Deed of Sale No. 6964 dated 12.03.1996 executed by 1st Sub-Judge, Dhaka Court on behalf of Mr. Arif Mohammad Gazi in favour of Mr. A & Mrs. B.|
|5.||Bia Deed||:||Indenture of Lease No. 8874 dated 15.09.1964 executed by RAJUK in favour of Arif Mohammad Gazi..|
|6.||Mutation||:||It appears from the Memo No. Rajuk/Estate/1215 Stha dated 10.04.2004 that the names ofMr. A & Mrs. B have been recorded with RAJUK in place of previous lessee.
Bank should obtain mutation record with Revenue Authority in the names ofMr. A & Mrs. B for the land in question.
|8.||Chain of Ownership||:||Arif Mohammad Gazi alias Arif Mahmud Gazi was originally leased out the land measuring 1 Bigha 11 Katha 7 Chhataks under Plot No. 2, Block No. N.W.(B) of the Gulshan Model Town by the then DIT now RAJUK vide Indenture of Lease No. 8874 dated 15.09.1964.It appears from Memo No. DIT/EO/914 dated 13.04.1968 that RAJUK decided to allot land measuring 19 Kathas 13 Chhataks to Mr. Arif Mohammad Gazi under Plot No. 16, Block – CEN(G) in lieu of land measuring 01 Bigha 11 Katha 07 Chattaks under Plot No. 2, Block – NB(B) due to military installation contiguous to the Plot No. NW(B)2.
Please note that we have not been provided with any documents/papers (Amendment/Addendum of Indenture of Lease or Deed of Exchange) executed by RAJUK in favour of Arif Mohammad Gazi whereby RAJUK allotted land measuring 19 Kathas 13 Chhataks to Mr. Arif Mohammad Gazi under Plot No. 16, Block – CEN(G) in lieu of land measuring 01 Bigha 11 Katha 07 Chhataks under Plot No. 2, Block – NW(B).
Subsequently, an Agreement for Sale dated 04.01.1970 was executed by Arif Mohammad Gazi in favour of MohammadMr. A and Mrs. B whereby Arif Mohammad Gazi agreed to execute Deed of Sale upon payment of full money.
Subsequently, a suit being No. 343/1991 was filed by MohammadMr. A and Mrs. B which was followed by an appeal being No. 98/1983 where the learned court decreed to execute the deed of sale in favour of MohammadMr. A and Mrs. B by Arif Mohammad Gazi within 60 days. But Arif Mohammad Gazi did not execute any deed of sale in favour of MohammadMr. A and Mrs. B within 60 (sixty) days.
Thereafter, MohammadMr. A and Mrs. B filed a Decree Jari suit being No.3/89 to execute and to registry necessary deed of sale in favour of them. Subsequently, the learned 1st Sub-Judge, Dhaka on behalf of Arif Mohammad Gazi executed a Deed of Sale being No. 6964 dated 12.03.1996 for the land measuring 19 Kathas 13 Chhataks under Plot No. 16, Block No. CEN(G) in favour of MohammadMr. A and Mrs. B.
|9.||Ground Rent Payment Receipt||:||Not submitted.Up to date ground rent payments receipt should be obtained.|
|10.||Valuation Certificate||:||Not submitted.|
|11.||Non-Encumbrance Certificate||:||Non-encumbrance certificate dated 23.11.2005 issued by searcher & deed writer Md. Abu Sayed Chgowdhury up to the year 2005 has been submitted.Up to date non-encumbrance certificate is required to be obtained.|
|12.||Municipal Holding Record||:||Not submitted.Bank should obtain up to date municipal tax payment receipt, if applicable.|
a) Documents/papers (Amendment/Addendum of Indenture of Lease or Deed of Exchange) executed by RAJUK in favour of Arif Mohammad Gazi whereby RAJUK allotted Plot No. 16 in lieu of Plot No. 2, Block – NW(B). Search report from RAJUK that the land measuring 19 Katha 13 Chhataks under Plot No. CEN (G) has duly been recorded with RAJUK in the names of Mr. A and Mrs. B.
b) Mutation record in the names of Mr. A and Mrs. B certified by the Assistant Commissioner of Land for the land in question.
c) Up to date non-encumbrance certificate.
d) Ground rent payment receipt up to current year i.e. 1412.
e) Up to date municipal tax payment receipt, if applicable.
At the time of execution of sale deed:
g)Permission from RAJUK to transfer the property to Mr. “W”.
At the time of execution of mortgage deed:
h) Permission from RAJUK to mortgage the property by Mr. “W”.
|14.||Opinion||:||Upon perusal of the documents/papers, we are of the opinion that Mohammad Mr. A and Mrs. B (the ‘Landowners’) have acquired prima facie ownership over land in question subject to obtaining the search report from RAJUK that the land measuring 19 Kathas 13 Chhataks under Plot no. 16, Block No. CEN(G) has duly been recorded with RAJUK in then names of Mohammad Mr. A and Mrs. B. Physical possession of the present owners over the land should be ascertained and documents/papers referred in Clause 13 above should be obtained.We have been provide with a registered Irrevocable General Power of Attorney No. illegible dated 25.05.2004 (IGPA) from which it appears that the landowners have appointed Rupayan Housing Estate Limited (the ‘Developer’) as their true and lawful attorney empowering the attorney inter alia to construct 06 storied building over the land in question. and to sell its share as mentioned in schedule –‘Ga’ of the said IGPA to the prospective buyers. The IGPA was accepted by RAJUK vide Memo No. Rajuk/Estate/4138 (1) STHA dated 03.08.2004.
We have been provided with an Agreement for Allotment of Apartment (Agreement for Sale) from which it appears that “W” will purchase an apartment Type – C, being No. C-1 measuring 2140 square feet on the 1st floor of the building namely ‘Rupayan Teasel’.
Please also note that we have not been provided with any registered Agreement for Sale executed between “W”, the Landowners (through their constitute attorney) and the Developer.
In such situation Bank may obtain a registered Agreement for Sale by and between the borrower “W” and the Landowners (through their constitute attorney) and the Developer clearly mentioning the time for transferring the apartment along with undivided and undemarcated land by way of Deed of Sale. Thereafter, upon obtaining mandatory wanting documents/papers as mentioned clause 13 abovethe Bank may finance partly to Mr. “W” on the basis of a Tripartite Agreement stipulating inter alia that within a certain period after registration of the apartment in the name of Mr. “W”, he will create mortgage over the same in favour of the Bank upon obtaining approval from RAJUK.
Please note that we have provided this opinion on the basis of the documents/papers referred to us. We do not confirm the genuineness of the submitted documents. You may verify the genuineness of submitted documents with the concern Sub-registry office or concerned authorities.
As per your request we are sending herewith a draft Tripartite Agreement to be executed by Bank, “W” and Rupayan Housing Estate Limited (for itself and constituted attorney of Mr. Mr. A and Mrs. B).
All papers/documents referred to us are returned herewith.
Kindly acknowledge receipt.