Our Ref: LJ/PJ/07/06 Dated: July 21, 2006
The Manager Consumer Credit Risk
Personal Financial Services
Dhaka Main office
Anchor Tower 1/1-B
RE: VETTING OF PROPERTY DOCUMENTS A/C. “W”
We refer to your letter dated 05.07.2006 on the above subject.
We have perused the papers/documents, (all photocopies) referred to us. Our opinion is as follows:
|Owners of the property
|:||1) Mrs. A wife of Late Mr. X2) Mr. B.
3) Mr. C
4) Mr. D
All sons and daughter of Late Mr. X of Plot No. 817 (Old) 64 (New); Road No. 19 (Old) 9/A (New), Dhanmondi Residential Area, Dhaka.
|2.||Description of the property
|:||All that piece and parcel of land measuring 10.093 Katha or 10 Katha 1.5 Chattak situated in the Dhanmondi Residential Zone within District – Dhaka, Sub – Registration District Dhaka, Mouza- Dhanmondi, P.S.- Lalbag, being Plot No. 817 (Old) 64 (New); Road No. 19 (Old) 9/A (New) of Plan No. 564/7 dated 24.01.1957 of the consulting Architect of C.B.& I Department of the then Government of East Pakistan now Ministry of Housing and Public Works of People’s Republic of Bangladesh.|
|3.||Area||:||10.093 Katha or 10 Katha 1.5 Chattak|
|4.||Title Deed Referred||:||The Indenture of Lease No. 2903 executed on 23.12.1957 and registered on 07.11.1958 executed by the then Governor of East Pakistan now People’s Republic of Bangladesh in favour of Mr. Mr. X.The present owners have become owners of the land in question by way of succession after the death of Mr. Mr. X.|
|5.||Bia Deed||:||Not required.|
|6.||Mutation||:||Memo No. Shakha-7/Al-Dhan-7/04/731 dated 31.05.2004 issued by Ministry of Housing and Public Works of People’s Republic of Bangladesh has been submitted from which it appears that land under Plot No. 817 (Old) 64 (New); Road No. 19 (Old) 9/A (New) has been mutated in the name of Fatema Safdar, A.Q.S. Safdar, Mr. C and Mr. D.Proposal Sheet alongwith DCR have been submitted from which it appears that land measuring .1665 acre has been mutated with the revenue authority in the names of 1) Fatema Safdar, 2) A.Q.M. Safdar 3) A.M.B. Safdar and 4) Jabin Kasimvide Mutation and Separation Case No. 3065/2004 dated 24.06.2004.|
|7.||Khatian||:||D.P. Mahanagar Jarip Parcha No. 1632 has been submitted.|
|8.||Chain of Ownership||:||C.B.& I Department of the then Government of East Pakistan now Ministry of Housing and Public Works of People’s Republic of Bangladesh leased out the land measuring 10 Katha 1.5 Chattak to Mr. X vide The Indenture of Lease No. 2903 executed on 23.12.1957 and registered on 07.11.1958.After the death of Mr. X, his only wife, 02 sons, 1 daughter namely 1) Fatema Safdar, 2) A.Q.M. Safdar, 3) A.M.B. Safdar and 4) Jabin Kasim have become owners of his land by way of succession.
Upon perusal of the D.P. Mahanagar Jarip Parcha No. 1632 it appears that in the Mahanagar Jarip Operation land measuring 1636 ajutangsha under Dag No. 1648 was recorded in the names of 1) Fatema Safdar, 2) A.Q.M. Safdar, 3) A.M.B. Safdar and 4) Jabin Kasim as well.
|9.||Ground Rent Receipt||:||Ground rent payment receipt No. 050732 showing payment of ground rent up to 1411 B.S. for land measuring 1665 ajutangsha under Plot No. 817 in the names ofMrs. Aand others has been submitted.Up to date ground rent payment receipt should be obtained.|
|11.||Non-Encumbrance Certificate||:||Not submitted.
Non-encumbrance certificate for last twelve years for land measuring 10.093 Katha or 10 Katha 1.5 Chattak should be obtained.
|12.||Municipal Tax Payment Receipt||:||Memo No. 257121 dated 12.09.2004 issued by Dhaka City Corporation showing payment up to 2004/2005 Tax Year in the name of A.B.M. Safdar for Plot No. 64, D.R.A., Road No. 9/A has been submitted.|
|14.||Opinion||:||Upon perusal of the documents/papers, we are of the opinion that Mrs. Fatema Safdar, Mr. B, Mr. C and Mrs. Jabeen Kasem (the ‘landowners’) have acquired prima facie ownership over the land in question. Bank should ascertain physical possession of them over the land and obtain documents/papers referred in Clause 13 above.From certified copy of Irrecoverable General Power of Attorney No. 3307 dated 16.06.2004 (the ‘IGPA’) it appears that Fatema Safdar, Mr. C and Mr. D appointed ABC Real Estates Limited represented by its Director Mr. Nashid Islam and in the absence of him Director Mr. Rashed Ahmed Chowdhury (the ‘Developer) as their constituted attorney empowering it inter alila to construct 06 (six) storied building comprising 20 apartments over the land and to sell 18 apartments out of 20 apartments and car parking spaces alongwith undivided and undemarcated proportionate land to the prospective buyers. As per the IGPA, the landowners shall get 02 (two) Apartments being Nos. A/3 and B/3 out of the said 20 (twenty) apartments. We have not been provided with any Irrevocable General Power of Attorney executed by A.Q.S. Safdar.
Upon perusal of unregistered Deed of Agreement executed between the Developer and one Shahidul Islam Khan it appears that there is an another Irrevocable General Power of Attorney executed in abroad being Treasury No. 600/2004 dated 14.07.2004. But we have not been provided with the Irrevocable General Power of Attorney being Treasury No. 600/2004 dated 14.07.2004. We have also not been provided with any acceptance letter provided by Ministry of Housing and Public Works showing that it has been accepted ABC Real Estates Limited as the attorney of the landowners.
It appears that Mr. Md. Shahidul Islam has entered into the said Deed of Agreement with the Developer to purchase an apartment measuring 1500 square feet, being No. D-4 along with undivided and undemarcated proportionate land. Since the Deed of Agreement is not registered, Shahidul Islam did not acquire any right over the Apartment or land.
In such situation Bank should advise Mr. Md. Shahidul Islam to enter into a Biananama (Agreement for Sale) with the landowners represented by the Developer/Attorney to purchase the Apartment. Upon registering the said Biananama with the concerned Sub- Registrar Office the Bank may finance Mr. Md. Shahidul Islam (the “Borrower’). Bank may do so, in the basis of a Tripartite Agreement among Bank, Borrower and the landowners represented by the Developer/ Attorney stipulating inter alia that within a certain period after registration of the apartment in the name of Borrower, the Borrower will create mortgage over the same in favour of the Bank upon obtaining approval from Ministry of Housing and Public Works.
We have provided this opinion on the basis of the documents/papers referred to us. We do not confirm the genuineness of the documents. You may verify the genuineness of submitted documents with the concerned Sub-registry office or concerned authorities.
Should you have any further query please do not hesitate to revert back to us.
All papers/documents referred to us are returned herewith.
Kindly acknowledge receipt.