If I purchase land on bank loan, and later if the land comes under dispute, will I still be liable to pay off the loan to the bank? To what extent is the bank responsible in ensuring that the land is legally clean. I'm a bit wary of real estate dealings and want to safeguard myself by purchasing the land through a bank loan instead of using my own cash. Please advise to what extent this approach will help me, in case the land gets into dispute later.
Asked on 2/27/11, 12:33 pm
1 Answer from Attorneys
Shrichand Nahar
S.V.Nahar, Advocate
You will be liable to repay the loan.
Bank is not responsible for ensuring land being legally clean.
Land disputes, if any, would be required to be resolved by you alone.
Answered on 5/11/11, 10:01 pm
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