Question asked by Venkat from Bangalore, India:
Namasthey Vatsala,
Please can you help with your legal expertise :
I am planning to lend 20 Lakhs to a person for a period of one year with his apartment flat as collateral. He says that he will give a GPA notarized on my name as surety.
1. Is GPA the right way to proceed or is there any other better approach for ensuring my lent money ?
2. Is GPA notarized sufficient gurantee that I can sell the flat towards my principal amount should I not get my principal amount ?
3. Are there any special clauses to be included in GPA ( irrevocable, etc ? ) .
4. In the unfortunate event of death of either party , will the GPA be valid and will my family still claim the collateral for my lent money ?
Thankyou in advance !
Warm Regards
Venkat, Bangalore
