7.3 Legal Opinion

Procedure to capture external legal opinion for the collateral.

Upon clicking Next in the Legal Opinion - Summary screen, the External Legal Opinion / Legal Opinion data segment is displayed.

Figure 7-3 Legal Opinion - Legal Opinion

Description of "Figure 7-3 Legal Opinion - Legal Opinion"

1. Click the action icon in the required collateral record and select Edit.
   The Legal Opinion - Configure - Collateral Type screen is displayed based on the selected collateral.

   Figure 7-4 Legal Opinion - Configure - Property

   
   

   
   Description of "Figure 7-4 Legal Opinion - Configure - Property"

   
   

   For information on the Property, Covenants, and Documents menus, refer the Data Enrichment chapter.

2. Click Next and navigate to Legal Opinion menu.

   Figure 7-5 Legal opinion - Configure - Legal Opinion

   
   

   
   Description of "Figure 7-5 Legal opinion - Configure - Legal Opinion"

   
   
3. Click + the add icon in the Legal opinion - Configure - Legal Opinion screen.
   The External Legal Opinion Details window is displayed.

   Figure 7-6 External Legal Opinion Details

   
   

   
   Description of "Figure 7-6 External Legal Opinion Details"

   
   
4. Specify the external legal opinion details.
   For field level explanation, refer the below table.

   Table 7-1 Common Details - Field Description

   Field	Description
   Construction Stage	Select the stage of construction from the drop down list. The options available are: Complete Under Construction
   Holding	Specify if the property is Freehold or Leasehold.
   Agency	Select the Agency from which the legal opinion is obtained.
   External Opinion Date	Specify the date on which the external legal opinion is captured.
   Date of Agreement	Specify the date of lease agreement.
   Registration Number	Specify the property Registration Number.
   Mortgage Created By	Select the bank or security trustee who created the mortgage. The options available in the drop down list are: Own Bank Others
   Type of Transaction	Specify whether the customer is New To Bank or Existing customer.
   Mortgage Creation	Select the Mortgage Creation as Fresh or Enhancement of existing mortgage value.
   Date of Mortgage	Specify the mortgage creation date.
   Type of Mortgage	Specify the type of mortgage as Equitable or Registered.
   Negative Lien	Specify whether negative lien is executed covering the collateral by selecting Yes or No from the drop down list.
   Title Deeds Custody	Specify the name of bank which is holding the title deeds.

   Table 7-2 NOC Details - Field Description

   Field	Description
   NOC to Mortgage received	Specify if NOC for creating mortgage is received. The following options are available in the drop down list. Yes No Not Applicable
   NOC to Mortgage issued by	Specify the details of other participating lenders that issued the NOC to mortgage.
   Tripartite Agreement with Authority received	Specify if the tripertite Agreement is received from the authority. The following options are available in the drop down list. Yes No Not Applicable
   Authority for Tripartite Agreement	Specify the authority which executed the tripartite agreement.
   Title Documents Submitted	Enable this flag, if the customer has submitted all the property related title documents to the Bank or security trustee.
   Empanelled Approval Done	Specify if empanelled approval is in place for deviation, if any section of the title documents is not submitted by the customer.
   Date of Title Search Report	Specify the date on which the bank obtained search report from the company secretory of the client.
   NOC Deviation	Provide details of deviation in obtaining NOC from other participating banks, if any.

   Table 7-3 Legal Audit - Field Description

   Field	Description
   Legal Audit Applicable	Enable this flag if legal audit is required for the collateral asset.
   Legal Audit Done	Enable this flag if legal audit is done.
   Date of Audit Report	Specify the date on which legal audit report is obtained.
   Next Legal Audit Due	Specify the next due date for legal audit.
   Deviations if any	Provide details of deviation in the legal audit as per Bank policy, if any.
   Remarks	Capture legal Remarks, if any.
   Legal Firm Opinion	Specify the Legal Firm Opinion.
   Final Recommendation	Capture the Final Recommendation for the collateral from the external legal firm.

5. Click Add.
   The external legal opinion is added and displayed as shown below.

   Figure 7-7 Legal Opinion - Configure - Legal Opinion Added

   
   

   
   Description of "Figure 7-7 Legal Opinion - Configure - Legal Opinion Added"

   
   

   You can Edit, View, or Delete the added external legal opinion by clicking the action icon in the corresponding record and selecting the required option.

6. After adding the external legal opinion, click Next.
   The Legal Opinion - Configure - Questionnaire Evaluation screen is displayed.

   Note:

   For information on questionnaire based evaluation, refer the External Check chapter.
7. After performing necessary actions in the External Legal Opinion/Legal Opinion data segment, click Next.