Requesting for legal advice on procedure to buy house.
Ajay
(Querist) 20 November 2014
This query is : Resolved
Dear Advocate,
I am planning to purchase individual house for Rs.25 lakhs, by taking home loan.
Owner also has Rs.10 lakhs home loan in other bank, and because of this he has submitted all the original documents to the bank.
Now i want to see original documents before buying property.
Firstly..
Can we demand them to take us to bank to see original documents..?
Secondly..
As without Original documents my current bank will not give home loan..( as property is under Mortgage)..
So, how do i proceed with this..? What is the legal procedure in this case.
Third..
As i am buying Constructed house not land..
What are the earlier documents i have to check and should transfer to my name..?
Please guide me in this regard.. I have very less knowledge regarding this property transaction..
Your advice in this regard is highly appreciated..
Devajyoti Barman
(Expert) 21 November 2014
1. Yes
2. Loan a/c of your seller can be transferred to your bank.
3. The title deed on land, builder agreement, completion and occupancy certificate etc.
Meet a local lawyer. The document to be required may vary with cases to cases.
ajay sethi
(Expert) 21 November 2014
you can ask for inspection of original documents . bank will check whether title is clear and marketable . all orginial link documents should be available with seller
Rajendra K Goyal
(Expert) 21 November 2014
1. You can demand to see the original and can ask for a photocopy of the documents.
2. His Bank would issue no objection certificate on the request of borrower to release the title deed in favour of your Bank if it pays back its loan.Your Bank would disburse the loan to his Bank account to the tune of outstanding and rest in the name of the seller. His Bank would release the title deed to your Bank directly.
3. Your Bank would need nonencumbrance certificate from their legal adviser, all related documents need to be received by you.
T. Kalaiselvan, Advocate
(Expert) 24 November 2014
Instead of wasting time seeking opinions from various sources, where you may get proper or improper advises, better to take an opinion from a local lawyer who will be able to give you proper opinion bases on the relevant details made available before him.
