I am selling my apartment. Buyer is taking 90% home loan from finance company. I submitted all house documents for legal verification / technical check to finance company. But when they gave final sanction letter to buyer, it says "Property Not Identified", no owners name or property address and loan subject to internal assessments / verifications / legal verifications and technical checks. Is this normal ? When they have checked all docs why are they saying "Property Not Identified", shouldn't they do all legal / technical / verifications before issuing sanction letter ? Is it safe for seller to register "Agreement to Sale" based on this sanction letter ? Should I demand amendments to letter to reflect property details and that all legal / technical checks are done ? Can the finance company deny loan disbursement after we register "Agreement to Sale" ? If yes then how do we get our apartment back ?
You can make a conditional sale agreement, and condition that the sale agreement shall stand cancelled if the buyer failed to pay the full amount by any specific date. You should not hand over any posseion until the payment is made in full and final, youmust mention that too; if the financial company is fair encough they would proceed to register the agreement.