Ragavan (NA) 02 April 2014

Original documents not handed over

I have finalized a flat in Chennai OMR and I am a second buyer. I came to know the Welfare association of the Gated Community didn't get the Original Parent documents from builder still due to some settlement dispute. The previous buyer purchased the flat through bank loan and now closed the same. He has got the copies of parent documents related to his flat which he submitted during his loan process.

In this above scenario,

1. Is builder having the documents will stop me getting a bank loan ?

2. Will the previous buyer can sell his house to me in this situation ?

Thank you

Ragavan

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3 Replies

Rama chary Rachakonda (Secunderabad/Highcourt practice watsapp no.9989324294 ) 02 April 2014

previous buyer got bank loan, it means all the documents might have scruitinize and loan sanctioned. it means all documents are correct in the eye of law. Just check whether your previous buyer documents and builder documents are same or not ? if any variation, ask builder occupancy certificate from the local municipal authorities.

Sanjay Gautam (Advocate) 03 April 2014

what ever be the settlement issue of welfare association with the builder should be about maintenance and not about the ownership of the flat, what I feel.

about answer of your point.

1) Builder can not stop you for getting the loan but yes if documents are not proper and builder had already taken loan on the flat then bank can not give you the loan. but as you said the previous buyer got a loan from bank so it does mean the documents are proper and there was no loan taken by builder on your flat.

2) yes the previous buyer can sell his house to you and you can buy it without problem provided you take all the necessary copies of documents from the previous buyer like sale deed/lease deed, builder buyer agreement, all documents related to property provided by the builder to the previous buyer, and also request the previous buyer to give you the loan sanction copy as it will help you to get loan from the same bank easily.

Ragavan (NA) 03 April 2014

Hi All

Thank you for your replies.

To give you an update again, when enquired with the inmates, I got the detail as,

1. The dispute between Builder and Welfare association is about - Demand of excess amount towards the first year maintenance by the builder to the association than the quoted one on the construction agreement. So the builder is still holding the Original documents including the patta, Master Plan etc.

2. Builder don't have any loans on the Flat I intend to buy. I took an EC recently and it clearly indicates the previous owner name.

The previous owner has got the following set of documents

1. Original Sale Deed

2. Original Construction Agreement

3. Copies of Parent documents such as - Power of Attorneys and Sale deeds related to the Plot, where the UDS and Flat is situated

4. Copy of the Flat's Approved Plan

5. Loan Sanction Letter.

6. NoC from the bank on closing the loan

7. Latest EC

Is there any other document I am missing here ? Kindly let me know.

Regards

Ragavan