We are in the process of selling our property (Resale) and the buyer is taking a home loan from Axis Bank to fund the purchase. We were discussing the balance payments process after receiving the small token amount from the buyer (at the start of the negotiation) and now after the bank has started the process of property verification. We were informed by the buyer and Axis Bank officials that we need to hand over all original property documents to the bank at the time of sale deed registration. The bank will only provide a xerox copy of the DD for the sale amount attached to the sale deed at the time of registration but the original DD will not be handed over to the seller at that time. Only after completion of the sale deed registration and only after bank gets the original sale deed from the registrar office ( after a delay of few days) and after complete verification of all property documents will the bank hand over the DD to us. We find it very difficult to understand as to why the payments cannot be made in the Registrar Office itself and we need to wait for multiple days for the payment after handing over the valuable original property documents to Axis Bank. Why penalize the Seller?. We told them in other states the original DD is handed over at the sale deed registration time at the registrar office. But the bank branch officials are repeatedly informing us that it is standard practice in Maharastra for such resale. Kindly advice at the earliest.
