Buying flat

Querist : Anonymous (Querist) 30 November 2011 This query is : Resolved
Sir
We would like to buy a flat and are paying
token money, what should be the draft, as seller wants two to three month time to deal go through.Property is in Devlali/Nasik
and after that what documents to receive from
them to negotiate the loan with bank. we will
engage lawyer as soon as possible.

sudhir

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ajay sethi (Expert) 30 November 2011
you have not mentioned whether you are purchasing flat on resael basis or dircetly from builder

if cooperative society is formed
1) obtain NOC from society
2) take inspection of original documents of flat purchase

3) share certifcate if any

4)if flat in society occupation certificate

5)building completion certifcate if any
6) if purchasing directly from builder take title search of the property

7) whther project preapproved for laon by any bank

contact a local lawyer

token money should be paid by cheque only . take it in writing from seller that he shall deliver posession withing 3 months failing which token money shall be refunded with interest . clause as to when balance payment would be made

Deepak Nair (Expert) 30 November 2011
Hello dear,
Your query is rightly solved by Mr. Sethi.
Here, I would suggest to sign a Memorandum of Understanding with the builder/vendor stating the detials fo token money, total consideration, payment mode of balance money, delivery of possession of flat, time limit for delivery of possession etc.