Buying a resale flat in gurgaon whose possession will be given in another 6 months

Ritz7744 (Querist) 03 December 2012 This query is : Resolved
Hi

I am in conversation with the seller for purchasing a resale flat in Gurgaon whose Possession will be given in another 6 months.

Seller has already paid 95% payment & taxes to the builder.Seller is also having loan under going with one of the bank, so property original document is with bank only.

I am here directly in touch with seller (no dealer in between), so I am worried how to check authenticity of the property & what documents should I need to ask seller to provide.

Is it better to hire a private lawyer & what he should need to check

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Raj Kumar Makkad (Expert) 03 December 2012
It is strongly recommended to hire the services of a private lawyer for this purpose who shall prepare a detailed search report which shall include the chain of title since last 30 years, the litigation, if any, the entire documents, the necessary permissions and all other relevant factors connected with the matter.

Ritz7744 (Querist) 03 December 2012
Thanks for your advice, I will surely hire a private lawyer.
1.Can you also let me know how much time does this entire process will take?
2.What would be the nominal fee of lawyer for verifying the details of the property.

ajay sethi (Expert) 03 December 2012
for verifying details of property not more than a month . fees vary from lawyer to lawyer

Ritz7744 (Querist) 04 December 2012
Thanks for the info:
Can any one let me know about Tri Party agreement for ATS & which party is part of this agreement other than Buyer & seller.

If I am going with all white deal with buyer & 80% money will be approved by bank, can I go for ATS as I have already beedn to builer office & check about the property from them verbally or should I need to wait till verification by a private lawyer.

ajay sethi (Expert) 04 December 2012
wait for verifcation by a private lawyer

Ritz7744 (Querist) 04 December 2012
Thanks Ajay,

Can you tell me something about "tri-party agreement" what is it use & benifits.

Is it same as ATS but with three party or does it something different.

ajay sethi (Expert) 04 December 2012
triparte would be between buyer seller and the builder wherein builder would agree to trnasfer property in your name on receipt of transfer charges and on recipt of original documents from seller .
engage a local lawyer

Guest (Expert) 04 December 2012
Agree with the advice of expert.

Ritz7744 (Querist) 04 December 2012
Thanks a lot for your valuable suggestions.

Raj Kumar Makkad (Expert) 04 December 2012
Welcome your appreciation.

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