Purchase of flat
Kantilal
(Querist) 21 April 2010
This query is : Resolved
I am intending to buy one flat from an investor who has purchased it from the open auction from bank. He has not yet transfered the flat in his name.
So what documents I should aske from him?
He says he is investor so to save money on Stamp duty & registration, he has not taken flat in his name.
And when I will purchase bank will be the seller & I will be the buyer.
Kindly assist me is there any danger in buying that? what should I check for the documents?
Devajyoti Barman
(Expert) 31 October 2010
The deal seems to be fishy. You should purchase the flat only from whom in whose name the flat was purchased. The mutation certificate is not of much issue.
R.Ramachandran
(Expert) 31 October 2010
There may be a term in the Auction to the effect that the flat would be transferred either in the name of the Auction purchaser or any of his nominees. If such a term is there there should be no difficulty. But, without confirming in writing from the bank one should not enter into this type of deal. More over, the querist Mr. Kantilal will not be making the payment direct to the bank - but to the original auction purchaser, who in turn after keeping with him the difference, will make the payment to the Bank. How far one can trust the original auction purchaser would be a big worry.
