Please help me
Vaibhav
(Querist) 14 March 2012
This query is : Resolved
Hello sir,
Due to some low budget, I am looking to purchase a sealed flat in Mumbai through agent. I have seen the property, it is 22 yrs old, in prime location, nearby station and it is sealed from last 6 yrs by bank. Many people from same society tried to purchase the property but not succeed.
Syndicate bank has given authority to my agent to sell the flat by end of this month. Agent’s company is taking all responsibility that they will clear all matters related to flat & he is assuring me that there will not be any problem in future. He is also ready to provide me loan facility from national bank.
Following procedure will be followed if I decided to purchase a flat
1) 30% down payment ; letter head will be provided by estate agent company
2) After 5 days MOU ( Mutual of understanding) between me & Agent company
3) After 15 Days : Registration
4) Public notice will be displayed
5) After 45 days : allotment letter with NOC of original owner, bank will be provided
Is there any procedure is pending from all above?
What other area or documents I should concentrate or inspect?
Can I directly deal with bank?
How I can reached to owner of flat, as people informed that he is out of India ?
How I should ensure the no bank other than syndicate holds authority to sell the flat?
Please help me.
Regards,
Vaibhav
ajay sethi
(Expert) 14 March 2012
it is advisable to deal directly with the bank .
what if mortgagor has motgaged flat to various banks ?
cross check with society whether as per society records flat is morgaged to syndicate bank only .
what if agent has no authority to deal in respect of said flat .has he produced any document in writing wherein bank has authroised agent to sell the said flat ? MOu should be with bank only
avoid the deal
Raj Kumar Makkad
(Expert) 14 March 2012
I fully endorse the views of sethi. There is full risk in the given schedule. Legally no property can be got sold until this is not cleared and is subsequently is not sold by bank under open auction.
The secret deal though may be under cheaper rates may cost you dearly and in that situation you shall have no other option but to repent.
V R SHROFF
(Expert) 16 March 2012
I agree with Shri Sethi & Shri Raj Makkad.
You officially inform bank.
Vaibhav
(Querist) 17 March 2012
Thank u very much for ur prompt reply.
As per your instruction I will be doing inquiry related flat but mean while i had discussion with agent, he said the flat is auction flat & was auctioned 2 times but not purchased by anyone. Even he has refused to give me the contact details of bank except the name of bank. He said i have to keep complete faith on company ie real acers, Even he has provided me the sample of MOU (Memorandum of understanding), please find attached herewith this reply.
Thanking you once again,
Vaibhav
