Sell of property without Sell Deed at Kolhapur
Querist :
Anonymous
(Querist) 24 October 2009
This query is : Resolved
Respected Sir,
I have purchased flat at Kolhapur with HDFC Bank housing loan. Stamp duty ragistration and Agreement to sell done.Possetion letter given by the builder.Now i want to sell this flat but buyer wants Sell Deed which is not possible as completion certificate not done by builder although all flats / shops occupied. How can i do this transection easily to sell this flat,Builder is delaying for Sell Deed. Please suggest me the easiest procedure to sell this flat as Buyer is ready to buy now. Kindly reply urgently or contact me on cell no 9850985011.
sanjeev murthy desai
(Expert) 24 October 2009
With out sale Deed you cant sell others property, presently you not have any good title in respect of that flat. Please specify that why delayihg the execute the Sale Deed in favour you. you can presurise him to execute the Sale Deed otherwise file a consumer complaint or Specific formance case against the builder otherwise proposed buyer may enter into fresh Sale Agreement with builder but that consideration should be handover to you only, this is mutual understanding between you and said proposed buyer.
sanjeev murthy desai
(Expert) 24 October 2009
Subsequently you can execute the cancellation deed of said sale agreement and that also should be registered and stmped also.
Guest
(Expert) 24 October 2009
NANDKUMAR B.SAWANT.M.COM.LL.B.(MUMBAI),ADVOCATE
MOBILE.09325226691, 09271971251
e.mail.adv.nbsawant@yahoo.co.in
e.mail.nandkumarbs@sify.com.
REGARDING THE SALE DEED KINDLY NOTE THAT
1.YOU HAVE PURCHASED THE SAID FLAT THROUGH HDFC AND REGISTRATION AND STAMPDUTY PAID.
2.KINDLY NOTE THAT IN CASE OF HOUSING LOAN THROUGH H D F C. THEY VERIFY ALL DOCUMENTS AND ORIGINAL AGREEMENT BY YOU TO PURCHASE THE SAID FLAT FROM THE BUILDER IS SENT FOR REGISTRATION AND IT TAKES SOME TIME.AND AS THE SAID FLAT IS MORTGAGED TO H D F.C. THE SAID AGREEMENT WILL BE DIRECTLY SENT TO H.D.F.C.AFTER THE REGISTRATION AND STAMP DUTY PROCEDURE IS OVER.AS H.D.F.C.MUST HAVE MADE LOAN CHEQUE PAYMENT DIRECTLY TO THE BUILDER.
3.HENCE IT IS ADVISIBLE THAT YOU MAY CHECK UP WITH H.D.F.C.AUTHORITIES ABOUT THE BALANCE OF LOAN OUTSTANDING .AND ONCE YOU CLEAR THE LOAN ARREARS TO HDFC.THEY WILL RELEASE THE ORIGINAL PURCHASE AGREEMENT AND ISSUE YOU NO DUES CERTIFICATE.
4.YOU MAY SELL THE SAID FLAT TO THE PURCHASER EVEN BEFORE THAT BY MAKING NECESSARY AGREEMENT MENTIONING ALL THESE FACTS AND THE PURCHASER CAN MAKE DIRECT PAYMENT TO H.D.F.C.TOWARDS ARREARS OF YOUR HOUSING LOAN.
5.YOU MAY GET THE REGISTRATION AND STAMP DUTY PAID.AND GET THE NAME ON FLAT TRANSFERED IN THE NAME OF PURCHASER BY PAYING NECESSARY TRANSFER CHARGES TO BUILDER OR HOUSING SOCIETY.
IN CASE YOU NEED ANY FURTHER HELP OR INFORMATION OR ASSISTANCE AT KOLAHAPUR FOR TRANSFERING SAID FLAT .YOU MAY SEND DETAILS OR CALL.
WITH BEST REGARDS TO YOU YOUR FAMILY AND FRIENDS.
THANKING YOU
YOURS SINCERELY
NANDKUMAR B.SAWANT.M.COM.LL.B.(MUMBAI),ADVOCATE.
THANKING YOU
N.K.Assumi
(Expert) 24 October 2009
In addition to the above I would also suggest that in such transactions, title investigations report of an escrow is essential. In such transactions involving financial institutions like the H.D.F.C. escrow report is a must in the interest of both the seller and the purchaser.
Querist :
Anonymous
(Querist) 24 October 2009
Dear Sir.
Please suggest me the proper paper work and transection procudure to simplify the deal to me as well as buyer.
Please give me the name and phone no of advocate who can help me in this transection at Kolhapur.
Regards
Deepak Kulkarni
A.P.Manoranjan
(Expert) 24 October 2009
You have requested to sggest the easiest procedure to sell the house.Since Mr.Nandkumar has elaborated the Banking procedures etc of the loan taken on the Flat,Suggest the buyer to approach the bank for transfer of your Housing loan in his favour. Since all the documents are available with the Bank, they will sanction the same in his favour in a day or two. Only you will get the rest of the amount after transfer of your loan both Principal+interst in the name of the buyer. There is no easiest way than this.Dont forget to get a loan clearence certificate from the bank in your favour.
Querist :
Anonymous
(Querist) 24 October 2009
Thanks for your prompt reply but the only problem is Buyer wants the loan from Gruh
Finance bank @ Rs 7 lacs and my housing loan is Rs 14 lacs from HDFC Bank.So without clearing my HDFC Bank loan how can we go ahead with this transection. Is thier any agreement available for this type of transection.As me,buyer,hdfc and bulider needs to be involved.
Sachin Bhatia
(Expert) 24 October 2009
You have to clear the outstanding loan amount after that bank will release the original papers. Otherwise you can not sell the property.
Querist :
Anonymous
(Querist) 24 October 2009
Dear Sir,
For clearing this outstanding loan of Rs 14lacs at one time neither buyer having these funds available nor me. that is why this is stuck up now.Please suggest the other remidy
Raj Kumar Makkad
(Expert) 24 October 2009
The opinion of Nandkumar is perfect. follow it.
Querist :
Anonymous
(Querist) 31 October 2009
Dear Sir,
Kindly let me know about the Capital gains rule for property if sold before 3 years of purchase. Is capital gain applicable.
If Sell deed is not their than is it advantage to the seller or in my case also
capital gain is applicable.
If the property is over 3 years and Sell deed is not their is capital gain applicable.
Kindly also wants to know who has to inure the expences of Sell deed.
