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Purchase of property

(Querist) 05 August 2012 This query is : Resolved 
a person has booked a flat in a building under pre lauch scheme. He has agreement of assignment with the builder. The agreement contain a clause where tranfer of assignment contains a fee of rs.100/- per sq.ft. He has taken a loan to purchase the property. Now the building is nearing completion and he wants to sell the flat. I am planning to purchase the flat.
The seller has given me draft agreement of transfer of assignment where he, the builder and the land owner is the party. He told me to pay directly to the bank where he has a loan. But bank is not a party in the agreement. After me paying his outstanding loan amount the bank will rellease the original papers. Then I can apply for loan with the transfer of aassignment agreement and noc from bank.
Please guide me in this matter. What should be the sequence of the legal procedure. pls give in detail. The property is i bangalore.
The seller has paid the builder 90% of the amount and only 10% is due. The occupancy is still not obtained however the registrtion process is started. the possession date is 15 sep 2012.
The project is approved by leading banks.
pls guide me.
thanks
ajay sethi (Expert) 05 August 2012
if project is pre approved by leading banks you are safe .

however it is advisable to contact a local lawyer before going ahead . let him go through the detailed papers of case .

it is necessary to got hrough the provisions of deed of assignment to advise further
J K Agrawal (Expert) 05 August 2012
You file an application for loan in same bank and it is up to bank that how they handle the problem. The bank will issue to you a loan and will pay x amount to previous debtor and y amount to the builder. it is not a tough job.


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