Purchasing property from a person having a housing loan

rajsh (Querist) 07 July 2012 This query is : Resolved
I am planning to buy a flat from a person. The person has done booking for the property from the builder 3 years ago. He has entered into agreement with the builder and has taken a housing loan. Now I am purchasing the property from him. He has to pay some transfer fee to the builder.
For purchasing I am taking loan from bank.
What documents do i need to collect from him?

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ajay sethi (Expert) 07 July 2012
1)first decide about transfer charges to builder . please note that in cases wherein society is not formed builder demand money in lakhs for transfer .

2)atleast in Mumbai generally builder takes 2 lakhs for transfer . who shall pay transfer charges?

go ahead only after there is clarity on issue .

3)if seller has housing loan from bank then bank must have done due diligence of the property .

4)ask for letter from bank sanctioning loan . reciept issued by bank that original documents are in posession of bank .

agreement entered into by builder with seller , registration recipt ,

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Purchasing property from a person having a housing loan

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