I am looking to purchase a property on resale.
The seller has purchased the under-construction property from builder but not registered it after completion. He also has a loan from a reputed bank for this property.
This means that the builder is still the 'owner' of the property. The seller would have paid VAT and ST to the builder as part of purchase cost. And he would have a sale agreement signed when the property was under construction. Since he has a loan, the bank would hold all the legal documents as mortgage.
What would be the correct approach to buy such a property? Since I would take a loan myself, how would by bank process these documents?
