I am selling my flat at Kalyan, ( first owner with no loan) via broker to buyer. Party is in need of taking bank loan of 70% & will pay 30% amount from his own contribution.
I intend by execute SALE DEED post receiving entire consideration amount (buyer’s contribution + loan disbursement), kindly guide how to do we ensure safe proceeding
1. Am I mandate do proper registration of MoU with party with detailing payment schedule & respective terms, condition and time limit?
2. Do you suggest, after MoU is registered and receiving buyer’s contribution amount, get in AGREEMENT OF SALE, so buyer can submit case to bank for technical verification & disbursement approvals. To my information AGREEMENT OF SALE will be valid to go to next level of SALE DEED only if all payment & other terms and conditions get fulfilled.
3. In case of resale, does banks in Mumbai – Kalyan area, does disbursement of loan amount after agreement of sale gets signed. I guess they do it in case of direct purchase from builder but i am not sure about resale case.
4. So to my understanding workflow will be like this MOU--> àget entire amount of buyer contribution ->>>à AGREEMENT OF SALE - >> à Bank approval and loan disbursement on seller’s name >>>à SALE DEED
If this is not correct understanding or process not followed in Mumbai area, kindly guide how this transaction needs to proceed ensuring as a seller, I get full consideration amount before singing off / handover of agreement / sale deed to party.