dibs bane (Sd) 13 March 2013

Buying resale flat

Hello...

I am interested to buy a resale flat(currently satying in rental basis on the same one). I also need a home loan for the same. Below in the details of the property.

1. 10 years old flat.

2. Owener have the sale deed from Developer, but in-porcess of Registation with the Developer. (Not mutated).

In case of buying the same what type of agreements and other process involved? I have the following questions...

a) The owner of the flat asking for certaion amount of money as advance - what will be the legal document for this process. is this the sale-deed or sale-deed will be only after payment of chcekes after loan approval?

b) Since the land is NOT mutated in the owners name, whether loan is possible?

Please guide.

Thanks.

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2 Replies

(Guest)

If owner holds just 'sale-deed' from the developer then he cannot be said to be actual owner until the property is transferred and Registry Certificate is issued in his favour.

You should not pay him advance money until he get that property transferred in his name and holds a valid Registry. Because in my opinion currently he is not owner of that property.

Also in my opinion, loan is not possible.

Aniruddha.Naik 14 September 2016

Hi,

My buyer is giong to buy my flat through the bank loan by morgaging his existing house.Now i have some queries realted to it as follwed:

1. Do i need to do the sale of agreement first ?(currently i havent done).

2.If i do directly "Sale Deed" will it be fine.

3.And most important while doing my Sale Deed do i need to submit my original document related to my flat (buyer is taking loan on his existing house)?

4. If Yes then only xerox of the complete Sale deed will be enough as a proof till i receive the remaining amount in my account.