Hello Dear Members,
I need some guidance from you regarding purchase of resale flat. I wish to buy a resale flat in mumbai and advance payment/earnest money is being paid to the seller. For balance sale consideration amount i wish to take a loan from bank. Bank has advised me to make an agreement of sale , pay the stamp duty and get it registered. Only then they will send it to their respective legal department for further procedures. Now i have few queries which are as mentioned below :
- Is it compulsory to make the payment of stamp duty and get the property registered before sending it to bank for loan approval process?
- I understand that there is a difference between agreement to sale/sale agreement and sale deed (Sale deed transfers the title of the property to buyer). Will i have to again execute a sale deed with the seller of property once the final disbursement payment is made by the bank on my behalf to the seller? Will i have to again get it registered with the sub-registrar? Do i have to pay the stamp duty and registration fees once again on the same property? Please advise.
- In case i've already made part payment from my own sources and for part i have applied to bank for loan. Can i directly enter into a sale deed/conveyance deed with the buyer?? Or full sale consideration needs to be paid for executing the sale deed. Please guide.
Looking forward to your kind help.