I wanted to buy a re-sale flat in my area (Pune) I contacted the seller and we agreed on the price. However I have a few doubts which would be helpful if someone cleared them up for me
Since I will be taking a house loan the Bank has asked me for the standard set of douments, Index ii, Agreement, Stamp duty etc. The seller gave me photocopies of the same and I checked them against the originals.
- Does the Seller or the Buyer need to draw up the Agreement to sell?
- Does the agreement need to be registered and stamp duty paid?
- If yes does the stamp duty need to be on the entire amount.
- Since I will be down-paying the seller 50% of the amount at what stage do I need to get the above steps done?
- What happens to the above agreement and amount paid if the Bank rejects the loan application?
- How do I proceed with registering the property in my name once the Bank accepts the loan offer
I would appreciate it if someone could help me with this or point me in the right direction.