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Neil Coutinho (Project Manager)     19 February 2014

Procedure for buying a resale flat

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.

  1. Does the Seller or the Buyer need to draw up the Agreement to sell?
  2. Does the agreement need to be registered and stamp duty paid?
  3. If yes does the stamp duty need to be on the entire amount.
  4. Since I will be down-paying the seller 50% of the amount at what stage do I need to get the above steps done?
  5. What happens to the above agreement and amount paid if the Bank rejects the loan application?
  6. 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.

Best Regards,
Neil



Learning

 2 Replies

Adv. Nikhil Seth (legal consultant (9867264707))     19 February 2014

At the outset take a search report of the flat.

2. Check whether there are any litigations on the said flat.

3.Take NOC from all family members i flat is transfered from father or mother name to any of the child.

4. make sure all dues are paid flat title is clear ,its not mortaged , no court orders  for not selling the said flat.

5. Pay 5% as token and rest once your loan gets disbursed .In absence of loan you shall not be able to buy the flat.. 

Regards,

Adv.NIKHIL SETH

Mumbai

T. Kalaiselvan, Advocate (Advocate)     19 February 2014

Advocate Nikil Seth has advised you  very properly about the steps to be taken before purchasing the property.  Besides, please produce all the relevant papers before a expert real estate/property law lawyer, obtain his opinion  and decide about proceeding upon his advise.


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