I am going to purchase one flat in an appartment. The seller has taken loan from the bank, and 75% of the loan is still outstanding.
I will be paying 50% of property value myself and for 50% will be taking loan. He wants me to make 50% payment early during Sale agreement so that he can close his outstanding loan and balance during registry. Seller will give possession after registry.
Should this be done ?? as i will not be having anything and he would be having 50% amount.
Is Registration of Sale Agreement a safe mode of doing so?
Should i give him the cheques on his name or insist for cheques in favour of his loan account.
I want 100% safety of my money and at the same time do not want to loose the flat. Please advice urgently.