Hello:
I have short-listed a property, and intend to buy it.
I paid the owner a cheque of certain amount as token money and collected the documents. After going through them, I realized that the property was not registered. When I asked the owner, he said that he did not even pay stamp duty.
Though the current owner already has an existing loan from a co-operative bank, I was uneasy and I contacted the bank(s) where I had applied for loan. They advised me to go ahead with the purchase.
I am still a bit uncomfortable. Here are the things I know:
1. This building was built by a Co-Operative society in their bare land. The owner purchased shares from that Co-Op Soc, and a flat was allocated to him subsequently in 2007.
2. There is no other buy/ sell involved.
3. The Co-Op Soc is registered, and they said that they do have the blue-print of the building. They will give us a copy when it is required by the bank.
4. If it was okay for the first owner not to register, shall I also be allowed to stay there without registering or paying stamp duty? What does the lay say?
Any reply, or direct call (9768125846) will be appreciated. Thanks in advance.
- Raktim
