Loan forclosure on flat
Abhishek
(Querist) 01 May 2013
This query is : Resolved
Hi,
I am buying a flat in Navi Mumbai. Please guide me whether loan forclousre is required before registry? Are any risk invloved if seller will forclosure the loan and get the original document after agreement for sale.
ajay sethi
(Expert) 01 May 2013
no . if loan taken from bank then it would give a letter mentioning that no money is due and payable and that all original documents are being returned . bank should also inform society that it has no objection to sale of flat by the owner as it has received all dues
Devajyoti Barman
(Expert) 01 May 2013
There is no need for loan foreclosure. Even the loan can be transferred of you so want. Else foreclose the loan by the seller.
R.K Nanda
(Expert) 01 May 2013
agree with experts.
prabhakar singh
(Expert) 01 May 2013
Even a property carrying loan can be sold and bought.
The buyer would be liable to pay loan stepping into shoes of his seller.
To buy properties which are burdened with any loan,the buyer if paying market value,must claim no dues certificate of creditor and the original document of title.
Otherwise he should first get calculated total dues which buyer should pay to creditor and surplus to his seller duly recorded in the sale deed with right to receive original title deed.
By a tri party agreement the buyer can substitute seller debtor should the creditor agrees for.
Raj Kumar Makkad
(Expert) 02 May 2013
Foreclosure is not required in the given facts.
Abhishek
(Querist) 02 May 2013
So which option should better:
1. Loan is cleared and original document received before Registry.
2. Will give the loan amount DD to seller at the time of registry. And we will also mentioned in part payment sale deed with right to receive original title deed. (Will Registrar allow?)
3. Will pay after completion of part payment sale deed (Will Registrar allow?).
ajay sethi
(Expert) 02 May 2013
if loan is cleared original documents would be with seller not registry .
the payment terms have to be decided between the parties . agreement contains a clause as to when payment is to be made . your lawyer would guide you in this regard
