Procedure of payment by loan giving bank to seller
Guest
(Querist) 26 July 2018
This query is : Open
Dear sir
I have recently enters sell agreement for my flat at jodhpur. The buyer has got loan sanctioned form SBI.
Now sales deed and registry is pending
The image f ready cheque has been sent to me
But according to buyer cheque is with bank and it will be given when registry copy is deposted with bank
1.Does the loan giving bank mortgage the property and is their name included in sale deed and registry papers ?
2. Normally payment is received by the seller at time of signing sales deed as transaction completes . Registration of sale deed is statutory requirement only
3.What is my safety as seller. Without receiving the consideration amount cheque how can I get sale deed signed and get it registered in buyers name at estate office ?
what procedure is fooled and should be followed
In normal non loan bank cases , there is no problem full payment is given by buyer and sale deed is signed and same day or in a few days both go to get it registered at estate office. The key of house is given on clearance of cheques etc in sellers bank. along with possession and handover letter
kindly advise practical safe and legal procedure in this case and how it is normally done as so many people take loan.
