Purchasing property from person entered into agreement with the builder
rajsh
(Querist) 09 July 2012
This query is : Resolved
A person has entered into agreement with the builder 2 years back. the building is nearing completion. Now the person wants to sell the flat to me. He has taken a housing loan from a bank. now as informed by the agent I have enter into agreement with the person and have pay him to that he can clear his loans due. Thereafter the bank will release the papers and will give NOC. then I have to apply for loan and the sale deed will be completed by the builder in 2 months time.
Is this procedure ok? Please let me know the documents to be collected at various stages from the seller/builder.
Thanks
Devajyoti Barman
(Expert) 10 July 2012
Yes the process is right but before that make detailed search f the property to check the title of the same.
ajay sethi
(Expert) 10 July 2012
but decide about transfer charges payable to builder . he will demand his pound of flesh as property prices must have gone up afer booking as building is nearing completion .
make payment directly to bank and not to seller . what if he fails to pay the bank .
Kamal Grover
(Expert) 10 July 2012
you may ask the bank to directly transfer his loan to your name, there is also a provision.
Regards
Saibal Guha Roy
(Expert) 10 July 2012
First of all contact the bank to know their views. As advised by Ld. Advocate Sethi, payment must be made to the Bank directly for clearing the dues. However, please enter into an agreement with the Seller/builder and Bank as confirming party to ensure that the other parties do not back out or delay the matter after receipt of money.
