Steps and precautions for buying a commercial property.
Anmol
(Querist) 26 April 2013
This query is : Resolved
Sir, I am buying a lease hold booth , the seller holds the GPA with sale power and the booth is currently under rent agreement for 11 months with the seller, what precautions are to be followed for purchase of the same property .
Devajyoti Barman
(Expert) 26 April 2013
If the lease is for limited period then go for it. But before taking it on rent be assured that the POA is registered.
Anmol
(Querist) 26 April 2013
Sir , I am buying the property not taking it on rent
Anmol
(Querist) 26 April 2013
the booth which is being sold to me is already under rent and the tenant and seller have an agreement of 11 months , and the rent deed would be transferred later to my name .
Devajyoti Barman
(Expert) 26 April 2013
Do not buy the property from the POA holder if he is not related with the actual owner.
Buy only from the actual owner and do this after surrender of tenancy.
Anmol
(Querist) 26 April 2013
the POA holder is the family member of the actual owner (sister in law) , both bearing the same initials .
ajay sethi
(Expert) 26 April 2013
contact a local lawyer . let him go through POA and other documents . better spend some money on legal fees . have the agreement drafted by lawyer
Raj Kumar Makkad
(Expert) 27 April 2013
First the lease should be rescind then sale-deed should be got registered.
prabhakar singh
(Expert) 27 April 2013
If you are buyer of ownership then better get engaged a property lawyer to do due diligence on your behalf about marketable title free of all encumberences of the property proposed to be bought.The POA should be registered and got verified about
impersonations.Owner's id and PoA id should be asked for,such as PAN n voter ids,and should find mention in the deed.
V R SHROFF
(Expert) 01 August 2013
POA must be registered.
contact local lawyer to investigate the title.
