Buying a home from private limited firm

Originally posted by : Jagdish Rangnani
	Can an individual buy a property owned by private limited firm. what all to look for?

What is the business of prviate limited firm i.e,. vendor?

Is it engaged in real estate or something else ? 

Did you get the title of the property searched by some "expert" ?

Did you ask this question from yourself ?

A 'Firm" is generally used for partnership and for private limited one use the word company.

Contact a local chartered accountant and find out whether there were any charges registered and contact a local advocate to know the powers of directors to dispose of such property, and when and who can dispose the property and for what reasons (Memorandum/Articles of association, DIrector resolution )  and for finding out a good title of the company and for drafting such sale deed.  Always pay entire consideration only in the form of demand draft in the name of the company.

1. Property in name of a registered Firm /Co. can be purchased via a proper Stamp Duty paid Registered Sale Deed, PROVIDED a proper BOD resolution is provided, Property should not have been mortgaged, should not be under litigation or attachment with any statutory agencies (GST, Sales Tax, Excise ....)

Keep Smiling .... Hemant Agarwal
VISIT: www.chshelpforum.com

Thank You Dr J C Vashista for your reply. This deal is taking time so i thought of checking this post and be sure i am not missing any points.

Please see my reply

What is the business of prviate limited firm i.e,. vendor? - It is a private limited firm dealing in manufacturing of some mechanical spare parts (run by family)

Is it engaged in real estate or something else ? - No its not in real estate but as mentioned above.

  Did you get the title of the property searched by some "expert" ? -- title search was done by bank who agreed to give me a loan and i have received the loan sanction letter from bank after they did the technical and title search. however legal and seller verification is still pending. 

Did you ask this question from yourself ? -- Yes not sure what to look for when purchasing a property from a PVT. LTD. Company. Afraid of any litigation/claims after i purchase it. how to be sure no legal issues will occur after purchase.

Regards

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