My brother and I are planning to purchase a property from a family friend. We know that they own the house having seen them live there for many years but havent seen any documents yet. Also, the sellers have been careless about some basic things. We really liked the property and would like some opinion on the following matters.
The property was allotted to seller's father in 1980 and the loan from housing board was cleared in 1990. The seller's father and mother have both passed away and the house is still in the housing board's name who have so far, only executed a lease cum sale agreement with seller's father in 1980.
1) What does the seller need to do to make Karnataka Housing board transfer property to his name?
2) What could the overall cost be for getting this done? Both at KHB and sub registrar?
The seller says the loan given by khb is cleared by his father but they never went to KHB to get the sale deed executed to his father's name. I asked him why he wont do it to which the seller said he doesnt have the money to spare for this and if I can get this done, I can deduct the same from the final sale price.
I know the family and there is nothing fishy about this. However, I dont want to get into this if I have to spend a lac of rupees from my pocket towards sub registrar and or khb. If the amount is going to be 10,000 or 15,000 rupees then it is worth taking it up.
Please let us know your thoughts or ask questions if i have forgotten to mention something.
Regards,
Shwetha
