Hello,
This is Puneet. I am in a process of exchanging my flat with person X. the scenario is as follows :
(1) My flat valuation is 29lakh and the flat i am exchanging is having valuation as 40Lakh.
(2) So for exchanging,I am giving difference amount (40-29)= 11 lakhs by taking bank loan.
(3) We are planning to do exchange deed and as per person X, the registry of exchange deed should be done on the flat which is having more valuation i.e. 40 lakhs (the flat which we are buying).
(4) As per lawyer here, the exchange deed will have 2 copies (1 original and 1 certified). The original copy will be given to us, which we will submit to bank for loan.The certified copy will be given to person X.
Now my doubts are as follows:
(1) Who is legally suppose to borne the money spent on registry of exchange deed .I believe it should be borne by both parties(me and person X) in correct ratio.Please let me know if it is correct legally.
(2) Is bank going to accept exchange deed (in place of normal registry) for home loan.
(3) In future, if we are planning to sell this property, is it going to create any problem since we have exchange deed instead of normal registry.
(4) In case of exchange deed, once it is executed do the other party have any legal right on the property which they are holding before exchange.
Please let me know if you need more information.
Expecting a reply ....
Thanks.
