Registration of Sale Agreement

DEAR,

SINCE THE FLAT IS ALREADY MORTGAGED WITH A BANK, EVEN IF YOU ENTER IN TO THE AGREEMENT OF SALE DULY REGISTERED YOU WOULD NOT GET ANY RIGHTS COS, THE BANK WILL HAVE THE 1ST CHARGE.  BETTER YOU TALK TO THE BANK IF THEY ARE READY TO RELEASE THE PROPERTY TO YOU DIRECTLY IN CASE OF YOU PAYING THEM THE OUTSTANDING ON THE LOAN.....

WITH OUT THE CONSENT OF THE BANK IN WRITING, YOU WOULD BE LANDING IN IRRETRIEVABLE RISK.

First u direct pay a loan mount in the bank  and then  take a NOC or No Due Certificate from the Vevdor bank then u registered a Agreement For Sale. In between u make a one agreement with Vendor that u direct pay your loan amount in your bank and then Vendor registered a Agreement for Sale in your (Purchaser) favour. 

You get the sale agreement registered. In that slae agreement you get it mentioned that 50% of the sale price is paid in advance for paying the Bank loan of the vendodr. Take a D/d for the loan amount in favour of the Bank and get the same mentioned in the agreement. The Bankwill then close the account of the vendor and deliver the title deeds. Then go for registration at your convenience.

If possible get loan from seller's bank to your name for 75% amount and pay 25% to seller. Than prepay 25% loan to your banker.

Please be cautious to get the flat vacated before payment so that possession can be taken immediately on payment date other wise seller can take payment and possession will become difficult for you as normally finding a new house will take time and things changes very fast when money involved. (if we think pessimistically). These are practical steps as I am a banker. For any thing written on paper is referred to court which take years to resolve or we have to compromise despite being right.