I am intending to purchase an apartment in mumbai, the building which is 20 years old, having an cooperative housing society , paying property tax , and having municpal water, however the building does not have an Occupancy Certificate.
I have been able to obtain a loan from an bank for the same, however it wants me to give an undertaking ( Affidavit of Occupancy Certificate) which mentions that i certify that i vouch that the apartment is legal and authorized.
Basis I approached the seller who is based abroad, and he has agreed to incoporate a clause in the sale agreement which mentions that I would stand indeminified incase the apartment is declared illegal.
I would like to understand that do i need to prepare any additional legal document or this clause in the Sale Agreement would suffice , incase the apartment is declared illegal.
Regards
Danny
