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IREF® - Indian Real Estate Forum > Real Estate Open House > Indian Property Laws > Buying a property under loan - advice required
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Old July 6 2012, 06:10 PM   #1
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Default Buying a property under loan - advice required

I am planning to buy a plot of land in Bangalore. The sale price is Rs. 45 lakhs. The seller has a loan on this property and the outstanding loan amount is Rs. 17 lakhs. The seller wants me to pay him Rs. 17 lakhs and execute a sale agreement so he could clear the loan, get the original documents and then register the property to me upon payment of the remaining amount.

Now I don't like this transaction because I am paying Rs. 17 lakhs with just a sale agreement and no security. And I don't know this person as a friend or as a relative. I spoke to the finance company that the seller has taken the loan from and they are asking me to go for a loan with them so the documents can be transferred on their side, but they don't want to entertain any tripartite deals.

Pl. advise on what's the path ahead.

 
Old July 7 2012, 04:31 PM   #2
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Dont worry, its a siple legal process, as you have described. But, make sure that, you register the sale agreement by paying exacy stamp duty and registration amount on the same and draft the agreement vide some good lawyers in bangalore. if you need any lawyer for the same, let me know..i will refer..all the best
 
Old July 7 2012, 07:09 PM   #3
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Quote:
Originally Posted by anandm78 View Post
I am planning to buy a plot of land in Bangalore. The sale price is Rs. 45 lakhs. The seller has a loan on this property and the outstanding loan amount is Rs. 17 lakhs. The seller wants me to pay him Rs. 17 lakhs and execute a sale agreement so he could clear the loan, get the original documents and then register the property to me upon payment of the remaining amount.

Now I don't like this transaction because I am paying Rs. 17 lakhs with just a sale agreement and no security. And I don't know this person as a friend or as a relative. I spoke to the finance company that the seller has taken the loan from and they are asking me to go for a loan with them so the documents can be transferred on their side, but they don't want to entertain any tripartite deals.

Pl. advise on what's the path ahead.


anand i did the same kind of deal couple of years back , wher i was buying one residential house ,
i paid abt 12 lacs with agreement and the seller got his papers free from back within 5 days and then we finalize the deal..
i dint face any difficulty .. but make sure u go to bank with ur lawyer and see all the documents before finalizing any deal..
 
Old July 13 2012, 02:47 PM   #4
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Default i need advice

i have also same situation.

I signed buy sell aggreement for underconstuction flat with 2 lakh rupees . take time approx 45 days ( signed on 31st March 2012) . but due to lengthy loan process , disbursement take time approx 15 days more than time taken (45+15) .

i sit with seller and broker ( on 25th May) , then settle at 15000 extra for compensation for delay . I agree on this . After 45 days ( complt on 12 May ) , my banker ( loan) paid his loan amount approx 12 lakh (28th May ) . then after 15 days my advocate and seller get his original papers back from his loan department . now again seller insist me to give balance amount asap otherwise he will not transfer papers . So, i give dd on 20th June . He is accepting all payment after Due date of aggreement ( i think , if he accepting money . it means he aggreed verbally)

Total deal was 17 lakh approx . Seller already get from me 2 + 12 +1.5.

Total out of 17 lakh , 15.5 he already received from me . Now balance 1.5 is to be paid by my banker ( loan ) but only after transfer of papers in my name .

Now , seller is asking more money from me . bcs in the mean time current market rate is go up by 2-3 lakh .

But in white all payment is made . My EMI are also hit from last 2-3 months . I already send mails , registered letter on 22 nd june , if not present for transfer i will send legal notice against him .

In this situation what can be done .

please suggust , How to close this issuee..
 
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