I am new to this system and need some help understanding property transfer process before actual govt. registry.

I'd take an example to explain my questions.

Suppose,
Total BSP is 10 lakhs(I know its unbelievable in gurgaon :))
Original buyer has paid 35% of it: 3.5 lakhs.

Now the second buyer gets it transferred on his name.
My questions are:
1. If both first and second buyers are using Home loan to finance it, how does financials work out?
Second buyer pays 3.5 lakhs + appreciation to first buyer?
Second buyer start paying EMI as if he was an original buyer?
What happens to the Home loan taken by original/first buyer?

2. How many times a property can be transferred prior to registry? Any limitations?
3. What are overhead costs associated with such transfers?
4. Any other thing a resale buyer should know in respect to it?

Appreciate you response.
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  • Hello,

    Please find the answers in blue...

    P.S :-
    I am also in the process of getting home loan for a property on resale. Would share the whole process once everything falls in place...

    Regards
    -RD

    Originally Posted by moh_maya
    I am new to this system and need some help understanding property transfer process before actual govt. registry.

    I'd take an example to explain my questions.

    Suppose,
    Total BSP is 10 lakhs(I know its unbelievable in gurgaon :))
    Original buyer has paid 35% of it: 3.5 lakhs.

    Now the second buyer gets it transferred on his name.
    My questions are:
    1. If both first and second buyers are using Home loan to finance it, how does financials work out?
    Second buyer pays 3.5 lakhs + appreciation to first buyer?

    Yes Premium + payment to builder needs to be paid to first buyer

    Second buyer start paying EMI as if he was an original buyer?

    Depending on the loan availed, the EMI may start and considering a new loan amount as per loan availed.

    What happens to the Home loan taken by original/first buyer?
    First buyer needs to pre-pay the loan and get the original documents

    2. How many times a property can be transferred prior to registry? Any limitations?

    No idea...just guessing that there is no limit on such transfers
    I have not came across any such information.

    3. What are overhead costs associated with such transfers?

    Transfer charges, usually paid by seller. These charges vary by builder to builder, may vary by its project to project as well

    4. Any other thing a resale buyer should know in respect to it?

    If you are looking for Bank Loan , plz do your thorough research since few banks will approve loan of booking price while some other of market price...

    Appreciate you response.
    CommentQuote
  • that helps

    Thanks for sharing the information.
    One more question: Are you consulting some lawyer too in resale deal? What all should one verify.

    I'd wait for details on your bank loan process and related issues in resale case. Good luck.


    Anyone know:
    How many times a property can be transferred prior to registry? Any limitations?

    Originally Posted by rd_bmw
    Hello,

    Please find the answers in blue...

    P.S :-
    I am also in the process of getting home loan for a property on resale. Would share the whole process once everything falls in place...

    Regards
    -RD
    CommentQuote
  • Originally Posted by moh_maya
    Thanks for sharing the information.
    One more question: Are you consulting some lawyer too in resale deal? What all should one verify.

    I'd wait for details on your bank loan process and related issues in resale case. Good luck.


    Anyone know:
    How many times a property can be transferred prior to registry? Any limitations?


    Since I am going through the Home Loan so generally the banks do the due diligence on their end about the property.

    If you are not wish to go for home loan and sourcing the deal from your own funds then its better to for Lawyer...for due diligence...

    Additionally as per my information...
    Its more thorough/complex process(due diligence for that property) to buy a consturcted/occupied property for which the registration has already been done...like cheking title..registration papers..EC...etc etc....

    For an under contruction property the due diligence is comparitively easy/less complex process...

    regards
    -RD
    CommentQuote
  • makes sense

    yah.. it makes sense. appreciate your comments.

    Originally Posted by rd_bmw
    Since I am going through the Home Loan so generally the banks do the due diligence on their end about the property.

    If you are not wish to go for home loan and sourcing the deal from your own funds then its better to for Lawyer...for due diligence...

    Additionally as per my information...
    Its more thorough/complex process(due diligence for that property) to buy a consturcted/occupied property for which the registration has already been done...like cheking title..registration papers..EC...etc etc....

    For an under contruction property the due diligence is comparitively easy/less complex process...

    regards
    -RD
    CommentQuote
  • the number of transfers allowed are generally not limited in private builders colonies , but i gues only 3-4 transfers are allowed before registry in case of HUDA plots !
    So check it out with the devlper/HUDA whichever the case is

    Cheerz
    Bishan
    CommentQuote
  • Transfer charges for resale

    Hello Friends,

    I have invested in Mapsko Royale Ville project in original booking. I was thinking of selling this property as this was meant for short term investment for me. But with discussion with builder their executive told me that there would be transfer charges of 50 rs/sq ft for each transfer.

    Does this transfer charges normal thing and it is same for every builder??

    This was my first investment so no idea on this but 50 rs/sq ft looks on higher side to me. Any comments??
    CommentQuote
  • AFAIK its a common practice to charge transfer charge.
    There are so many ways builders have to make money.


    Originally Posted by pankajmehta
    Hello Friends,

    I have invested in Mapsko Royale Ville project in original booking. I was thinking of selling this property as this was meant for short term investment for me. But with discussion with builder their executive told me that there would be transfer charges of 50 rs/sq ft for each transfer.

    Does this transfer charges normal thing and it is same for every builder??

    This was my first investment so no idea on this but 50 rs/sq ft looks on higher side to me. Any comments??
    CommentQuote
  • So 50 rs/sq ft is standard transfer charges?

    Originally Posted by moh_maya
    AFAIK its a common practice to charge transfer charge.
    There are so many ways builders have to make money.
    CommentQuote
  • No,they differ from builder to builder.
    Some builders do first transfer for free while others charge some amount.
    Vatika is also charging 50 psft for transfer in their projects in general.
    CommentQuote
  • what rates are you getting for your Royal Ville flat?n wat was the booking price?
    which size?only if u r comfortable sharing..
    CommentQuote
  • I booked a 1790 sq ft apt in original booking at the price of 2679 (2990-200-4%). Resale price is 2900-3100 I believe. Not very eager to sell at this price and waiting for some more appreciation.

    Originally Posted by MeenakshiMS
    what rates are you getting for your Royal Ville flat?n wat was the booking price?
    which size?only if u r comfortable sharing..
    CommentQuote
  • Originally Posted by MeenakshiMS
    No,they differ from builder to builder.
    Some builders do first transfer for free while others charge some amount.
    Vatika is also charging 50 psft for transfer in their projects in general.


    :bab (6):Transfer charges of Rs. 50 per sq ft are too much and highly injustified:bab (59):
    CommentQuote