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Precautions While Selling the Property

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Precautions While Selling the Property

Last updated: January 26 2014
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  • Precautions While Selling the Property

    Friends,

    I'm selling a flat and found a prospective buyer, he mentioned that he will be taking a loan for the purchase and will do an agreement in few weeks. Later he will require 3 months to process the loan. he mentioned that he will require photocopy of the original documents while applying for the loan and will pay the amount before registering the property.

    The buyer is a property dealer sort of guy who purchases property and later on sells it.

    I'm selling a property for the first time, i need inputs from you so that i don't land up in trouble.

    Do you think he can get loan on my property and later refuse to pay me up.
  • #2

    #2

    Re : Precautions While Selling the Property

    This seems like one of those financier/file deals where the financier pays 5-10% cost of the property and rest god-knows-when, basically whenever he is able to sell your property at a higher rate. So you just get stuck.
    Would advise to avoid and wait for a genuine buyer.
    Last edited January 25 2014, 07:58 PM.

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    • #3

      #3

      Re : Precautions While Selling the Property

      If I were you, I would involve a lawyer

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      • #4

        #4

        Re : Precautions While Selling the Property

        Originally posted by sam2014 View Post
        Friends,

        I'm selling a flat and found a prospective buyer, he mentioned that he will be taking a loan for the purchase and will do an agreement in few weeks. Later he will require 3 months to process the loan. he mentioned that he will require photocopy of the original documents while applying for the loan and will pay the amount before registering the property.

        The buyer is a property dealer sort of guy who purchases property and later on sells it.

        I'm selling a property for the first time, i need inputs from you so that i don't land up in trouble.

        Do you think he can get loan on my property and later refuse to pay me up.
        I concur with sh-saxena ma'am!

        It doesn't take 3 months to get the loan processed even with the worst people in business ( i.e indiabulls finance and some nationalized slow movers!) . It is a clear case of "file dealing" especially since you say that the guy is a property dealer kinda guy.

        Legally, if you are okay with his terms then you can sell him the property. There is nothing wrong and if the paperwork is done correctly he wont be able to cheat..

        If you wish to take my advice,then that is as follows"-
        If you do not have a lot of time at your hands to deal with an eventuality which may amount to harassment, delay in payment, cancellation of the deal etc then you should look for a buyer who is ready to complete the deal in 30--45 days.
        sigpicWe are the ones who wanna choose..Always wanna play ..but we never wanna loose!!!

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        • #5

          #5

          Re : Precautions While Selling the Property

          Originally posted by sam2014 View Post
          Friends,

          I'm selling a flat and found a prospective buyer, he mentioned that he will be taking a loan for the purchase and will do an agreement in few weeks. Later he will require 3 months to process the loan. he mentioned that he will require photocopy of the original documents while applying for the loan and will pay the amount before registering the property.

          The buyer is a property dealer sort of guy who purchases property and later on sells it.

          I'm selling a property for the first time, i need inputs from you so that i don't land up in trouble.

          Do you think he can get loan on my property and later refuse to pay me up.
          I would rather ask you to post your flat details on property websites than to go through this deal.

          Comment

          • #6

            #6

            Re : Precautions While Selling the Property

            If he does not find a buyer then u will be struck in the deal.I have seen these kind of deals really u should expect lot of heart burn and blood pressure in case he does not find another buyer.

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            • #7

              #7

              Re : Precautions While Selling the Property

              sam2014
              Dont go for such deals.three months is too long for loan.
              Consult a lawyer for nitty gritty and legal due diligence.
              Offer does not seem to be in order

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