I am selling a 3BHK apartment at wakad and need some help. The buyer wishes to go for a bank loan and has said that he will pay some 40% at the time of agreement and rest will be disbursed by bank after some time. Accordingly the same will be mentioned in the agreement.

My query is :
1)Once a agreement is done he is the legal owner. Even if it is mentioned in the agreement that he has to pay the balance 60% within one month, if he doesnt pay does the agreement gets cancelled or what happens.
2) Is it safe to do this kind of transaction.

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  • Uday,

    You should have time limit of say 2 to 3 months for making balance payment by buyer from the bank/ HFC loan.

    You need to have a clause to that effect in agreement and clearly state in the clause that failiing this (payment of balance amount) the agreement will be void.

    You need to take help of property lawyer to do this. This is a very common thing - buyer taking loan and signing agreement by making part payment.

    It will be good to ask buyer to give a sanction letter for the loan. Is the property you are selling approved by that finance compnay / bank. it can be added advantage.

    if it is a co op society - dont sign transfer documents for membership or give the orignial share certificate till full payment is received and ofcourse dont handover possession / keys as well.
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  • i can tell you, how i bought mine and how the disbursement happened.

    1)i finalized the property,
    2)then i applied for loan.
    3)got the required documentation prepared and submitted to bank.
    4)paid my contribution to the owner, got it written/signed on plain piece of paper with revenue stamp.
    5)submitted the bank statement with initial contribution paid data
    6)bank gave me the cheque-photocopy for the remaining disbursement
    6)got sale deed ready, based on the cheques paid by me and cheque-copy from bank
    7)got the registration done
    8)went straight to loan office with owner and the original sale deed
    9)submitted original sale deed, signed the loan documents
    10)bank gave original disbursement cheque to owner
    11) we both thanked each other and went our ways.
    12) electricity meter and property tax transfer is in process.
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  • Hi Uday,

    let me reply to ur query:
    1) agreement -> 40% by buyer (chk no) 60% by HFC
    Lawyer will put the condition in agreement- 60% within 1/2 month
    2) Buyer will submit agreemen's copy to HFC and HFC will give him disbursement chk xerox
    3) sale deed - Lawyer will prepare the final sale deed and he will mentioned the details of 100% payments
    4) buyer/seller will meet the HFC and will submit the original sale deed to bank and bank will give u chk
    5) thank each other :) and give keys to buyer.
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  • Originally Posted by jigarshah
    Hi Uday,

    let me reply to ur query:
    1) agreement -> 40% by buyer (chk no) 60% by HFC
    Lawyer will put the condition in agreement- 60% within 1/2 month
    2) Buyer will submit agreemen's copy to HFC and HFC will give him disbursement chk xerox
    3) sale deed - Lawyer will prepare the final sale deed and he will mentioned the details of 100% payments
    4) buyer/seller will meet the HFC and will submit the original sale deed to bank and bank will give u chk
    5) thank each other :) and give keys to buyer.


    If their is broker involved. Please pay brokerage payment after Sale Deed.
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  • Originally Posted by impmpl
    i can tell you, how i bought mine and how the disbursement happened.

    1)i finalized the property,
    2)then i applied for loan.
    3)got the required documentation prepared and submitted to bank.
    4)paid my contribution to the owner, got it written/signed on plain piece of paper with revenue stamp.
    5)submitted the bank statement with initial contribution paid data
    6)bank gave me the cheque-photocopy for the remaining disbursement
    6)got sale deed ready, based on the cheques paid by me and cheque-copy from bank
    7)got the registration done
    8)went straight to loan office with owner and the original sale deed
    9)submitted original sale deed, signed the loan documents
    10)bank gave original disbursement cheque to owner
    11) we both thanked each other and went our ways.
    12) electricity meter and property tax transfer is in process.


    If the seller is also on loan, who pays off the remaining amount to his bank? Does the new buyers bank pays to sellers bank directly or it happens via the seller?

    You missed point #13, distribute sweets after buying your home. Now send every one 1Kg of sweets via forum private message.:D:D
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  • in my case , the owner had 3 lks outstanding loan, which he foreclosed and got the original sale-deed documents that he had submitted to his loan-bank.

    which i think is preferable and less hassles and no headache later.

    the previous sale-deed documents are required to be submitted to buyers loan-bank along with the new sale-deed, precautionary measures :)
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  • Originally Posted by impmpl
    in my case , the owner had 3 lks outstanding loan, which he foreclosed and got the original sale-deed documents that he had submitted to his loan-bank.

    which i think is preferable and less hassles and no headache later.

    the previous sale-deed documents are required to be submitted to buyers loan-bank along with the new sale-deed, precautionary measures :)


    Make sure that apart from sale deed, owner has following documents, and you get them at the end of the day.

    1> History of all previous registration documents if the said flat is owned by more than 1 owner previously

    2> Occupancy certificate, must have been issued by corporation.

    HTH,
    Sameer
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  • hi guys, I am new to this forum and appreciate all of yours contribution on this forum:

    I have a query, for resale agreement.

    how many time seller have to go for registration office or required for signature?
    (In my case seller stays in other town and cannot come to Pune again & again)

    Do seller have to go to prospective buyer's bank to collect the cheque?


    Thanks in advance for reply.
    -Ashish
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  • Thanks guys for your advice. this has clarified my doubts. thanks again.
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  • Originally Posted by Ashimahe
    hi guys, I am new to this forum and appreciate all of yours contribution on this forum:

    I have a query, for resale agreement.

    how many time seller have to go for registration office or required for signature?
    (In my case seller stays in other town and cannot come to Pune again & again)

    Do seller have to go to prospective buyer's bank to collect the cheque?


    Thanks in advance for reply.
    -Ashish


    Seller has to go to registration office twice. !) for Agreement 2) for Sale deed.

    Seller has to go to buyer's bank to collect the cheque. OR bank official can come to registration office during sale deed to give you cheque (if you are strong)
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  • New question on old Post

    Originally Posted by HemantDesh
    Seller has to go to registration office twice. !) for Agreement 2) for Sale deed.



    Duringt the sale deed, at the registrar's office, is ONE MORE INDEX 2 issued ? (note that an index 2 was issued along with registration receipt during the agreement itself).

    Also, which document is referred in future when the new buyer tries to sell the flat to someone else ? Agreement or Sale Deed ?
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  • After completion of sale agreement to sale, the all original documents are verified by bank (PNB)
    1) Is it necessary to give society NOC during document verification to bank before preparing disbursement cheque.
    2) After verification of the documents Bank will issue print copy of home loan on the name of seller, but my question is is this copy is issued to buyer or seller?
    3) After entering the details of balance amount home loan cheque in sale deed and submiting the original sale deed to bank (PNB) the cheque is issued to buyer or seller?
    4) Suppose if cheque is issued to buyer and if he doesn"t give to seller then does the sale deed gets cancelled?
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