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Detailed Resale process - when both parties have loan ?

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Detailed Resale process - when both parties have loan ?

Last updated: October 20 2011
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  • Detailed Resale process - when both parties have loan ?

    There were couple of posts on similar topics but please excuse me to repost..I'm really a newbie into this, so wanted to verify the process thoroughly.

    Lets say the flat amount is 50 lakhs, and it's split as 30L (my contribution) + 20L (loan). Lets say seller's loan outstanding is also 30L (same as my contribution)
    1. Pay token 50K and sign MOU and get it notarized
    2. Hire an Attorney and do Search and Title Clearance.
    3. Get the copy of property documents my bank requires from the seller including NOC from builder (no society formed yet)
    4. Get the property docs verified by the Attorney
    5. Submit the property docs to my bank to process the loan (assume that loan is already blanket sanctioned)
    6. "Agreement for Assignment" - Do partial payment (self contribution 30 lakhs minus 50K ) and get the agreement registered with payment schedule of the left 20 lakhs. Pay Stamp duty + Registration charges at this time
    7. The submits the cheque (30L) to his bank for his loan closure.
    8. Seller's bank gives him all documents
    9. Seller gives the original documents to me and I give them to my bank and collect the disbursement of 20L payable to the seller.
    10. I pay the 20L to the seller and Sign sale-deed saying the full payment is done
    Is there any step I am missing ? Can someone tell me what is the difference between "Sale Deed" and "Agreement for Assignment".

    Also, is there any central Municipal database system that gets updated with my name and data once the registration is done saying I am the owner of the flat now ?

    Hypothetically, is there a chance that the seller just takes the 30Lakhs and never comes back to me after the "Agreeement for Assignment" is done ? No.. right ?

    Finally, can someone recommend me a good property lawyer in Aundh/Baner/Pashan area pls ?
  • #2

    #2

    Re : Detailed Resale process - when both parties have loan ?

    No inputs ?? These transactions must be carried out like 100 times a day and I'm only looking for the standard process.. pls

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    • #3

      #3

      Re : Detailed Resale process - when both parties have loan ?

      be a bit patient help would come soon.

      I have one question to add:
      1. For the Registeration agreement, what would be the clauses to be added. And who would do the typing and the registration paper work? When we buy it from builder, the builder gets it ready, when we want to sell flat /or buy resale, who would be preparing the docs?
      A house is a dream, hunting for one is a nightmare.

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      • #4

        #4

        Re : Detailed Resale process - when both parties have loan ?

        I have one question here. Normally builder gets the land for apartments from Authority after paying 10% amount and rest have to be payed in installments for 10 years. That means till the time builder hasn't payed his whole due to Authority land will not get registered in his name so
        how will a customer be able to get the registry of his apartment done after 3 years when he gets posession.

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        • #5

          #5

          Re : Detailed Resale process - when both parties have loan ?

          Well, to my original question, and based on what I have been told by 2 legit brokers, it's not safe for the buyer to pay a legitimate sum (like 30L) to the seller just on the basis of "Agreement to Sale" registration while he waits for seller to close his loan. This is because the seller's bank can make several stories to not let their business go and it may delay releasing of the docs... during this whole time, the 30L of the buyer is in stake... and in the unforseen case of a conflict, it's bound to go to the courtroom... I think the safer process is to make an MOA with a token money and let the seller close his loan by sourcing money from friends/family (in case he doesn't have it), and then do the sale deed directly when seller has all docs, and buyer has cheque and bank is also ready.

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          • #6

            #6

            Re : Detailed Resale process - when both parties have loan ?

            I was with a broker yesterday where I overheard a conversation where the buyer did registration paying 5L in April, but Seller now delaying disbursing the original papers and the sale deed isn't happening... the seller now is ready to cancel the deal, and will pay the 5L, but isn't ready to share the 50% of the stamp-duty/reg's loss. ..

            The only thing that is worse that searching for a resell flat is to get into such situations

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            • #7

              #7

              Re : Detailed Resale process - when both parties have loan ?

              What if one takes PDC of same amount from the seller as is being given to the seller.

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              • #8

                #8

                Re : Detailed Resale process - when both parties have loan ?

                Originally posted by babhishek14 View Post
                What if one takes PDC of same amount from the seller as is being given to the seller.
                The PDC can be cancelled by the issuer just by calling up the bank... so PDC does not give enough gurantee of money to the seller

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                • #9

                  #9

                  Re : Detailed Resale process - when both parties have loan ?

                  Guys, did anybody got any solution for this problem...i m stuck with similar issue.......

                  Originally posted by simantadatta View Post
                  The PDC can be cancelled by the issuer just by calling up the bank... so PDC does not give enough gurantee of money to the seller

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