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Pune How Do I Sell My Flat

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Pune How Do I Sell My Flat

Last updated: March 6 2016
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  • Pune How Do I Sell My Flat

    I'd put up my flat for sale online, and the deal will probably get finalized in the next few days.
    I don't have a broker, and I'm lost as to how I should go about completing the deal. I've listed a few of my queries below.
    Please help!!

    1) The buyers broker wants a copy of my agreement, and the blueprints of the flat. Do I give this to him before any deal is finalized and money exchanges hands?
    Do I need to get him to sign some sort of pre-sale agreement before I give him copies of my documents?
    Is there any danger in letting someone have copies of my flats documents?

    2)When does the buyer pay me? At the time of registration, or at the time of signing the sale deed?

    3)How much of a token amount should I take, and do I have to return this if the buyer doesn't complete the deal on time or backs out?
    And how do I specify the time the deal should be completed in?

    4)Also, I haven't transferred the electricity meter and property tax to my name, though I've been paying both regularly. Will that be a problem? I'd bought the flat as a resale, and the previous owner hadn't transferred either to his name as well. The electricity meter is in the builders name, and the property tax in some guy's name who doesn't even figure in the agreements.

    If there's anything else I need to know, please let me know.

    Thank you for reading.
  • #2

    #2

    Re : Pune How Do I Sell My Flat

    alright...

    you can give xerox copies of index 2 (of registration), agreement copy and blueprint copy
    once they're satisfied, take token amount(at least 1 lakh) and make MoU on stamp paper and lay down payment terms

    Comment

    • #3

      #3

      Re : Pune How Do I Sell My Flat

      The potential buyer will need to check the title and therefore as the Vendor you will have to give him xerox copies of sale agreement,index 2.Once they are clear about your title the negotiation can move to next phase of taking token money and entering into a registered agreement for sale wherein terms of sale are finalised- dates by which balance payment is to be made.
      You will have to keep these documents ready
      PMC approved Building Plan, make sure that this plan has stamp of PMC and signature and stamp of sanctioning Engineer.
      Commencement Certificate from PMC
      NOC from bank(in case you have housing loan)
      Possession certificate,occupation certificate
      Society NOC.There are more documents
      as I have given an indicative list.
      Get a lawyer to draft sale agreement /agreement to sell
      Amount of token money should be at least one lakh and if it is a cash down deal higher amount.
      The buyer will insist upon transfer of meters on proper names before sale agreement.Visit to MSEDCL and PMC is a must to get these transfers done.

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      • #4

        #4

        Re : Pune How Do I Sell My Flat

        Is there any difference between Possession certificate and occupation certificate?

        Originally posted by vaibav123 View Post
        The potential buyer will need to check the title and therefore as the Vendor you will have to give him xerox copies of sale agreement,index 2.Once they are clear about your title the negotiation can move to next phase of taking token money and entering into a registered agreement for sale wherein terms of sale are finalised- dates by which balance payment is to be made.
        You will have to keep these documents ready
        PMC approved Building Plan, make sure that this plan has stamp of PMC and signature and stamp of sanctioning Engineer.
        Commencement Certificate from PMC
        NOC from bank(in case you have housing loan)
        Possession certificate,occupation certificate
        Society NOC.There are more documents
        as I have given an indicative list.
        Get a lawyer to draft sale agreement /agreement to sell
        Amount of token money should be at least one lakh and if it is a cash down deal higher amount.
        The buyer will insist upon transfer of meters on proper names before sale agreement.Visit to MSEDCL and PMC is a must to get these transfers done.

        Comment

        • #5

          #5

          Re : Pune How Do I Sell My Flat

          Thank you for your replies.
          I'll take copies of my registration, agreement, and my society share certificate and present them to the buyer.

          If he insists on transfer of meters, it'll be a bit of a bother. Do you know how much time it'll take? And how much it'll cost?

          Comment

          • #6

            #6

            Re : Pune How Do I Sell My Flat

            The OC, issued by the local municipality, stands for the completion of the property as per the approved plan, so as to be fit for occupation, and should be in compliance with all concerned laws - As a matter of fact you are not supposed to be given possession of flat till OC is issued, but this rule is flouted by most builders.
            Possession certificate is given by builder saying that no dues are there from buyer and buyer is satisfied about the work done and things like that.

            Comment

            • #7

              #7

              Re : Pune How Do I Sell My Flat

              Originally posted by vaibav123 View Post
              The potential buyer will need to check the title and therefore as the Vendor you will have to give him xerox copies of sale agreement,index 2.Once they are clear about your title the negotiation can move to next phase of taking token money and entering into a registered agreement for sale wherein terms of sale are finalised- dates by which balance payment is to be made.
              You will have to keep these documents ready
              PMC approved Building Plan, make sure that this plan has stamp of PMC and signature and stamp of sanctioning Engineer.
              Commencement Certificate from PMC
              NOC from bank(in case you have housing loan)
              Possession certificate,occupation certificate
              Society NOC.There are more documents
              as I have given an indicative list.
              Get a lawyer to draft sale agreement /agreement to sell
              Amount of token money should be at least one lakh and if it is a cash down deal higher amount.
              The buyer will insist upon transfer of meters on proper names before sale agreement.Visit to MSEDCL and PMC is a must to get these transfers done.
              I think builder doesn't give approved building plan separately when buying from builder, it comes as annexure to agreement. is it needed even for resale property?

              what if someone has home loan on property and wants to sell that. How to procure documents you've mentioned?

              Comment

              • #8

                #8

                Re : Pune How Do I Sell My Flat

                Where the buyer buys without any loan amount
                1. The owner of flat goes to the bank and gets for a ‘loan o/s letter’ which states the amount outstanding.A list of documents mortgaged with bank is also listed.
                2. The owner of the flat submits o/s loan letter and list of documents held by bank.
                3. After verification of the documents with the bank,the buyer pays a token amount say Rs100000 or so to the seller and enters into an ‘agreement to sell’ with him.This agreement is registered with the sub registrar office-Haveli, Vishrantwadi etc.
                4. On receipt the full outstanding amount and request letter for closing of the loan,the bank initiates the closure of the loan.
                5. The bank gives full discharge of loan liability and releases the original documents of the property and gives them to the owner of the flat along with the ‘no dues’ letter.
                If the buyer is drawing a loan for the purchase of flat
                1. The owner of the flat contacts the bank and asks for a ‘loan outstanding letter’ which lists the amount outstanding.A list of documents mortgaged with it is also listed out .
                2. The owner of the flat gives xerox copy of all documents mortgaged with the bank.
                3. Buyer submits these documents to his bank along with his income proof,processing fees,income tax returns etc.
                4. The bank checks the documents and the fair value of the property and processes the loan accordingly .
                5. Buyers bank disburses the outstanding loan amount to the sellers bank and this closes the loan.
                6. After closing the loan,the bank hands over the original documents to the buyers bank.
                7. After getting the documents,the buyers bank releases the rest of the amount to the seller of the flat.

                Comment

                • #9

                  #9

                  Re : Pune How Do I Sell My Flat

                  The society is formed, and the conveyance has been executed. The buildings about 10 years old...do I still need copies of the occupation and possession certificates?
                  And there's no loan on the property either.

                  Comment

                  • #10

                    #10

                    Re : Pune How Do I Sell My Flat

                    I need some more help.
                    I hadn't bothered to transfer the property tax and MSEB meter into my name, and now the buyer is insisting that I do so, as his bank is demanding them.
                    Does the bank really need them for processing a loan?

                    I've given him a copy of the society's NOC, and I've begun the process of transferring the meter to my name. However, I've been informed that it can take 2 months for that to go through. The MSEB guys have just taken my documents, and have asked me to come back in 2 days to check the progress and make the payment if everything is in order.

                    I'm going to go to the property tax office tomorrow, and get that transfer started.
                    Does anyone know what documents I'd need? And how much it would cost?
                    The property tax is in the original land owners name, and I've bought the flat as a resale. I've been told that I need to pay the transfer fees for the previous owner as well while doing the transfer? Is that correct?
                    An agent has said he'd get the transfer done for Rs.10,000...he's charging Rs.5000 for each party (me and the previous owner). Is that a reasonable fee?
                    Thanks in advance!

                    Comment

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