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Resale Flat without Home Loan

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Resale Flat without Home Loan

Last updated: June 12 2014
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  • Resale Flat without Home Loan

    Hi,
    I have come across a resale flat which was bought without a Home Loan.
    How do I find out if the owner of the flat has not used the flat as collateral ?? Any lawyer to help?

    Thanks,
  • #2

    #2

    Re : Resale Flat without Home Loan

    1. Lawyer will to the title search for you (You can find many lawyers in the market or just step in to any nearest branch of SBI and ask for paneled lawyers number and address).
    2. If title search comes clear - Put a public notice in news paper (one english and one local language) about the purpose of owner to sell this property so that if any party has created interest in it can contact you.
    3. If you get positive response in above two then go ahead with the transaction but please get at least some amount as loan from any nationalized bank to pay to the owner (prefer SBI).

    Comment

    • #3

      #3

      Re : Resale Flat without Home Loan

      If there is no loan the original documents will be available with seller.
      Verify that they are the actual original and not color xerox anyway.
      Secondly learned member investwest has given good suggestions which need implementation.

      Comment

      • #4

        #4

        Re : Resale Flat without Home Loan

        vaibav123 - A very good point - he should have the original agreement in hand with original registration receipt pasted on it and franking stamp/receipt as well.
        suranjan - One more point, if you disclose the society name here, you may get to know if there's any legal issue with the project. You would like to find more details about what happened to 'Omega Paradise' in wakad.

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        • #5

          #5

          Re : Resale Flat without Home Loan

          The society is Marvel Citrine. The flat is in the name of 4 persons. One of them has the power of attorney.
          My plan is to give token and get the xerox of all the papers for title search and public notice in news paper.
          Then go for the agreement.

          Comment

          • #6

            #6

            Re : Resale Flat without Home Loan

            suranjan,

            1. Please verify the original document as well as the POA with a good lawyer.
            2. Talk/Meet the original owners before you give token/money.
            3. Not sure if you are dealing with a broker. Most of the times brokers don't have accurate information. They will just say all the papers are upto date.

            Once I got into a transaction with photo copies of original documents and later discovered that the originals were actually with the bank.
            Seller+Broker never told me there was a bank loan on the flat.

            Arun

            Comment

            • #7

              #7

              Re : Resale Flat without Home Loan

              yeah, even I think so.. you need not pay any token to get photocopies of documents.. just pay the photocopy charges.

              Comment

              • #8

                #8

                Re : Resale Flat without Home Loan

                Put it on hold, as owner is in Mumbai and not ready to come to sign MoU.

                Though, I have got the photo-copies, I haven't seen the original docs yet.
                Owner said, he is ready to come and sign the agreement and register the moment I am ready. But my lawyer said not to go ahead without any MoU.

                Is it correct?

                Comment

                • #9

                  #9

                  Re : Resale Flat without Home Loan

                  Drop the sale/purchase and look for another one without such complications.
                  There are many flats in Pune for Resale.

                  Comment

                  • #10

                    #10

                    Re : Resale Flat without Home Loan

                    Do you mean the PoA holder is in Mumbai? If he is in Pune, then you don't need other members to sign on MoU. If he himself is in Mumbai and refusing to come down to Pune for MoU, forget the deal and move on.

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