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Strange real estate dealing

Last updated: June 30 2012
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  • Strange real estate dealing

    I am about to purchase a property that will be available to move in after 4-5 months, I understand that builders always lie about this and I am prepared to wait for a year but the way they want to do the transaction is strange.

    The person who sells me the flat says he is the investor and owns 2 floors in the building.

    They want us to pay everything in advance and receive an allotment letter with the agreement registration to be done only at the time of possession.

    I will be speaking to the actual builder to ensure the investor actually owns the flat he is selling but the absence of registration is confusing me.

    I am getting a copy of the agreement between the builder and the investor but that has no mention of the flats, it simply mentions square feets.

    Can anybody explain if this is the norm in the industry or am I being taken for a ride.

    Thank you in advance
  • #2

    #2

    Re : Strange real estate dealing

    Originally posted by aniltogi View Post
    I am about to purchase a property that will be available to move in after 4-5 months, I understand that builders always lie about this and I am prepared to wait for a year but the way they want to do the transaction is strange.

    The person who sells me the flat says he is the investor and owns 2 floors in the building.

    They want us to pay everything in advance and receive an allotment letter with the agreement registration to be done only at the time of possession.

    I will be speaking to the actual builder to ensure the investor actually owns the flat he is selling but the absence of registration is confusing me.

    I am getting a copy of the agreement between the builder and the investor but that has no mention of the flats, it simply mentions square feets.

    Can anybody explain if this is the norm in the industry or am I being taken for a ride.

    Thank you in advance

    No compromise in property buying. Check everything or regret any mistake for whole life.

    Comment

    • #3

      #3

      Re : Strange real estate dealing

      Registry is done only if possession of flat has been given by builder.
      In case, Possession is not offered, Allotement Letter, Builder Buyer Agreement and All Payment Receipts have to be endorsed in your name by builder.

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      • #4

        #4

        Re : Strange real estate dealing

        Originally posted by aniltogi View Post
        I am about to purchase a property that will be available to move in after 4-5 months, I understand that builders always lie about this and I am prepared to wait for a year but the way they want to do the transaction is strange.

        The person who sells me the flat says he is the investor and owns 2 floors in the building.

        They want us to pay everything in advance and receive an allotment letter with the agreement registration to be done only at the time of possession.

        I will be speaking to the actual builder to ensure the investor actually owns the flat he is selling but the absence of registration is confusing me.

        I am getting a copy of the agreement between the builder and the investor but that has no mention of the flats, it simply mentions square feets.

        Can anybody explain if this is the norm in the industry or am I being taken for a ride.

        Thank you in advance
        it would be better for you if you have everything in your hand in physical. taking risk can cost you a life time when related to property.

        Comment

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