is the agreement duly stamped and registered ? please check . consult local lawyer before purchase of flat
Documents required for purachse of 27 year old resale flat
Hi sir we are planning to purchase 27 year old property in Pune. Current owner is the third owner and we will be the fourth owner. construction was in the year of 1987. First party and second party "Agreement" documents are there in which complete details about the two deals are mentioned.(That time sale deed was not there , so only single "agreement" document is there. Now the current owner is the third owner. He has agreement to sale between him and second owner. However sale deed is not prepared(he baught the flat in 1996 and according to him that time concept of sale deed was not there). He has a possession letter which second owner has written to the chairman of society mentioning that flat is sold to current owner and full payment is recieved. It also has a payment recepit which has payment schedule on it.(this possession letter is on stamp paper). Are this documents are complete in case we want to go ahead with this propery? Remaining all documents are available with the owner like society share certificate, completion letter, coomencement letter,index 2 etc. Kindly guide me.
Asked 10 years ago in Property Law
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7 Answers
thanks for the reply Ajay, Agreement is done on stamp paper and 2nd and 3rd owner has the registration slip with them, first agreement which is prepared during 1987 i dont find the registration slip for that, as per agents they said that during that time registration was not there.
Asked 10 years ago
obtain NOC from society before purchase of flat . consult a local lawyer and then take call
consult a local lawyer better advice
yes, we will be doing NOC. are our documents good enough to go for this property? summary of the docs we have: 1st owner: Agreement and index 2 2nd owner: Agreement, index2 and registration slip 3rd owner: Agreement of sale, index 2 , share certificate, ULC, possesion letter, NOC. We are going for home loan and they will be sharing this doc with there legal advocate to verify the integrity of the docs.
Asked 10 years ago
kindly contact a local lawyer for a better advice
1) if you are going in for home loan bank would check whether title to flat is clear and marketable . loan would be rejected if title is not clear and marketable
2) without going through the documents mentioned by you it would not be possible to say whether documents cited by you are sufficient for purchase of property
If the current owner has registration slip then the requirement of registration slip of previous agreements pales into insignificance.
Whether or not your documents satisfy the test of law can be decided only after a threadbare scrutiny thereof. To this end you should engage a lawyer to obviate the possibility of any tremor being caused to your legal rights later on. Show him all the documents so that he can advise you if you are on the right path or not.
Since you are going for home loan it is imperative that the title to the property is clear and marketable, failing which application for home loan will be rejected.