Buying A Resale Property | Vkeel - Free Legal Advice

RAHUL SINGH

BANGALORE

I am trying to buy a resale property. Its a new flat in an apartment The property is not registered. Also, it has an outstanding loan of 10 lakhs. The seller is asking to make a down payment of 20%. We will also have an agreement for this. I am not sure what kind of agreement. With this amount, he will close his loan. After this, he will get the original papers from the bank. Please note that the property is not registered. Once done, I will take a loan from my bank and pay the rest of the amount to the seller. Please let me know. Should I proceed with this? Please let me know the process. I would really appreciate your help.

Expert's Answers(3)

Advocate Anik
Bengaluru, Karnataka

66 Client Ratings

Hi, You can get the seller to execute a guarantee or have a refund clause inserted into your purchase agreement.

December 26, 2020
Advocate J L Naagar
Jalandhar, Punjab

169 Client Ratings

You will be entering into an Agreement to Sell with the owner of the property and will pay 20 per cent as earnest money promising to pay the remaining within some specific period then the seller will get the Documents released meanwhile you will get Your housing loan sanctioned and the deal will be finalised. However, consult your local lawyer also he will help you. Please give me Rank Five and follow me after reviewing my resume and book a consultation for further discussion and explanation if required.

December 26, 2020
H K Chaturvedi, Advocate Supreme Court.
Noida, Uttar Pradesh

12 Client Ratings

Before proceeding, kindly get prepared documents from lawyer.

December 25, 2020