Purchase of second hand flat

This query is : Resolved

Dasharath Appa Pujari (Querist)
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11 December 2007 Dear Sir,

What is the procedure to be followed at the time of purchasing any second hand flat?
Also provide details of which documents are to be verified & how the payment should be made either in installment or lumsum.

R.V.RAO

R.V.RAO (Expert)
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11 December 2007 ARE YOU SURE WHY THE FLAT IS SOLD? IS THERE ANY MORTGAGE OR ANY BANK OR LENDER IS SELLING?
ONCE YOU MAKE THAT CLEAR THAT THERE ARE NO LOANS OUTSTANDING TO ANY LENDER AND THE TITLE IS IN THE NAME OF THE SELLER, PL. VERIFY SALE DEED ( ORIGINAL THROUGH WHICH YOUR PRESENT SELLER HAS PURCHASED.),HIS AGREEMENT WITH HIS SELLER OR BUILDER , FLAT ASSOCIATION (IF ANY)BYELAWS IF THEY PROHIBIT SUCH A SALE FOR ANY OF HIS DUES TO THE SOCIETY.
BETTER YOU OBTAIN AN EC FROM THE SUB REGISTRAR'S OFFICE WHERE THE FLAT WAS REGISTERED IN THE NAME OF YOUR SELLER.
FROM THE EC YOU CAN SEE IF THE FLAT IS IN THE NAME OF YOUR SELLER.
THEN CHECK WHETHER ALL ARREARS OF ELECTRICITY, WATER AND PROPERTY TAXES ARE PAID UP TO DATE.
IF YOU ARE CLEAR ON ALL THE ABOVE ASPECTS, PAY SOME AMOUNT AS ADVANCE TO THE SELLER. TAKE A COPY OF ALL DOCUMENTS OF TITLE DESCRIBED ABOVE AND SHOW THE SAME TO YOUR LAWYER,TAKE WRITTEN OPINION FROM THE LAWYER, AND IF THE OPINION IS CLEARLY FOR A BUY ,ENTER IN TO AN AGRREEMET FOR SALE ,PAY SOME AMOUNT MUTUALLY AGREED TO THE SELLER ,COMPLETE PAYMENT TERMS AS PER installments as per the AGREEMENT for sale , ENTER INTO SALE DEED WITH YOUR SELLER AND TAKE OVER THE POSSESSION.
AT THE TIME OF REGISTRATION OF THE PROPERTY IN YOUR NAME ONLY,MAKE FULL AND FINAL PAYMENT.lumpsum payment is never made.
KEEP ALL RECEIPTS CAREFULLY OF ALL AMOUNTS PAID TO SELLER.BETTER TAKE BANK LOAN .OTHERWISE HOW TO SHOW SOUCE OF FUNDS FOR THE BUYING the property IS A PROBLEM THAT BOTHERS YOU LATER WITH IT DEPT.
AFTER ENTERING INTO AN AGREEMENT FOR SALE ,YOUR LAWYER must GIVE A PAPER NOTICE THAT HIS CLIENT IS PURCHASING A SPECIFIC PEROPERTY ( ALL PROPERTY DETAILS TO BE STATED CLEARLY)AND THAT ANYBODY FROM GENERAL PUBLIC OR ANY LENDER IF THEY HAVE ANY OBJECTION, MUST WRITE TO YOUR LAWYER'S ADDRESS WITH THE NATURE OF OBJECTION IF ANY WITH A PERIOD OF 15 DAYS.
IF NO REPLIES OR RESPONSES ARE RECEIVED AGAINST THIS PAPAER NOTICE , THEN ONLY YOU SHALL PROCEED FURTHER .
R.V.RAO

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