Buying an under construction flat
I want to buy an under construction flat in Ghaziabad. As per builder it may be delivered in an year's time. I have got a seller who has paid the full amount as down payment to the builder. As per the seller a small amount would be charged as transfer fee. What is the legal process for purchasing? I have to take bank loan from a nationalized bank. What documents should I ask/check? Should I wait till registration of property in sellers' name but would that increase the cost?
First find out the exact amount to be charged by builder as transfer fees? Who will make payment seller or buyer? Ask seller to obtain NOC from builder for sale of flat, original agreement for sale entered with builder by the seller. Building plans duly sanctioned by municipal corporation. Inspection of original title deeds for land on which building is being constructed. Don't enter into any agreement with the seller unless bank is willing to sanction loan for the flat. Best option is to wait for for building to be completed by the builder. Possession handed over to flat owners.Transfer charges would then be nominal. There is no harm in paying little more money for the flat but at-least your money is safe. Let builder obtain an OC from municipal corporation, then buy flat.
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