Buying property which is already on a home loan is it safe to buy
13-Mar-2023 (In Property Law)
I am going to buy a property which is under home loan. The seller assured me to get the property documents from Bank after receiving part payment from me. Now,I have 2 doubts..... 1) How can I be sure that multiple loans are not issued on same property? 2)Is it a safe deal to proceed?
The process is a little complicated, so you could cal and figure the problems out
To know multiple loan status on the property in question you can ask the seller to provide you custody report of the loan providing bank in respect of the property in question till today. If the loan papers are really with the bank than there is less likelihood of it being used as collateral security in other loans. Moreover, In respect of property in question you may add a specific clause to indemnify you in case of multiple loans on property in your Sale Deed.
You can also get the property legal report from concerned office( DDA, Revenue) to know the previous status.
In answer to Q 2 it is safe, provided due diligence is applied before contract execution.
Disclaimer: The above query and its response is NOT a legal opinion in any way whatsoever as this is based on the information shared by the person posting the query at lawrato.com and has been responded by one of the Divorce Lawyers at lawrato.com to address the specific facts and details.
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