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Buying a property whose co-owner is out of station
10-Jul-2023 (In Property Law)
I am planning to buy a property which is not registered yet as seller was not able to pay his part to builder. Total cost of property is 60 lac. Seller took 35 lac loan and promised to pay 25 lac from his savings. Initially he paid 10 lac but later he was unable to pay rest 15 lac. In meanwhile bank has already paid 31 lac out of 35 lac to builder. he wants to sell this property which is on the name of seller and his wife. We finalized the deal in 45 lac. Also he has to clear his dues of 5 lac (fine and association charges) for which he is ready to made payment to builder. Seller told that he will send sale deed document by courier for wife signature as she is out of town.
Now my question is what if he refused to clear his dues once his loan is transferred to me? His wife will sign sale deed through courier. Is it fine.? What if later he refused to transfer the property once his loan transferred to me? What is the correct way of dealing in this scenario.?
Please do proper due diligence to find out the exact financial scenario. I'm not sure if you've already asked him for the loan account statement, or statement of accounts from the builder - but please do. The agreement has to be on stamp paper and registered before the Sub Registrar Office so I don't know how he says he'll get it signed by this wife through courier. The persons have to be present at the sub-registrar's office for Registration of the document. Do not execute any non-stamped, non- registered document as it will not be very useful if there is trouble in the future. Also it's the Bank which has to facilitate loan transfer since they have already paid a large chunk of the amount so it would be a good idea to meet the bank along with the seller.
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