Buying Resale Flat - No JDA or GPA available
24-Jan-2023 (In Property Law)
Dear sir/madam, I am considering buying a 10 year old flat (B Khata property) from an individual who bought the same flat from the builder.
However , I have found out that the land is not in builder's name and in someone else's name. Now Bank-A is asking for Joint Development Agreement , Sharing Agreement and General Power of Attorney documents to sanction the home loan. But another bank(say Bank-B) doesnt require these set of documents. Bank-B says Sale agreement , Sale deed , Khata Extract, and latest tax recipts are enough for the home loan.
Should I proceed towards buying the flat if it doesn't have the JDA , GPA and sharing agreement? Will it be a wise decision? Please help
Yes, what ever the documents Bank A is asking are necessary if there is a two persons names are reflecting. However we need to understand by available documents what is the relationship between those two
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