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Important clause to be included in the sale deed
19-Sep-2023 (In Property Law)
I am selling my flat (in Surat). I need to know the important clauses that should appear in the sale deed related to the following:
1) There is an outstanding loan with ICICI bank on this property. The buyer is also taking loan from ICICI Bank. Hence, it has been agreed that the loan will be transferred internally within ICICI Bank.
How this should be captured in the Sale deed because there is an outstanding loan and the property is not free from all encumbrances.
2) How to include the clause for Default on part of buyer or seller.
Lastly, do I need to take letter from ICICI Bank that the bank does not have any problem if I sell the flat to XYZ buyer?
seller and buyer settle the loan amount in whenever buyer pay the amount and before you bye do the sale agreement and and add the close related loan amount settle and other wise seller is before sale deed clear all encumbrances.
Helpful?
25+
25+
Adv. Hetal Vipul Makwana
Vadodara | 200+ Answers
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First of all make agreement to Sale
2nd mention the details of out standing loan amount which have to pay seller by buyer before reg. sale deed.
3rd after receiving loan amount pay to bank and take Noc from bank.
4th do Reconvynce deed if mortgage is registered of this property.
5th apply for remove EM from revenue records and from sub registrar.
6th execute register sale deed in favor of buyers after receive full money from buyers.
Best of luck and congratulations in advance for new property.
Helpful?
22+
22+
Adv. Dharmesh Teraiya
Porbandar | 25+ Answers
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