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Legal requirements while buying an under-construction resale property
16-May-2023 (In Property Law)
I am planning to buy an under-construction resale property from a seller. It is a township project in Kolkata Rajarhat area. The project is under-construction and will probably be ready for possession by end of this year. The present owner (allotee) of the the flat is willing to sell the property before possession. The documents shared with me are: 1. Initial agreement on Rs. 10 stamp paper 2. Formal agreement (yet to be shared) 3. Copy of Demand letter issued by Builder to the owner The owner is currently in Nepal and will come to Kolkata at the time of agreement. There is no existing loan on this property as it was self-financed. However, I will need to apply for loan. I need legal advice on how to go about it, from start to end, what are the documents required for searching, what are the steps involved, precautions, to avoid any issues later on. Please advise.
The documents required for searching is the deed from where the property was extracted or the developer agreement. You may find it from the initial agreement and the tax or porcha papers. After searching you have to apply for loan in a bank, then the bank will verify the documents and will directly contact the the seller for payment methods. Then thereafter you have to register the document with the seller.
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Adv. Sreemon Bose
Kolkata | 200+ Answers
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What documents are required to sell a flat India?
Sale Deed.
Mother Deed
Property Tax Receipt
Khata Certificate
Encumbrance Certificate
Building Approval Plans
Certificate of Conversion
Power of Attorney
Can you sell your flat before possession?
It is. Many investors are willing to try their hand at flipping properties, which is what most people think of. Investors who are skilled will often enter the market to buy and then sell it, in order for them to make a profit. There are still some things you need to consider as an assigner if you've not yet taken possession. 27-Jun-2023
Can I sell an unregistered ready for a possession flat in Bangalore before registration?
Is it legal for a property to be sold before its registration? Transfer of Property Act prohibits the sale of immovable property prior to its registration. According to the Act, an individual who claims authority over a particular property must have its legal right to sell it to a purchaser. 15-Sept-2023
What happens if flat is not registered?
Ans. The developer or builder will continue to own the property if the flat is not registered. It can cause future legal issues and disputes.
Firstly you have to do proper searches in the concerned reg office court etc.
Secondly you have to collect all the title documents related to this property from the owner
Thirdly owners purchase deed
..
Secondly you have to collect all the title documents related to this property from the owner
Thirdly owners purchase deed
..
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Adv. Payel Adhikary
Kolkata | 25+ Answers
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