637+ Lawyers are online 
Procediure and the steps for resale or old flat purchase
30-Nov-2023 (In Property Law)
I found one resale flat at a good price but the original Dalil or papers of that property is in Bank as the owner had taken one loan at the time purchase that property and the owner doesn't have a Xerox copy also of that original Dalil. He has a deed with bank and builders from whom he purchased the flat earlier. So is it ok to give a advance or payment before seeing original Dalil. He is saying that after receiving advance he will pay the balance payment to bank and can show me or handover the original Dalil or flat papers. So can you tell me the actual procedure for buying a resale flat if original papers in Bank's hand.
No, You will have to see the complete chain of the property i.e from the date of allotment to subsequent owners
his is a legitimate practice prevailing in market.
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.
his is a legitimate practice prevailing in market.
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.
Helpful?
18+
18+
Adv. Siddhant Sharma
Delhi | 500+ Answers
Chat
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.
Connect with top Property lawyers for your specific legal issue
No Comments! Be the first one to comment.
"lawrato.com has handpicked some of the best Legal Experts in the country to help you get practical Legal Advice & help."
