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Purchase of under construction property
18-Sep-2024 (In Property Law)
Hi,
I entered into a MoU with a seller who wants to sell his under construction property, token amount already paid. Seller is saying that deed of assignment will be signed, at which point I should share with him DD for paying his bank loan, balance amount to builder and finally his balance payment. My question is - is it safe to pay him off fully just after signing of assignment deed? Is there going to be any subsequent sale deed with builder also or only the assignment deed is sufficient?
First obtain encombrane certificate of the property that you are intending to purchase. then ask for for seeing and checking the original papers of the entire land. get a legal opinio done by an experienced advocate. Be prepare to pay well to the advocates.
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Adv. S.K Prabhakar Shetty
Bangalore / Bengaluru | 1000+ Answers
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I recommend not paying the full amount until the sale deed is finalized and executed.
Sale deed is the final document which gives you the title as the absolute owner. you can pay the balance amount on the day of registration in the jurisdictional sub registrar office.
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Adv. Vasudha S G
Bangalore / Bengaluru | 50+ Answers
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