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Seller sold the property over which he has existing loan
21-Sep-2023 (In Property Law)
I am planning to buy a property for which seller is yet to pay final amount to builder. Seller has existing loan. seller wants to settle the property before taking possession. When I speak to Builder he said there is a holding charge and interest for not taking possession on time plus there is a transfer charge. Unless seller clears this, there will be no NOC from builder for this transfer. Coincidentally, I have a preapproved loan from same bank where seller's existing loan is continuing. I would like to know steps that I should take to get the disbursement done and whether agreement to sell will affect my loan amount that bank will disburse?
planning to buy a property is other thing and desperately desiring a particular property is another.
till now u are not indulged in any dispute as far as i understood from your query.
u should ask the seller to clear the dues and get the NOC from the builder and then you will be free to buy the same.
the seller will also have to clear the bank loan before transferring the same to you.
that particular property cannot be said to be free from all encumbrances which is a mandatory condition before buying the same. or if you are getting some lucrative offer for buying the same then u will only be liable if any dispute arises after buying the same
till now u are not indulged in any dispute as far as i understood from your query.
u should ask the seller to clear the dues and get the NOC from the builder and then you will be free to buy the same.
the seller will also have to clear the bank loan before transferring the same to you.
that particular property cannot be said to be free from all encumbrances which is a mandatory condition before buying the same. or if you are getting some lucrative offer for buying the same then u will only be liable if any dispute arises after buying the same
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Adv. Vijyant Nigam
Lucknow | 100+ Answers
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