1.It ia safe idea to first make sale agreement with 5% of full consideration.
2.However after sale agreement and beofre sale deed you can make another 45% of payment.
3.rest half of the payments can be made at the time of registration of sale deed.
Risk free procedure to buy a mortgaged property
Hi, I want to buy a old flat which is Mortgage to bank and seller has a outstanding home to the bank. what will be step by step procedure to buy this property having a home loan from the same bank or from the different bank? some fact: 1. sellers outstanding home loan: 50% of property value. 2. I can down-payment: 20% of property value. 3. seller can not pre-payment the home loan unless until i pay to him. 4. want to pay only 5% of the property value and want a sale agreement. and the i will pay remaining amount when sale deed will be registered. 5. Seller wanted me to pay another 45% before sale deed Thanks in advance. Regards Sanjib
Asked 8 years ago in Property Law
Religion: Hindu
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5 Answers
1) better obtain loan from same bank
2) since bank has done due diligence while sanctioning loan you would not face any problems
3) enter into agreement for sale wherein you pay 20 per cent of market value of property
4)take inspection of original documents from bank
5) at time of registration of sale deed bank will issue cheque to seller after adjusting loan amount
You can pay some amount and get the agreement done .. Before sale deed you can pay him the loan amount and accompany him directly to the bank and close the loan amount .. As its paper will be in the custody of bank..2) he wants 45 percent to close the bank loan , which I think will be convinient for both of you
1. Do not pay anything now. since in that case it will be difficult for you to recover the said payment if the mortgagor refuses to sell you the said property since as per law, mortgaged propertyv can not be dealtwith withoit the written consent of the mortgagee bank.
2. Yopu are required to enter in to tripartite agreement with the bank, the mortgagor/vendor about the said sale and after the said agreement is over, make the sale deed and get the same registered before the Registrar and pay off the entire amount to the bank or one part to the bank being its dues and the balance to the vendor.
3. Alternatively, you can take loan from the same bank and get the property mortgaged with them after completing the registration of sale deed and depositing the same withn the bank and after some time get the loan cleared and take back the title deed of the said mnortgaged property.
You can enter into a tripartite agreement with the seller and the bank
You can avail home loan from the same bank
The loan once sanctioned on your name then the bank can transfer the loan from his name to your name and can release him from the same and also would give him NOC for registration of sale deed in your name.
The mount due to the seller has to be paid on or before the registration of sale deed in your name.
