Tenant buying rented house
Case Scenario: A tenant approaches his landlord to buy the same rented property. They agree and proceed for the same. As they have a relationship of almost 5 years, landlord requests to transfer token amount before he shares photocopies of the property documents for verification and bank loan purpose, before any MoU is signed. There’s no property consultant involved. The tenant has the rented property as his present and permanent address in all government documents (as per the leave and license agreement that permits the tenant to use the address for all communications and documents including passport etc.)
1. Is it okay to transfer token amount before checking property papers, signing any MoU etc.
2. In the absence of a property consultant, who should lead the paperwork? MoU, Sales Deed, Search Report, Appointment in Registrar’s Office, Stamp Duty Payment and Society related work etc.?
3. Can tenant use the rented address in the sales deed as his residential address? This is the same he’s buying
4. Anything else that this deal must take into the consideration
Asked 1 month ago in Property Law from Mumbai, Maharashtra
Is the following process will be good:
1. Property Card via Society Manager for Search Report before token
2. Or before token sending the MoU draft to the seller for his approval, printing and taking along for signing it along with the token
3. Checking originals on the day of token and signing MoU. Taking photocopies of all the documents
4. Giving it to the bank and property lawyer for their processing
5. Giving a public notice in the newspaper and wait for 15 days
6. Post that completing self-funding
7. Paying Stamp Duty and Registration
8. Registering Agreement of Sale
9. Asking bank to make the balance payment and submitting all the documents to the bank
10. Registering Sales Deed
Asked 1 month ago
I am the home loan seeker and the bank has no objection for name of my wife and my mother in law, who are self-funding the property, to appear in the agreement of sale and subsequently in Sales Deed. Now the mother has suggested that the name of my wife should come first in the agreement of sale. More so, like "Wife's Name" d/o "Mother's Name", "My Name" husband of "My Wife's Name" and then "Mother's Name" mother of "My Wife's Name" Is that necessary. She wants to exit her share after 3 years and claiming this order of writing names will help in transfer / succession etc.
Asked 1 month ago
We are going through a very frustrating situation.
We had sent a draft of MoU, made by our Prop Lawyer to the seller for his consideration and acceptance, a week ago. He said he would forward the same to his prop lawyer with his comments and come back. He took one week's time to come back after me chasing him after every two days. The draft he sent was "empty" and he gave the excuse that there's some "font conversion issue" This happened yesterday around 6 PM. He said he would ask the lawyer to send the draft again.
We have to meet to day for the token and MoU Signing. How can I accept an MoU which will come few hours before the meeting and also the same needs to be printed on NJ Paper of INR 100? I had obtained CTS Number of the property from him for the search report that will come by next week as per the lawyer.
My query and worry is: Is there a deliberate attempt to avoid MoU? Can we give token in the absence of MoU by signing a receipt on a revenue stamp that also puts condition "MoU to be signed" Or Should we wait for the search report and then take the next steps accordingly?
Please note that the MoU shared with him is standard one, balanced not one sided for either party, containing the whole procedure of the deal till Sales Deed registration etc.
Asked 1 month ago
Title Search Report: Mismatched Area Entry
The title search is undertaken by my lawyer last week and he just called me to convey that there's a huge difference in the area mentioned in the latest Index-2 of the property and previous Index-2. Index 2 of 2006 transaction recorded the area 80.29 Sq Mtr and Index-2 2005 transaction recorded 66.91 Sq Mtr. Now he said he will reconfirm it from the sub registrar's office which will give the certified confirmation. We are meeting the owner tomorrow for signing the MoU and taking the property papers for bank etc. Is this an objectionable entry that makes the title defective? MoU any states that the token will be refunded if any adverse entry is found in the title. Please help!
Asked 1 month ago
Registered Paper Clear but Wrong Entry In Index 2: In continuation, the property lawyer check the chain documents of the property we are pursuing. In all the agreements, the area mentioned is similar. But in the Index -2 of 2005 between First & Second Owner, the record has "carpet area" mentioned in "built up" area (Bandhavi Kshtraphal). In the Index - 2 of 2006, the record has "built up" area mentioned in "built up" area (Bandhavi Kshtraphal). Now the lawyer had said that the title is marketable and we can go ahead with the transaction. This we confirmed over the phone in front of the seller (who is our landlord for last 5 years and a gentleman). The seller didn't have Index-2 and only original papers, OC, Share Certificate etc. He mad call to his person who go this transaction done in 2006. That person said its an entry mistake and can be rectified. He also called his lady lawyer who said the same thing. Our lawyer insisted that the seller must get this rectified or pay us to do the same and he will get it done but we can go ahead with the transaction and register the deal. My mother in law is not keen to do it through our lawyer and want this to be done by the seller. Until it is done, she doesnt want to go ahead. We are also made aware of the fact that this is done in Pune now. Can take time. I checked on http://igrmaharashtra.gov.in/SB_DOWNLOADS/DATA/forms/application/Application%20for%20correction%20in%20records.pdf that a correction form is available. PLEASE HELP HOW TO GO ABOUT IT.
Asked 1 month ago
INDEX 2 CANNOT RECTIFY: My lawyer who assured me that he would get the rectification done updated me that the correction cannot be done for the following reason: 2005 Agreement For Sale between 1st Owner and 2nd Owner has Carpet Area mentioned instead of Built Up Area. In the Agreement Of Sale The written words "Carpet Area" is crossed by pen and written "Carpet Area" again which is very strange. He said that the registrar told him that the stamp duty is paid on 720 Carpet area whereas should have been paid on Bulit Up Area. In the 3rd Agreement Of Sale (Lates Agreement) the area mentioned is Carpet only but the Stamp Duty etc. is paid on Built Area along with Life Charges etc. which mentioned handwritten. Both Agreement For Sale are bought in less than market value. First one (2005) at marginal lesser price and latest one (2006) with a difference of 8 lac between market and agreement price. I am in a confused state of mind because he claimed that Index-2 rectification can be done and now telling us this reason which was not investigated before telling me. Please note I introduce him to the seller for bearing the expenses. There's no communication happened between them and this happened in last two days. Now, if we accept the situation and go ahead with the deal, the only risk which he told us is that the lady who sold to the latest owner can claim the area (Built Up-Carpet) but said highly unlikely as its more than 12 Years. The lady lives in the same society and does not look like she would do this. Sweets exchanged, society members meeting happened after he assured the rectification can be done and he would get it done. Please advice if its going to be a transactional or succession issue in future. Can this be seen as a technical error in Index-2? Bank still has to get the search report. Please help!
Asked 26 days ago
My mother in law has a capital gain account and savings as self funding. My wife and myself has our savings. Agreement For Sale will have their names and bank has asked them to make Co-Applicants. My mother in law is very stressed that after putting her life savings also, she has to be responsible for the bank loan (though she and my wife are not going to pat EMIs, I will do that). Also, the title is defective. But the bank has not raised any issue as such (as I think their interest is in the interest, only). Also, i showed my discomfort to the lawyer today when I collected the search report as he's not giving a clear verdict "To Go Ahead" or "Not To Go Ahead" He keeps on saying "Now the decision is up to you as I told you the past history of the property" He also said that after many years no one would turn up to claim anything. After your (all above respected and abled advocates), we have decided to say "NO" to the seller and ask for the refund of token money which he is supposed to do as per the MoU. Will the difference in the area recorded in Index 2 of 2005 and 2006 and absence of rectification deed between 1st and 2nd owner (the seller is the 3rd owner) be a good ground to back out from this deal? It is written in MoU "In the event of any adverse entry found in the search report that makes the title defective and unmarketable, the deal will be called off" Please advice so that we proceed accordingly.
Asked 22 days ago
THE SELLER SUGGESTED TO MEET HIS LAWYER AND THEN TAKE A DECISION: I conveyed our decision to the seller on Sunday. He suggested to meet with his lawyer as well who can give her point of view and whether rectification deed and Index-2 correction can be done on the title or not. What questions I must ask to her? And in case she says that ignore it not a big deal, what should be the reply.
Asked 18 days ago