Since property is mortgaged to ICICI bank it’s consent is necessary for sale of flat 

2) you need NOC from the bank 

3) it should be mentioned in agreement that time is essence of contract . If purchaser fails to make full payment within period specified in agreement for sale then seller shall be entitled to file suit for specific performance to recover balance of sale consideration due and payable 

You must take a clearance certificate to your loan from the bank upon loan transfer agreement with the bank and NOC certificate with regards to sale of the property. Get everything clear from bank side.  That is most important. They should not have any claim over your loan amount after transfer of the loan. 

Read all bank papers carefully. Or get it checked by any lawyer. Your agreement with the buyer shall have no effect to the bank as to the right of recovery of your loan by the bank. 

Both the issues relating to the sale of the property outstanding payments and further payment defaults may be endorsed in the sale deed as the original sale deed will be required to be produced at the time of transfer of the property so the ICICI bank will issued documents for the registration purpose along with the certificate that the loan has been transferred and there is no outstanding as such   on the part of the seller you can also include the class for the further payments so that in case there is no payment or any payment default then you can go to the court for cancellation of the sale deed

This has to be mentioned in the sale deed and you have to submit a certificate from the ICICI Bank in this regard along with the original sale deed because after the registration of the sale deed registration document will go to the ICICI Bank

1) it should be mentioned that  seller has disclosed to  buyer that property is mortgaged to icici bank and that as on date x amount is due and payable. That bank has granted its no objections to sale  of property provided that loan amount is repaid to the bank 

2) the purchaser has taken inspection of original documents of title lying with bank and is satisfied that title is clear and marketable 

You can't make this averment in the sale deed till he gets the sanctioned letter from ICICI. It can be stated that the sale consideration will be treated as loan and transferred to seller by bank. In this case bank should be a confirming party in the said agreement. 

Default clause can be decided by you both. 

1. See loan has to be closed before the sale deed, once the bank provide you NOC then only sign for the sale deed. In sale deed you have to mention that there is no encumbrance and ICICI has to give DD number for closing the loan. 

2. See if complete payment is made and loan account is closed then in that case you donot need any default clause as such. Though indemnity clause for default from any side can be mentioned.  

Sir kindly talk to bank ask them for closing loan and giving NOC then you can proceed with sale. It would be correct procedure. 

You need to obtain NOC from ICICI Bank

Get the loan transferred internally as per agreement, you can make ICICI as consenting party to the Deed.

You need to invariably add two clauses (1) Time is essence of Contract i.e., stipulate to complete the transaction within a stipulated time of 1, 2, or 3 months.  (2) In case of default by buyer, make a mention of forfeiture / to invoke specific performance of T&C.

Dear Sir,

The following information may kindly be read:

There are multiple documents required to prove the ownership of the property while selling and buying the property. Sale deed is one of the crucial evidence that proves the identity of the actual owner of the property along with other important details that is of significance for ensuring the deal is legal and the property is being sold after following all legal obligations. Here are few facts and details that you need to know before plunging into the real estate market for an investment:

Understanding the sale deed

A sale deed or conveyance deed is a document which is drafted at the time of sale of the property. The signing of deed signifies that the process of sale has been completed. The seller transfers the right of  ownership to the buyer through sale deed. As soon as the document is signed, the buyer becomes the complete owner of the property. Usually, a sale deed is executed only when both sellers and buyers are fully satisfied and are ready to comply with the terms and conditions as mentioned in sale agreement.

What does sale deed imply?

The sale deed document is a valid proof of ownership of the immovable property with all relevant information about the buyer.

The sale deed is drafted on a non-judicial stamp paper of value as set by the state government in which the property transaction is taking place. Every state has predetermined value of stamp paper that are used for drafting immovable property.

Also, any outstanding amount can be paid through a challan or stamping for legalising the sale deed. The deed contains the following information: 

 Type of deed

Whether it is a sale deed, lease deed, mortgage deed- the document would say 'Deed of Sale' if it is a sale deed.

Details of both the parties

The deed should contain full name, address, age and residence address of both the parties. The deed is condemned as invalid if this information is found to be missing.

Property details

The deed should contain information and details about the property involved and undergoing sale. The document should have the complete address, number of rooms and so on, and plot area, construction area, any additions to it, number of balconies.

Agreement

This is a part  of document wherein both the parties are agreeing to the transaction and giving details about the compensation required to be paid, advance component, date of such transaction, agreed and signed by involved parties. It is a legally binding document therefore mode of payment and date is mentioned to prevent any disagreements at a later stage.

Transfer of title

The signing of the sale deed implies transferring the title of the property to the buyer by the seller which cannot be revoked. It also means that they have adhered to the clauses, compensation agreed upon and paid in full. The buyer holds the legal rights of the property.

Registration of the deed

A sale deed is registered in accordance with the Registration Act, 1908. Both the parties have to be present in person along with two witnesses with all the relevant documents in the sub-registrar's office to sign the sale deed and close the deal.

Proof of registration

The certified copy of the registered deed with the name of the buyer can be obtained from the registrar's office.

Also note the following:

• The original documents have to be produced within four months from the date of registration of the deed.
• It is the buyer who pays the stamp duty and the registration charges.
• The seller needs to clear all payments related to the property such as property tax, cess, water and electricity charges before the sale deed is signed.

Tripartite agreement will execute with ICICI and buyer, wherein ICICI will accept transfer of loan from seller to buyer and seller will exonerate from any loan liability.

And reference of agreement will include in sale deed or letter will issue by ICICI for trasfer of loan and same shall be mention in sale deed. 

This is a legitimate practice prevailing in market.

To know multiple loan status on the property , 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 to know the previous status. 

No need to capture the clause of transferring of loan it's internal matter of bank. 

Default clause is very important clause in the sales deed for default of payment by buyer seller have right to sue buyer for recovery of payment by specific performance of contract.

You need NOC from bank for transferring the property rights. 

- Without getting the NOC from the ICICI bank , you cannot execute sale deed in favour of the buyer.

- Bank will not issue NOC , until getting the final payment/compeletion of internal transfer process.

- After completion of the internal transfer of loan amount , bank will itself approach you for execution of sale deed in favour of buyer, because the official of the bank will  keep the said origional sale deed in his custody.

- Before completion of the internal transfer of the loan from you to buyer, you will have to enter into an agreement to sale with the buyer .

- In that agreement to sale , out of other clauses , you should add , that ,

1. in case of non sanctioning of laon , the buyer will have no right in the property and the token amount paid by him to the seller will be forfieted.

2. That the buyer has promised to compelete the loan transfer process within a period of 2 to 3 months from the date of execution of this agreement to sale. 

3. It is the duty of buyer to produce the documents before the bank for sanctioning the loan and on compeletion of the loan trasfer in his name, the seller will have no responsibility towards the bank for the further payment of loan amount.