Resale property documents - tips
I am planning to buy a flat in Noida, sector 137, Ajnara Dafodil whose posession is in 3 months from now. The transaction is complicated and therefore I need suggestions and Tips to be Safe and Secure-
1. The current owner will Cancel his inventory with Ajnara once he receives a Token Amount from me. Ajnara Channel Partners will be involved.
2. Ajnara will then cancel the inventory and re-book the flat in my name as a new booking at the circle rate. I will pay 20% to Ajnara.
3. Ajnara will provide the Possession letter once I Pay the remaining amount through my home loan and registry will be done after that.
4. Before I get the posession, I will pay the differential amount (Agreed Rate minus Circle rate) to the current owner.
My Questions are-
1. HOw do I verify if the papers are not fake. Or will that be Verified by Ajnara while Canceling the inventory.
2. How do I know in case the flat is mortagaged.
Overall HOw safe is the Option. My biggest concern is Fraudulent papers and Later disputes like...Someone claiming the ownership etc.
Asked 3 years ago in Property Law from New Delhi, Delhi
1) ask for inspection of original documents of flat . If seller has original documents flat is not mortgaged
2) take search in sub registrar office whether sale feed is regd or not between builder and seller . You will come to know whether papers are fake or not
3) don't purchase flat without showing documents to the lawyer
4) check whether building plans sanctioned or not
5) whether building constructed as per sanctioned plans
6) buy only if occupation certificate is issued by municipal corporation
The buyer who is cancelling the sale agreement should do it properly by executing a cancellation deed to cancel the sale agreement in his name.
As far as the property is concerned, it is still under construction and likely to be handed over after the construction work is completed, by which the builder will give you the possession letter too.
Now, you have to obtain the legal opinion already done and in possession of Ajnara(builder) for the benefit of prospective buyers, obtain photo copies of other relevant documents including the parent deed of the property, produce all of them before a lawyer from your side who is capable and expert in scrutinisation of documents as well able to give proper opinion. You may also obtain EC from the registrar's office.
After getting a proper opinion and if recommended by your advocate you may proceed with the proposed purchase.
1. The due diligence has to be conducted by you and not Ajnara. You should verify the antecedent title of the property to ensure that it is free and marketable.
2. It should also be ascertained whether there is a dispute pending in any court in relation to the property, and more precisely whether any stay order has been issued by the court.
3. Whether the documents shown to you are original or not will be known once you show them to a lawyer.