Buyer asking for original plan of house deed for taking home lone
I am going to sell my house at the cost of 19lacs in west bengal .now the person who is going to buy the house is asking for original sale deed and house bfore registration as he is saying that these are needed for home loan. And my second question is what precaution and procedure should i take in such case where the buyer wish to take a home loan.
Asked in Property Law from mahishadal, West Bengal
1) you can offer inspection of original documents
2) furnish Xerox notarised copy to seller
3) only if loan is pre sanctioned should you proceed with the deal
If the buyer is trust worthy then original sale deed or other original documents can be handed over to him, but if you suspect anything fishy you may ask him to enter into tripartite agreement with the bank and you so that the bank shall pay the loan amount directly to you besides the buyer making good the short fall by his own funds.
Any prudent buyer would ask for the original sale deed to conduct due diligence to ensure that the property he is going to purchase has a free and marketable title and also if he wishes to obtain loan. Give him a copy of the original sale deed against endorsement.