Category: Buying Procedures
Published: Monday, 09 July 2012 09:07
Written by Ashish Paretha
I had bought a flat in Pimple Saudagar (Roseland), Pune earlier this year in resale and have done the process of transferring the property on my name and related stuff. Thought would share it here so that could be useful for anyone who is looking for similar information. I tried to list down what I could, might have missed some, needy person can contact me for any clarification ( am posting it in parts due to character limit).
Process for buying a flat in resale:
1. Once you finalize the property with the seller, hire a property lawyer
2. I hired a lawyer suggested to me by SBI manager and she did good job
3. If you are planning to take a loan, would suggest SBI though its not that fast but all national banks do thorough paper work and make sure that property title is clear and there is no legal hassle whatsoever.
4. Generally the expenses of lawyer are borne by both buyer and seller 50% in case of resale of property but depends on your deal.
5. Lawyer will ask for all the papers from Seller (registered agreement, possession letter, index II, past search report, approved blue print by city enginner, commencement and completion certificate by municipality, demand letter by builder, payment receipt etc). if the property is on loan from other bank then the list of documents available with that bank, its better if seller clears his dues and get all the original papers in his possession so that you can save the hassle of transferring loan form one bank to another bank and related chargers, guarantor etc.
6. You will also need some documents from society i.e. NOC from society, sale deed etc, there is big list of documents, I can provide who needs it
7. The first thing lawyer will do is make an agreement between buyer and seller, ask to send you a soft copy before getting printed on legal paper (green color) so that you can correct any mistakes and agree to terms , you can also ask the lawyer to modify terms as per your need
8. Buyer have to pay the stamp duty (~5% of the deal amount) through DD only, you can hand over the DD made in the favor of Haveli office and lawyer will keep the stamp duty pay receipt with him/her at the time of agreement.
9. Lawyer takes the token for an appointment at registrar office (Haveli) and both seller and buyer need to present with their original PAN card and some photos.
10. The payment at the time of agreement from buyer to seller is agreed between you and same details go into the agreement and also the payment terms of remaining amount.
11. As soon as your loan is sanctioned you can approach the lawyer for doing the sale deed, again similar procedure of doing the sale deed in registrar office post that bank can handover the remaining amount cheque to seller