Legal formalities while purchasing a re-sale flat

POSTED BY vij ON July 10, 2012 10:26 pm COMMENTS (3)

I am planning to purchase a flat, which is a re-sale i.e. old flat.

I want to know what are the legal formalities i need to do. Owner is asking to go for sale agreement, should the agreement needs to be shown to a lawyer first ?

what other legal aspects we need to check ?

Please advice

Thanks very much in advance

3 replies on this article “Legal formalities while purchasing a re-sale flat”

  1. vij says:
    July 11, 2012 at 8:49 pm

    Thanks very much Ashal and Saurabh for your responses.

    Ashal –

    Flat is around 5 years old, the apartment was a joint venture between the land owners and the builder. In the deal, the land owners got almost 40% of the flats. The flat what i am going to purchase, belongs to one of the land-owners. Flat cost would be around 85 lakh. I am planning to invest around 10% from my savings and rest 90% from bank loan. I intend to take the loan from SBI

    Thanks

    Reply
  2. Ashal Jauhari says:
    July 11, 2012 at 2:41 pm

    Dear Vij, how much old is this flat? Is there any loan on the flat? Are you planning to purchase from self funding or from bank loan? In case of bank loan, please ask the seller to provide the copies of all the property related docs to show to bank.

    Please take help of an advocate to understand the issues. Do not make hurry.

    Thanks

    Ashal

    Reply
  3. saurabh says:
    July 11, 2012 at 1:30 pm

    Very detailed information on buying a resale flat
    http://sarkaripaperwork.com/index.php?option=com_content&view=article&id=93:process-to-buy-resale-flat&catid=48:buying&Itemid=69

    Reply

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