Hi there,
Banks will transfer you the property after running a verification from their end. But it will take some time to transfer the property and the papers to your name. Since you are taking a loan you need to submit the encumbrance certificate along with other documents in the bank itself till you pay off your loan debt.
To answer the second part I have to say that things would have been a little different if you purchased the property from the builder directly. If you purchase a property from the builder you can check the RERA website and get the details of the property. Since you are buying the property from a seller who himself hasn’t repaid the loan, you should run due diligence by hiring a lawyer. As a buyer people can take advantage of your innocence by showing forged documents. Banks at times may not look closely at the legal discrepancies of the property but later they can create trouble if something comes up in the limelight. So, better hire a lawyer and spend a little extra money even if the property seems good to purchase.
Run due diligence by expert lawyers at NoBroker to avoid getting scammed! Read more: How to check RERA complaint status? How to check RERA registration? Non RERA register building is legal or illegal?Your Feedback Matters! How was this Answer?
Shifting, House?
✔
Lowest Price Quote✔
Safe Relocation✔
Professional Labour✔
Timely Pickup & Delivery
Intercity Shifting-Upto 25% Off
Check Prices
Intracity Shifting-Upto 25% Off
Check Prices
City Tempo-Upto 50% Off
Book Now
I am buying a resale flat in Bangalore from a seller who has a pending loan. I am also taking loan from the same bank where the original documents are deposited by the seller. In this case, since I am also taking loan from the same bank for the same property, will the bank let me have the original documents or show the same to me while closing seller's loan and disbursing my loan amount? The lending bank themselves are checking the legalities of the property. In that case, should I again get it checked from another lawyer?
Parameshwaran
384 Views
1
3 Year
2022-07-14T10:57:02+00:00 2022-07-14T13:02:40+00:00Comment
Share