It is safe to Purchase of Resale Flat, which original registered ATS is missing ?
3 years ago
1) I had processed home loan from AAVAS Financers Ltd. to purchase of resale flat through its owner directly.
2) Bank legal person verified all the property documents and completed Seller KYC.
3) All formalities are completed and AAVAS Financers disbursed cheque of loan amount.
4) On the basis of cheque generated by AAVAS Financers Ltd, I had made balance payment of Rs. 4 lakhs and we executed REGISTERED SALE DEED and also paid Stam Duty & Registration Charges @ Rs.1 lakhs on DTD.06.11.20.
5) Now I had reached to Bank with My New Sale Deed and Seller Old Sale Deed for receipt of cheque on dtd.09.11.20. Then Bank legal person asked for Original Registered ATS in which seller paid stamp duty in year 2011.
6) When we told seller to produce Original Registered ATS, seller search for the document, but it seems to be lost by seller.
7) Now Bank officials denied to handover the cheque to the seller and I had stuck huge hard earn money in this situation.
8) Bank suggest for FIR & Publication for lost ATS and then they proceed to Registered Mortgage with TPA Agreement with Seller as Guarantor with 3 cheques and Seller is agreed to do all legal formalities.
9) Please suggest the way to deal with this situation.
10) Also please suggest the way by which we will be secured in future from any dispute with property.
11) Whether I should proceed for the purchase or not ?
12) Is there any provision where Stamp Duty refunded if sale deed cancelled?
You may ask the bank officials, if any alternative can be submitted for completion of process.
Otherwise, all the documents required by the bank are to be submitted for completion of the process.
Ayantika Mondal @ Prime Legal
Responded 3 years ago
If the document is necessary for the completion of the process by the bank.
Then sooner or later, the document is required to be submitted to the bank.
Purchasing real estate always involves risk of 10 to 20% even if all documents are perfectly correct.
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