Apartment unit transfer of ownership and property registration
2 years ago
We are interested in buying a multi-storied apartment (Prestige Lake Ridge) unit (Ready-to-Move-In) from the apartment unit owner. Unit Allotment, Occupancy Certificate / Completion certificate and keys handover are received from the developer/builder.
However, the registration of this property is yet to be done.
Owner is servicing a home-loan for this unit.
With the above factors into consideration, I would like to know the process of buying such a property in terms of apartment unit ownership transfer from the existing owner and property registration to our name.
In many cases liability of such loan is also transferred to the name of the owner of the property.
you must make sure to go through all the documents properly with the help of an Advocate and only after then go through with the registration.
Thank You.
A valid lease and licence deed must be created. A lease deed is a legal document that specifies the terms and circumstances under which a property can be leased. The lessor, lessee, lease tenure, lease payments due, and other terms to be observed by the lessee and lessor during the lease period must all be included in the lease document. The deed should clearly state the key terms and conditions.
Thank you very much.
Ayantika Mondal @ Prime Legal
Responded 2 years ago
You have to make a proper lease and license deed. Lease deed is a legal document which lays out the prescribed terms and conditions under which the property is leased out. Lease deed must contain information about the lessor, lessee, tenure of lease, lease payments payable and other terms to be followed by the lessee and lessor during the lease term. The important terms and provisions should be mentioned clearly in the deed.
Thank you.
It is completely on your will that you would want to further proceed with the registration.
It is advised to let an advocate read thoroughly regarding the loan and the property papers.
You should always be sure that after the registration no burden of the loan comes on you.
In some cases, it is found that after the registration, the current owner comes to know that the property is on loan and they have to clear it as the current owner.
It is always better to consult a lawyer and do everything as per his instructions.
Thank you
Lucem Leg
Responded 2 years ago
A.Dear Sir/Mam,
In respect of buying the property and the owner has taken a loan from the bank, after receiving the documents from the owner and paying the token amount to the owner, it is at the option of the buyer whether he wants to pay the half amount to the owner of the property before registry so that he can pay off his loan amount and get the original documents from the bank after getting the NOC, and then, at the time of registry you can pay the remaining amount -to the said owner but it only depends on the mutual understanding between the parties.
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