Mr
2 years ago
Hi Sir/Madam, request your help and guidance. I am selling my flat, I have loan in LIC, the buyer also applied for loan in LIC. Part of his loan to be used to close my existing loan and the remaining to be paid by LIC on registration.
Request your guidance. LIC says they will give NOC for my loan closure after few weeks of registration done to the buyer. The sale deed says I promise the buyer I have no mortgage as of the date of selling the property. Is it ok to agree to receive the NOC after few weeks? I thought LIC will give me NOC on the day of registration since the loan amount is used for closing my loan.
Also, LIC says they will give me cheque after the registration is complete. Is there a chance the buyer could notify LIC to stop payment or make partial payment after registration stating they had paid partial amount in cash to me?
I never new the buyer before and selling my flat for urgent need of money. Please help and guide me. Buyer urges me to do registration on 18th and he got an appointment from registrar office for 18th. He says that is the only good date this year for him to purchase the property. Please advice. Thanks.
You must co-ordinate with both the lending bankers and see that you get benefited out of such transaction.
I could have explained more if background is known to me. If background is made known in full then legal experts will be in position to understand correctly. Moreso, the background must be in brief.
Please give me FIVE STAR if satisfied by my answers.
It is required to examine the terms of that Sale Deed in order for you to execute it. Please be aware that making a false declaration in the Sale Deed is a criminal offence that will cause you problems in the future, and the buyer may deprive you of that partial payment after registration.
Thank you!
Advocate Sinjari Bandyopadhyaya
Responded 2 years ago