Buying UN-registered property
1 year ago
Now the seller (X and Y) is asking us to tell the bank to transfer and clear their loan first so they save paying interest to the bank. He(Y) says that he has spoken to the banker and they will do it if we request them to do so.
He(Y) is saying that since we have signed an assignment agreement, the builder will change their name to ours and that they are not required from now on, and also not required to come on the day of registration as the builder will take care of everything. They have cleared the pending payments to the apartment association and we have a NOC, but we haven't received any NOC or any communication from the builder.
We are telling them both to come on the day of registration and sign as consenting parties and take the cheque once registration is done, to which they are not agreeing.
He(Y) is saying that his wife(X) is not in town and cannot come and he cannot wait till the registration happens as he will lose a lot of money paying the bank interest.
He (Y) is also saying that this is how they do usually and there is no problem at all.
He is not keen to come for registration and he is saying that he will give a GPA to my father so he can sign on their behalf.
My question is:
Should we wait till the registration just to be safe or ask the bank to disburse the loan and later do the registration?
Is it mandatory for them both to come for registration or any one of them can come?
What are the documents we will need from them at the time of registration?
Can he(Y) give a GPA to anyone to sign on their behalf?
Please advise on how to go about this?
Your question was earlier already answered by me but still reproduce here again;
1. Yes it is better to wait till the registration day to pay all the amount to be on the safer side. If the seller is bearing the interest so will the buyer do without getting the possession and registration. It it becomes the deal braker then you can ask the bank to close his account and pay only the outstanding amount. Rest will be paid to him on the day of registration.
2. They will not be required to be there for registration as the flat is not yet registered in their names. Only the builder is required from seller side
3. For that you need to consult the builder. All builders have a preset docs for the same.
4. Y can give GPA but it is not required in this case for registration