Purchase of flat from a company
7 months ago
How do we understand whether there is any restraining order on sale of a flat passed by any governmental agency or bank against a company? In case some such order is passed subsequent to the purchase, does the flat become disputed? Would there be problems in selling this flat later? What documents / assurances should be asked from seller to ensure that the flat purchase is proper without any issues in future?
A.Dear Client,
Before purchasing a flat or immovable property, you must confirm and satisfy yourself that a property has a clear title in favour of the Seller. You can ensure that the property you want to purchase is free from any debt or legal obligations by obtaining an encumbrance certificate. Prior to making the purchase, you should fix any charges you see on the Encumbrance Certificate. There are various means to investigate the title of a property such as: (i) by studying the documents of the title to ensure that the owner has proper ownership to the property. The documents of the title should be studied very carefully as any shortfall may lead to a defective title. (ii) taking inspection of the original title deeds. (iii) taking a search of the land records and the records of the Sub-Registrar office. (iv) taking a search of the records of the society where the property is in a society. (v) issuing a public notice in newspapers calling for claims in respect of the property. (vi) Taking expert opinion on the draft agreement for sale, (vii) Asking for a copy approved building plan of the flat from the seller. Better to hire the service of a property lawyer to ensure the clear title of the property.
Before purchasing a flat or immovable property, you must confirm and satisfy yourself that a property has a clear title in favour of the Seller. You can ensure that the property you want to purchase is free from any debt or legal obligations by obtaining an encumbrance certificate. Prior to making the purchase, you should fix any charges you see on the Encumbrance Certificate. There are various means to investigate the title of a property such as: (i) by studying the documents of the title to ensure that the owner has proper ownership to the property. The documents of the title should be studied very carefully as any shortfall may lead to a defective title. (ii) taking inspection of the original title deeds. (iii) taking a search of the land records and the records of the Sub-Registrar office. (iv) taking a search of the records of the society where the property is in a society. (v) issuing a public notice in newspapers calling for claims in respect of the property. (vi) Taking expert opinion on the draft agreement for sale, (vii) Asking for a copy approved building plan of the flat from the seller. Better to hire the service of a property lawyer to ensure the clear title of the property.
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