Paid Advise

Buying property without home loan 

Shivendra Pratap Singh

Advocate (Lucknow)

Online advising since Oct. 2014

Property

Reading Time:

Question: I have booked a flat for Rs. 51000 in Badlapur, Maharashtra. The price of that 1 bhk is 28 lakhs. I am buying that property without a home loan. The builder said you will get possession till the end of July 2022. But the housing website is showing June 2023 possession. Can you help me step by step procedure to buy this property with agreements and when should I pay my last cheque? 

Asked from: Maharashtra

Currently the project is lagging behind the schedule. Hence, you should send a legal notice to the builder to extend the timing or schedule of payments in accordance with the delay in the completion of the project.  

You should try to make payment on the compilation of certain stages of construction within the agreed time limit. In the agreement, specifically mention the timing of payment and completion of construction work. You should pay the last cheque at the time of taking possession or execution of the sale deed. 

You should enter into an agreement to sell with the builder. That agreement must be either registered or notarised in the presence of two attesting witnesses on rupees hundred stamp paper. Mention all the terms and conditions in that agreement regarding the timing of payment and completion of construction work. 

The agreement must contain an indemnity clause which will be applicable in case the builder fails to perform his promise. According to that indemnity clause (as would be incorporated in the agreement) the builder should promise to refund the entire amount with interest if he fails to perform his part under the agreement i.e. accomplishment of the construction work as per the schedule.

0 Comments

Submit a Comment

Your email address will not be published. Required fields are marked *

shivendra pratap singh advocate

Shivendra Pratap Singh

Advocate (Lucknow)

You can consult on Criminal, Civil, Matrimonial, Writ, Service matters, Property, Revenue and RERA related issues.

More For you

Can a tenant refuse to vacate an allotted house?

Question: Can a tenant refuse to vacate an allotted house? Our father had purchased 3 houses together in a colony, more than 50 years ago. Two on the ground floor, in which we were already living there on rent. And One house is on top of these two houses. A tenant...

First Name is missing in jamabandi 

Question: Respected Sir, I bought a flat in 2018. Now we had applied for renovation loan from bank and for that when we were collecting the required documents. It came to our knowledge that jamabandi had only my surname and operator missed to enter my first name in...

Can I transfer a demat account without a probate?

Question: Can I transfer a demat account without a probate? My father had made me (his son) as nominee on his demat account. However as per his will this account should be given to his grandson (my son). Bank wants a probate of the will. However as per his will this...

Can a mother gift self-acquired property to her grandson?

Question: My mother has a self-acquired property and also got property of my father. My father died in 2006 without making a Will.  However, the khatha has been transferred in my mother's name. We have a family of 3 people. Can a mother gift self-acquired property to...

Repossession of flat let out on rent since 1968 

Question: I own a flat of 600 sq ft in a cooperative housing society in ghatkopar west. Repossession of flat let out on rent since 1968. My grandmother had let it out in 1968, the rent was fixed at rs 120 pm and ever since then it continues till date. The share...

My father did not do mutation 

Question: My father did not do mutation after purchasing a land. A plot purchased by my father in 1991. He died in 2017 with no mutation etc done on this property due to some family disputes. Now I got information that this property of my father is sold and my family...

Can conveyance deed be done with the developer ?

Question: Cooperative Housing society is on 98 years leased land. Property is going for redevelopment. Can conveyance deed be done with the developer.?  Builder is going to give freehold ownership flats to tenants. Builder is asking us, who are the landowners, to do a...

Kanoonirai has been advising in legal issues since October 2014. You can consult a lawyer through online media, telephonic consultation and video conferencing.

Contact

mail[at]kanoonirai.com
+91-91400-4[nine][six]54