How to buy or sell a flat which has a loan on it

Legal Head at Sky Properties
Mayur is a real estate professional based in Navi Mumbai for the past 20 years. His expertise in real estate includes every sphere of the real estate sector from legal to Building Construction to Vastu to home interiors.
When it's not real estate, its either his fight against corruption or pulling focus (film making) with his NIKON D750 that keeps him busy.
With over 9 million views of his pictures on Google Maps and over 1.3 crore views of his contributions, he has been designated as a Master Photographer by Google.
He can be reached on 9987452642

It is often seen that flats which one wants to buy or sell have a pending loan on them.In such cases,it becomes confusing as to what the exact steps are to conclude the deal successfully.Most people think that they need to settle the loan before selling it.For that they either pressurize the owner to settle the loan and get a no-dues certificate from the bank or they lend money to the owner to settle the loan and then hope to adjust that amount in the purchase price. However,there is a better,easier and safer way. The steps are outlined below… If the buyer is buying without taking a loan The owner of the flat contacts the bank and asks for a ‘loan outstanding letter’ which lists the amount outstanding.A list of documents mortgaged with it is also listed in the letter. The owner of the flat gives these along with a xerox copy of all the documents mortgaged with the bank along with any supporting papers that purchasers bank may require. After verification of the documents with the bank,the buyer pays a token to the seller and enters into an ‘agreement to sell’ with him.This agreement is registered with the registration office.…

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