Press OK to confirm that you want to be notified by email when new questions or answers are posted by other users in this category. YOU CAN GET POTENTIAL CUSTOMERS FOR YOUR BUSINESS THIS WAY.
Are you sure to get email alerts as people answer for this question.
Are you sure to unsubscribe to email notifications on this question?
procedure for payments of a resale flat in mumbai
would like to know what is the exact procedure for payment of a resale flat in miraroad. we have already paid token money and also paid stamp duty.
The owner had put a condition that we must pay 15% amount within 15 days. But we requested him to give us some time because due to unavailability of some document our bank has halted the loan clearance. Now the owner is saying that there is a rule that if the amount is not provided within 1 month to the owner than the deal gets canceled. Is it so. We also came to know that stamp duty should not be paid before complete verification of property. Please advise
Please do not misuse this website for spamming or link exchange or we will block your computer out permanently
Your Answer
Answers (2)
Please read your agreement for sale carefully which you have registered with the seller of the flat. Read that is there any paragraph saying due date for payment of Balance amount ? and if not paid by due date what action seller can take ? Only written matter is important if ther are no due date & action, then you are in benefit or else you have to follow the written words. It is better that u should verify the documents legally before paying stamp duty.
Hope that you will comme out of any problem soon.
Regards,
Stamp duty must be paid on a property only at the time of making the "sale deed" and at the time of making the full payment to the seller. The sequence of events before paying stamp duty would normally be as follows:
>>Property identitifed
>> MOU ( memorandum of understanding) made between parties and token paid by buyer to seller. The period over which the full payment would be made is mentioned in the MOU
>> Title verification of property done by a professional solicitor
>> Apply for a home loan and get sanction letter
>> Buyer pays the down payment to the seller and shows the receipt to the bank and the bank issues the final cheque in the name of the buyer
>> Sale Deed made after making payment of Stamp duty
>> Sale deed signed by both parties, final payment made to Seller and Registration fee paid at the sub register's office
The MOU will stand canceled after one month only if at the time of signing the same this was mentioned in the MOU. A oral MOU can be contested in court.
Vijay, on Feb 5 at 1:37 am
B Malani, on Jan 26 at 1:18 am