- This topic has 61 replies, 23 voices, and was last updated 1 year, 3 months ago by
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UHello everyone, I am in dilemma as I am buying a resale flat in Faridabad were the current owner is already living there. He has bought an apartment somewhere else however, that is still not completed so he will not be moving out for atleast 2 months. However, he asked me to complete the registry on my name so that the bank loan and the down payment can be paid to him. He is asking this so that he can make the payment of his new flat. Please advise that it is advisable to get the registry done in my name even if I have not received the physical possession?
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UI took a bank loan so lawyers are already involved. His family seems genuine and all the documents from bank are clear. There is a broker involved and he advised to hold 10% of payment and make a rent agreement with the owner till he vacates the property.
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PWorth a shot. % can be negotiated. You just gotta find a balance .
He was pretty keen to ask you to hold back the sellers 10%.
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UOkay – I see a lot of problems.
You have 2 options:
1) believe that people are good and take risk
2) believe that no one is good and be cautious.
If I am you, I would go with option 2. I might lose good property but is it worth the risk?
If he comes to know, you don’t have support, it becomes easier for him. Civil cases are going to take years to resolve if it goes to court.
And rental agreement. Did he agree to pay you rent? As simple as that. If he is going to pay rent, ask him to vacate the home and give it to you and let him find a home for a rental stay till he gets the money.
He is very safe at this position, tbh.
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USee it’s just the matter of days. Practically wouldn’t be it will be difficult for him to vacate the flat go into rent and then again move to his new flat in a month. I am holding 10% of total value plus getting the rent agreement done. The only thing which concerns me what if he do not vacate at the given time.
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UYes. That’s exactly what I am saying.
Either you have to believe them or not. But, consequences are totally dependant on your actions and his behaviour.
I won’t believe people when it comes to money. And 10% is very small amount.
Very simple. You give them full amount. Ask him to vacate immediately to a rental home. It is his problem. In this way, you get your flat. He still would have home to stay. Even if his flat gets delayed, it is their headache and you wouldn’t have to deal with them.
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UYour parents are just like mine then 🙂 I understand each and everything above but before the agreement to sell he told me that it might take a month or two more for him to move into his new flat if it doesn’t get ready on time and he won’t move until then. So I can’t ask him to go to a rented property.
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PIf you have decided to believe him, please go ahead 🙂 I am just telling the complications and I cannot tell the answer which you want to hear 🙂
If you are looking for reassurances, I don’t have any say in that. If all goes good, then awesome. But, the moment he refuses to vacate, you are looking a civil case which will take years to resolve and your money stuck with someone else which you cannot get back.
It’s totally upto you. This is going to be a gamble. A big gamble. I wouldn’t risk it. It doesn’t mean, you shouldn’t. 🙂
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UI understand the complications. See he is dependent on my money to get his new flat registered as it is 40% of his total transaction value. Nobody should be trust nowadays but the thing is he seems genuine and we spoke about this at the time of token money. Papers will be on my name and rent agreement too, I am just confused who has more weightage in this dea, I feel it’s equal 🥹
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SBroker will escape once he gets his cut. Seems genuine is not genuine. People change color for money. You will have tough time vacating him if he decide against vacating. Not worth the hassle. Ask him to vacate first before giving anything other than token.
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HIt is perfectly fine.
He will have to vacate on the day of registry.So, pay him like 10% now, 20% after 15-20 days, 40% after another 30 days and remaining 10% on the day of registry.
It’s ok. This is how it works.
I also bought a flat on resale in sec 81 recently.
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UYou might have missed my point. I have paid only 10% advance till date. Broker is asking to get the registry done in this week and make 90% of payment. Rest you can pay when you will get the physical possession probably in next 2-3 months.
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LYou shouldn’t do this in any circumstances. No matter how good the family is or your connections. Once the money is paid, there is no guarantee for you. Hold on the payment till you have physical possession.
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LThat’s not your problem. He has to manage that. Do not be emotional with finances where any amount of loss will devastate you.
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SSeema like she has made up her mind to buy it …as she is more worried about other party’s wellbeing than her own.
She wants to walk straight into the trap. -
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SDon’t do this. Stand your ground. You are the buyer what you say goes. If they need funds they can arrange on their own.
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UNot possible to arrange this much fund. Their sole purpose of sale is to put that money on the new flat only.
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SThen you can go for registered agreement where it says that they will vacate the premises in two months on an exact date .
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UYes they are ready to do this. I am also holding 10% of the transaction amount until they vacate plus rent agreement with the current owner.
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SI guess you should once consult the lawyer that is getting your registry done plus get the draft registry vetted by some people. Also have back-up in case they go back on their words. Be ready for the worst case scenario
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SYes first a draft of the registry is prepared, only when it is verified that all the details are correct only then is it finally typed out
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SMy husband and I are bank employees. I work in the housing loan department. My husband works in the legal department.
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ULol. So technically I would be the legal owner also there would be rent agreement in place. Additionally, I will be holding 10% of the total transaction value until they vacate the property so it’s bit of an equal deal. There problem also seems genuine due to which I am considering this. What say?
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PConsult an efficient lawyer, I don’t know what are the ground factors there but if it was me I will make 80% payment complete registration process hold the 20 % to clear at the time of party vacating the premises, 20% according to me is 2 years of rental according to my best guess. Also hold broker commission too also cleared during the clearing of last 20% amount and party vacating. So that the broker too have skin in the game.
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RWhy would you even pay 10% without getting clarity about physical possession? You are already stuck. Rule of thumb – don’t trust anyone in property transactions. Ask them to return the 10% or give possession at the time of registry. No matter how nice they seem, losing your peace of mind is not worth it.
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PI was in similar situation where broker and seller were pushing me to do registry but not giving me possession. To save my peace of mind I backed out of the deal
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