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UHello everyone,
I need some legal advice regarding a property transaction and I would be grateful for your guidance.
I am planning to buy a property, but the situation is a bit complicated:
1. The seller owns two properties:
– House A: NA sanctioned property
– House B: Class-2 property
2. I want to buy House B, but the bank is not ready to give a loan on House B because it is a Class-2 property.
3. The owner suggested that he will take a loan on House A, and I should pay all the EMI/installments on behalf of the owner for that loan.
4. In return, after the loan is fully repaid, I will get ownership of House B.
5. I have already paid 20% advance amount through bank transfer.
6. The owner is now saying he will make an agreement through his lawyer mentioning all these conditions, and that after repayment I will get the house.
My questions are:
– Is this arrangement legally valid and safe?
– Can ownership of House B be transferred this way?
– What risks should I be aware of before continuing?
– What kind of agreement should be made to protect my money?
– Should I consult a property lawyer before paying anything further?
I want to proceed carefully because a large amount is involved and I do not want to get trapped in an unsafe deal.
Any advice from people familiar with property law in India would be really helpful.
Thank you.
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