Property Transfer Process in Noida, Call@ 9811007432

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(Article: January 2015)

General Steps and Process of Transfer of Property

Step 1. The buyer should be agreed on rates.

Step 2. During the time of acceptance of token money (Generally 10% of total property value), All terms and conditions. All payments are mentioned clearly. The property buyer handed over token money.

Step 3. All receipts of the payments are handed over to buyer immediately

Step 4. At the time of clearance of 10% or during the time of token money (The agreement to Sale is signed)

Step 5. All payments to be cleared by buyer during specified period of time.

Step 6. Transfer of Property is done at the time of clearance of all payments.

Few things Buyer/ Seller should know or clarify before Transfer of Property

1. The figures of the Payments to be made should be documented before token.

2. The time and date by which the payments to be made should be clearly documented before the token.

3. Buyer should be aware of Transfer Charger in case of Builder’s Property

4. List of documents buyer will get should be documented before token.

5. Terms and conditioned should be clarified in case of any cancellation of deal.

6. Buyer should disclose if he going for a loan against property

Important Documents Required by Builders

There are almost same documents required by all builders while they transfer property from one party to another.

1. All Original Property Documents (Including Allotment Letter, Payment Receipts & BB Agreement) needs to be submitted by Allottee to builder

2. Affidavit to be submitted to Seller (The affidavit by seller on stamp paper needs to be submitted to Builder along with all originals. This affidavit is customized accordingly by each builder. The language in general of this affidavit says that he has received all payments from buyers and he is transferring all his rights to Buyer Party.

3. Undertaking to be submitted by Buyer (The undertaking on stamp paper by buyer needs to be submitted by buyer and in general the language of the Undertaking says that Buyer is ready to bear Maintenance charges of the property in future and any future expenses RWA or Builder will raise.

4. Joint Request by Buyer & Seller (It is basically an application by Buyer & Seller)

5. Agreement to Sale (Some Builders like Amrapali and Prateek ask for copy of Agreement to Sale, Most of the builders don’t ask for Agreement to sale as they are not concern which price the property is being sold out between parties)

6. Builder’s NOC (The builder’s NOC is required in case of JP, Prateek, 3C and many other builders during the transfer of the property.

7. Bank’s NOC is required in case of Home Loan by Seller (The Bank’s NOC is required in case Seller has taken a loan from the bank).

8. Bank’s Sanction Letter is required in case of Home Loan by Buyer (The Bank’s Sanction Letter is required in case Buyer has taken a loan from the bank).

9. Seller & Buyer’s KYC (Seller and Buyer’s Residence Proof and PAN Cards are required at the time of property Transfer)

Home Loan on Re-Sale of Property

1. Buyer should clarify if he is going for a loan against property.

2. Buyer should check if home loan/ property loan is available on the property he is willing to buy.

3. Buyer should know that not every bank gives loan on the basis of Agreement of Sale or on 10% payments.

Kindly contact us for LIC Housing Finance:

1. Home Loan queries

2. Loan Possibility & Process of loan during Re-sale of any Property

3. Whether Property in Noida/ Greater Noida/ Yamuna Expressway is approved from the bank for home loan

4. How much loan can be given on any property.

Mr. Mohan has been associated with us since 2007 and he has been assisting our clients from his excellent services. He generally take care of Home Loan cases for LIC Housing Finance.