Indians please help buying a flat problems.?

Question

I stay in a rented apartment. I have paid the flat owner Rs.80000/- with intention to buy the flat. Later I came to know that he has already gave authorisation to another party on a bond paper. He is having heavy loans all around. The only way I could get my money back is buying that flat and he is willing to sell it to me. The flat is having a loan of 4 lakh rupees with a bank who has the papers and they have issued eviction order due to non payment. They have agreed to transfer the papers to me if the owner gives it in wrting that he is going to sell the flat to me. But now I am in a fix can I buy the flat now and register the same because the owner says after selling the flat he would repay the person from whom he took the money and gave the authorisation. The loan bank says all the rights are with it therefore I can go ahead and buy the property. What trouble will I face from the bond owner will my registration gets cancelled or simply I cannot register. Pls help fast not much time

I live in chennai where I am going to buy the flat.

Answer 1

It happens a lot in chennai....!!!

Here you go! First you cannot simply go and buy it. What you can do is apart from the sale deed you are supposed to get a bond signed for the money you pay. Further, i will advice you to pay only the amount after deducting the inital payments etc.... It is always better to have a legal approval from bank whil your purchase the flat. This will help you in fixing if an issue arises.

All the best!