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Property purchase
Question
We are trying to purchase a property which costs 60 lakhs, but the owner of the property has a mortgage loan of 30 lakhs in that property. The owner is asking 40 lakhs as an advance upfront. After receiving 40 lakhs they’ll clear the mortgage from the bank and bring the noc and papers for registration. In this case, how should I proceed?
Answer ( 1 )
Yes it can proceed in this way however make sure the payment made is in knowledge of the bank and paid directly through your account for clearing the mortgage.