Q

What are the steps of Resale transaction in Emaar Palm Drive in case of Transfer?

By Prince
07 Apr 18 147
What are the steps of Resale transaction in Emaar Palm Drive in case of Transfer?

1 Answers

A

Prashant Agarwal

07 Apr 2018 01:57 PM

Assuming that the basic deal terms like price, payment schedule are finalized between the Seller & the Buyer in presence of Agent. Further steps are mentioned below:

  1. In the First meet, Buyers gets the chance to see the original property papers. Once successfully screened, a Token amount is presented by the Buyer to Seller.  Generally, it is 1 percent of total value of the property. The receipt is generated by the agent. It is duly signed by the buyer & the seller. Subsequently, Buyer keeps the payment receipt.
     
  2.  Within an agreed time frame or in a week, a Second meeting is held. Payment up to 10% of total property value is presented by the Buyer to the Seller. Two original E-stamped & notarized Agreement to Sale is executed. Buyer & Seller with the Agent as witness sign the Agreement to Sale. The buyer gets to keep the photocopy of all property documents along with Seller's KYC and one original copy of Agreement to Sale. Other Agreement to Sale is given to the Seller with Buyer's KYC.
     
  3. During this time, Two other documents are presented by the Agent. First, Joint Request Letter for transfer. It is duly signed by the Buyer & the Seller. and Second, Buyer detail form. It is filled with buyer details & duly signed by the Buyer.
     
  4. Agent submits the photocopy of Agreement to Sale, Joint request letter for Transfer & Buyer detail form to the builder. Builder initiates the transfer process. (Explained in Step 5)
     
  5. In case the buyer is taking the loan, Buyer is now equipped with necessary documents to process the loan. He shares Agreement to Sale, Property Documents photocopies & other necessary documents with the Banker. The Banker generates the Sanction letter against the said property. Banker submits it to the Emaar & receives the NOC (No Objection Certificate) or Permission to Mortage.
     
  6. Banker writes to the Seller requesting an in-person meeting for the purpose of verifying Sellers identity. Further requests to arrange a property visit for verifying the property details.
     
  7. After Verification, The Bank prepares the Demand Draft in favor of Seller as per the stated amount.
     
  8. In the meantime, Emaar prepares the Transfer docket & Emails it to the Buyer & the Seller. Buyer & Seller verify their details. Writes back to Emaar saying proceed further & appoint Agent for the Transfer docket collection from Emaar office.
     
  9. The third meeting is held at the Emaar office for Full & Final payment by the Buyer to the Seller. The Buyer or Buyers Banker offers rest payment's Demand Draft to the seller. The Seller clears all pending dues till date against the said property & presents Demand Draft to Emaar Builder. Subsequently, Zero account statement is generated. As a result, the Transfer Docket is executed. Emaar receives the original property papers from the seller for endorsement.  The ownership transfer process is done. The Buyer is the owner of said property & same will be reflected within 15 working days. Buyer & Seller pays the service fee to their respective agent on this day.
     
  10. Within a week or two, endorsed property papers are given to Buyer or Buyers Bank. The Buyer submits indemnity form with KYC, Estamp cheque to builder and request for physical handover of the unit.
     
  11. Emaar Possession team gets the property ready & intimates the inspection visit time. On the Inspection day, Emaar person executes Maintenance Agreement, Inventory Letter, Unit Handover Letter & offers Property Keys.
Helpful? 1 0
Ask a Question

Request a Call Back

 
   
   
Privacy
Best Deal
Loan Support
Experienced Real Estate Manager is Available!

Recent Questions