What are the procedures for selling an apartment which is getting completed and not registered?

I bought an apartment 3 years back(in Bangalore), and it is just completing. the prices have gone up now and I have a prospective buyer. My property is yet to be registered and the last installment of bank loan is not released because of this. If I want to sell this, what will be the procedure and how will I avail the profit on sale?

2 Replies to “What are the procedures for selling an apartment which is getting completed and not registered?”

  1. If you have a buyer for the apartment, you can settle the dues with your banker and with that no due certificate from the bank, your builder can again transfer it to the new buyer. Since the property is not registered in your name, you are not the legitimate owner of the property, and hence you have no right to transfer the property to some other person.

  2. In urban Areas the Local Municipal /Corporation sanctions the Plans and Uses of the property, For commencing the construction of the structure ( House /Commercial), same way complieion certificate is issued after , from then on the property comes into existace and property Card is made and Regular Tax is charged, Since you have bought a part of incomplete construction works, Your buyer will ask you the commencement certificate and the sanctioned plan along with the Token Deal Money, Hope you have them, if not ask from the original from whom you have purchased, and Enter and Convey to the Next Buyers the Documents. Then only the sell is complete and you are discharged of your liabilities. If you ask the Builder or Present Owner to transfer The Deal, He can charge cancellation / transfer fee.

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