Resale Flat Purchase Process in Maharashtra – With and Without Home Loan (2026 Update)

A. Preliminary Stage – Property Verification & Deal Finalization

1. Property Verification (By Buyer / Agent)

• Obtain Title Documents from Seller:
  • Sale Deed / Agreement for Sale
  • Index II
  • Latest 7/12 Extract & Property Card
  • Latest Tax Receipts
  • OC / Completion Certificate
  • Society NOC or Allotment Letter
• Confirm that the property is free from encumbrances (use Encumbrance Certificate or bank’s legal verification if under loan).
• Verify owner identity (PAN, Aadhaar, etc.) and match names on all documents.

2. Society Verification

• Verify ownership and dues with the housing society.
• Obtain a No Dues / NOC letter from the society.
• Confirm share certificate details and member number.

3. Deal Negotiation

• Finalize sale consideration, token amount, and timeline.
• Ensure both parties agree on:
  • Payment schedule
  • Possession date
  • Responsibility for transfer fees, TDS, and registration charges

B. Transaction Type 1 – WITHOUT BANK LOAN (Outright Sale)

Step 1: Token & MOU

• Buyer pays a token amount (1%–5% ) via bank transfer.
• Execute a Memorandum of Understanding (MOU) or Offer Letter stating:
  • Property details
  • Final price
  • Token amount received
  • Time for Agreement to Sell
  • Forfeiture clause (if buyer backs out without valid reason)
  • Refund clause (if seller backs out)

Step 2: Agreement to Sell (ATS)

• Draft ATS on ₹500 stamp paper (or e-stamp) and get it notarized.
• Buyer pays 10%–20% of total value.
• Include:
  • Clear payment timeline
  • Possession terms
  • Default & cancellation clauses
  • Dispute resolution under Maharashtra RERA / Arbitration

Step 3: Legal & Financial Clearance

• Seller clears any pending society dues, maintenance, electricity, or tax arrears.
• Ensure original documents are available and verified.

Step 4: Final Sale Deed Registration

• Buyer pays remaining amount through RTGS / cheque.
• Both parties visit Sub-Registrar office for registration.
• Buyer pays:
  • Stamp Duty: 6% (Maharashtra)
  • Metro Cess: 1%
  • Registration Fees: 1%
• Seller hands over original documents and possession letter post registration.

Step 5: Post-Registration

• Buyer applies for:
  • Name transfer in society
  • Electricity & water bill transfer
  • Mutation (name entry) in 7/12 & Property Card

C. Transaction Type 2 – WITH BANK LOAN

Step 1: Token & Conditional MOU

• Buyer pays token amount with a clause stating:“Subject to bank loan sanction. In case the loan is not sanctioned within ___ days despite buyer’s effort, token amount shall be refunded after deducting minimal processing charges.”

Step 2: Bank Loan Processing

• Buyer submits property documents to bank.
• Bank conducts:
  • Legal verification
  • Technical valuation
  • CIBIL & income verification
• Seller to cooperate and provide NOC / title chain / plan copies promptly.

Step 3: Agreement to Sell

• Execute ATS once bank’s legal & technical approval is done.
• Include:
  • Loan disbursement mode (partial disbursement or full on registration)
  • Bank’s name and branch details
  • Clause: “Sale Deed shall be executed upon confirmation of loan disbursement.”

Step 4: Seller’s Loan Closure (If Property Already Mortgaged)

• If seller’s property is under an existing home loan:
  • Obtain Loan Closure Statement from current bank.
  • Buyer’s bank issues demand draft / RTGS directly to seller’s bank for loan closure.
  • Bank releases original documents after clearance.

Step 5: Final Disbursement & Registration

• Buyer’s bank releases remaining funds at registration.
• Buyer pays stamp duty and registration charges.
• Seller gives vacant possession and possession letter after registration.

Step 6: Post-Sale Formalities

• Buyer ensures:
  • Loan account activation and ECS setup.
  • Society share transfer.
  • Mutation and name change in property records.

D. Key Safeguards for Both Parties

For Seller:

✅ Always receive payments via bank mode only (RTGS/NEFT/DD).
✅ Do not hand over original documents or possession before receiving full payment.
✅ Include forfeiture clause for buyer default.
✅ In case of home loan closure, collect bank NOC and release letter.
✅ Maintain acknowledgement receipts for all payments received.

For Buyer:

✅ Verify title chain for 30 years and get a lawyer’s opinion.
✅ Insist on society NOC, encumbrance certificate, and loan closure proof (if applicable).
✅ Make payment only through bank traceable mode.
✅ Ensure possession letter, key handover, and utility transfers after registration.
✅ Keep photos/videos of possession handover as evidence.

E. Optional: Escrow / Safety Options

For high-value or sensitive transactions:

• Use Escrow account or Bank locker handover protocol for document exchange.
• Appoint a neutral advocate or real estate consultant (liaison officer) to supervise registration and handover.

F. Summary – Process Comparison (Table)

G. Recommended Documents Checklist (Both Transactions)

Seller to Provide:

• Sale Deed / Chain of Title
• Index II
• 7/12 Extract / Property Card
• Tax Receipt
• NOC from Society
• OC / CC
• Electricity Bill
• PAN & Aadhaar

Buyer to Provide:

• PAN, Aadhaar
• Loan Sanction Letter (if applicable)
• KYC as per Registrar / Bank
• Payment Receipts