Is there any other document that can be used to represent a tittle deed as a substitute?
I am going to buy an apartment (developed by ETA Star) and the building ready by 2 years ago, but the owner does not have tittle deed while the bank asking for tittle deed as one of the mortgage requirement.
As per the owner and the broker we do not need tittle deed since the developer itself who will arrange the transfer with the bank. What does u think about this?
Hope you doing well and I am glad to hear that you are giving final touches to your purchase.
Regarding your query, to be honest it really depends on your arrangement with the developer. I believe the standard approach would be that the previous owner would need to register the property first with land department and then transfer the property to you thus ensuing a new title deed.
Having said that we can assume that there is a loophole here, which means that if the previous owner has not registered the property already then the developer can in their own records transfer the property under your name provided there is mutual understanding between both the parties.
Do remember that developer will have to then help you out with registering the property at the land department as this would be the first registration therefore part of the registration fee will be borne by the developer (1% of property value) and 1% will be borne by you. Please confirm this with the developer.
I know for a fact that some people have been in a similar situation before and employed the same method as suggested by you. There were no apparent problems and everything went smoothly for them.
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