My family and I bought a flat under construction from Jaypee Group a few years back. Unfortunately, the builder is facing financial difficulties and construction has been stalled for almost 3 years. They've offered us a ready-to-move-in flat at another location, which we're open to. However, this new flat has a mortgage with a bank, and we'll need to pay an additional 30 Lakhs to complete the purchase. Before we proceed, I'd like to know if there are any legal complications with switching properties, especially since it's mortgaged. What specific documents should I review to ensure the property is clear of any issues and we own it outright after making the payment?

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You should be wary of any such arrangement. Since the property is mortgaged, the bank's consent is necessary for the transfer. You must thoroughly examine the mortgage deed and ensure it allows for the transfer. Additionally, you must obtain a clear title report and NOC (No Objection Certificate) from the bank before finalizing the transaction.