First owner has lost the builder buyer agreement and allotment letter. He has Possession letter and most of the receipts with him. Owner is willing to get certified copies from Builder. Registry for the flats has not yet been started. I want to buy this property but I have few questions. 1. As registration has not opened yet for these flats so I have to get builder buyer agreement transferred to my name. Will there be any issue getting builder buyer agreement transferred from first owner to my name? And are these certified copies valid to get loans and for further proofs ? 2. Can there be any issue when I will go to register this flat when registry opens ? 3. Can there be any issue if I decide to sell this property before the registration ( i.e transfer of builder buyer agreement to 3rd buyer) OR after the registration? I saw in another similar post in this website that owner has lost builder buyer agreement and possession letter but he has some Conveyance deed in original. I am not sure what is Conveyance deed? I think its a registry. But In my case there is no registry yet for these flats.
First answer received in 10 minutes.
Lawyers are available now to answer your questions.
1) certified copies are valid to get loans and for further proofs
2) there would not be issue when you go in for registration of flat
3)there would not be issue if you sell the property before registration or after registration
4) ask seller to lodge FIR about loss of original documents , issue public notice in this regard
5) then only purchase the flat
Hiii, conveyance deed is similar to registry .. When builder transfers the flat to the allotte it is called conveyance deed or sale deed..2) you can make a agreement with the original owner now, and get conveyance deed done in your favour when builder gives possession... Also make sure to register your name in the records of builder after getting in to agreement with the original owner
Yes certified copies are valid and their will be nor problem in transferring the BBA to your name.
No there will be no issue, because the same will happen in presence of the builder.
There will be no such problem.
And probably if title is transferred then you will be issued with a new BAA by the builder, the said BBA will contain your name.
Regards
1. Yes, upon the first owners request, the builder will issue duplicate certified copies of the documentary which aren't traceable. Upon the strength of these documents, and the Agreement to sale entered in between you and the first owner, place a request before the builder to transfer the allotment in your favor. The builder with help you with all the documentation.
2. There shouldn't be any after the the formal transfer of allotment is done.
3. Not at all. Once the certified copies of the untraceable docs is procured, all these things can be done legally and the certified copy will be as good as original.
1. Since registration is not done you need signature of the builder anyway. So in your sale deed the builder will sign and your seller would sign as confirming party. This would take care of everything.
2. Go for sale only after registration. Before registration the matter would be complicated.
3. However this would not be a legal bar to make further sale beofre registration.
1. You are required to get the allotment of the flat transferred in your name by the builder which will not be difficult if the 1st buyer has cleared all his dues and paid for the fees for transferring the allotment in favour of third party before registration.
2. You shall also have to find out from the builder whether the 1st buyer has made the payment after availing loan from any bank or not by mortgaging the said flat by depositing the agreement for sale and allotment letter and if so, then he shall have to repay the entire loan and collect a bo due certificate to you and in that event he will get back all the original documents he has deposited with the said lending bank. This part of the answer is very important since in most of the cases, the 2nd buyers get cheated and mortgaged properties are sold without submitting the original mother deed on the plea that it has been lost.
3. Once allotment letter is transferred in your name and the builder confirms in writing that they have no problem in registering the sale deed in your favour for which you won't have to pay any outstanding standing in the name of the 1st buyer, you can go for it.
4. If you decide to buy after finding that the consideration for buying the flat was not paid by taking loan from any bank and not mortgaging the flat, you should ask the 1st buyer to submit an affidavit affirming that he has lost the said documents and also that he will be held responsible if it is found that the said flat has been mortgaged with a bank by depositing the said reportedly lost documents.
5. It is also to be ensured that he publishes a notice about his said loss or misplacement in two local Newspapers one being in Vernacular.
Thanks all for invaluable inputs. However I have question for @Krishna Kishore Ganguly Sir : As you have mentioned in your 2nd point to make a check for previous loan etc. Can this information be get from Builder office that property was bought on loan or not ? In my case owner is claiming that he has not taken any loan from any bank and paid all the installments by his own.
1) in case seller has taken previous loan bank would insist that builder give his consent to mortgage the flat
2) without builder consent no loan would be sanctioned
No loan could have been sanctioned without the knowledge of the builder and as such builder must be having all the knowledge if the loan was taken or not.
Regards
1. You can get the said information in writing from the builder since from the details of the payment the 1st buyer made so far, it will be clear whether any such payment has been made by a Bank or not.
2. Moreover, in case of such mortgage before registration, the lending banks take consent from the builder and sometimes execute a tripartite agreement with an undertaking that the builder has no objection for the buyer's creating mortgage on the said flat and also that the said flat will not be sold by the builder to any other person.
3. Your should insist for a written confirmation from the builder that no mortgage has been created upon the said flat by the 1st buyer.
4. Same affidavit shall have to be taken from the 1st buyer also.
5. However, by taking a glance on the payment detail;s of the 1st buyer, you shall understand whether any bank loan has been taken by him or not and if bank loan has been taken then certainly the said flat has been mortgaged by depositing the originals of the allotment letter and the agreement for sale.
6. Take extreme care in this regard in your own interest.
1. Since the sale deed has not been executed in favour of the first buyer the builder has to execute the sale deed in your favour. This can be preceded by a tripartite agreement between builder, first buyer and you, whereunder the builder has to agree to execute the sale deed in your favour.
2. Loan may be advanced by the bank in its discretion on the basis of a certified copy.
3. You cannot sell the property unless you get the title to it.
For any missing original document the procedure to be followed shall be by first lodging a missing complaint with the police and then publishing the same in a local newspaper after which a certified copy can be obtained.
You can enter into a tripartite agreement with the owner and the builder.
You should always obtain a proper legal opinion on this before buying the same.
Before the property being registered on your vendor's name he has no rights to sell the property, hence a tripartite agreement was recommended for the contract among you, vendor and the builder.
Can this information be get from Builder office that property was bought on loan or not ? In my case owner is claiming that he has not taken any loan from any bank and paid all the installments by his own.
You can get this information from the builder's office too.
You can gather this information through your own sources too.