1) agreement between builder and X can be cancelled . then you can purchase flat directly from builder

2)in the alternative builder should execute sale deed in favour of X

3) then X can sell flat to you after obtaining NOC from builder

4) take title search in sub registrar office

5) check whether title is clear and marketable

6) whether property taxes have been paid till date or not

7) obtain certificate from lawyer that title is clear and marketable

Hello,

Yes this will be a valid transaction, since as of now just the Agreement of sale has been executed between the builder and Mr. X and no title of property has been transferred. Therefore, you may now purchase the flat directly from the builder and also if possible also make Mr. X as a witness thereupon to the said transaction so that you do not land your self in any legal dispute in future.

You will need a non-encumbrance certificate of the property, which will be provided to you by a lawyer. In such document the lawyer will verify the past title of the property etc and will give you a report.

You may contact any local lawyer for the same who do this type of work and let me now if I can be of any further help.

Regards

Hi

Y can register a tri -party agreement by including builder as the first party , X second party and the Y third party the purchaser.

The document ask for verification are the

1. Title deeds of the land

Sale deed in the builders name,conveyance,

Builders document:--------

developmental agreement if he has no title of conveyance or sale deed in his name

Partnership and power of attorney if any in case of a firm

Commencement certificate, completion certificate,,possession certificate etc.

Khata certificate & extract from BBMP

latest tax paid receipt

If any loan outstanding on the property, latest statement from bank

Encumbrance Certificate from date of purchase till date

Agreement of sale & construction executed by developer in favour of seller

Latest electricity bill & receipt for the said flat

NOC from Apartment Association if it is registered under the association

Sanctioned building plan

Possession/occupancy certificate from builder

All title documents of land owner

Joint development agreement, GPA, & Sharing/supplementary Agreement, between land owner and builder

A Copy of all registered previous agreements (in case of re-sale property)

RTC (Records of Rights and Tenancy Corps) or 7/12 extract

Conversion Order issued by the concerned Authority

It is advisable to find a lawyer from the area where the property is located

If the agreement holder wishes to assign his rights in favour of a third party before the final registration of the sale deed, he may do so with the express consent of the builder, in which case X will enter into an assignment deed for agreeing to assign his rights absolutely in favour of Y. Which is legally permissible. For the transfer of the rights of X in favour of Y, a transfer fee is to be paid in favour of the builder by X. Post which the builder will enter into a fresh sale agreement with Y for the sale of the flat in his favour.

If the apartment you wish to buy and the place you are currently staying is close to Indiranagar, Bangalore you may get in touch with me to get the documents verified.

If sale deed is being executed by X then payment has to be made to X only

2) you can approach the bank that has advanced loan to X and on sale of flat loan would be transferred in your name

You will have to pay the builder since you are purchasing the same from the builder, however if you enter into a tripartite agreement then you may pay to X also.

You will have to talk to your bank that whether you can take the loan or you can take another to loan to repay his loan.

Make the advance payment only after getting the title report from a local lawyer.

Regards

According to section 54 of the Transfer of Property Act and agreement to sale does not give any right to the parties. If Mr X made an agreement to sale with the Builder but registration is still pending, and now he wants to sell this flat to Mr Ytherefore in this condition you have to make a tripartite agreement. You need to verify the agreement of sale between Mr x and the Builder. If this agreement is genuine then you can proceed further to make tripartite agreement with Mr X and the Builder. This type of agreement is valid in the eyes of law. You should also need to verify the project to the concerned authority like BBMP.

You can get the documents scrutinised/vetted by an advocate not only in Bangalore but in other places too.

You can plan to buy the property by entering into a tripartite agreement with the seller and builder.

The sale agreement may be on the seller's name, hence the terms as mentioned in the tripartite agreement may be properly scrutinised before venturing into the purchase.

You can utilise the services of any expert lawyer of this forum too.

At what point should I make a token deposit and in this case would I need to pay X or the builder?

If the X is seller, you have to pay him only or you can pay as per the terms agreed in the tripartite agreement.

Suppose X has paid the builder using a loan. Can I pick up remainder of the loan ?

The loan eligibility shall be decided by the bank only, hence you may consult the bank about it.