Nmastey Ajay, My father sold a shop @65lacs(agreement value) and is investing that amount in a residential flat in a developer's future project in Mumbai. The promoter/developer is selling the flat at 80 lacs. Status of the Project :- The Developer is the owner of the current society building on land(as seen on his RERA documents on website). He has a expired IOD (dissaproved) of year 2015. He assures that he is going to finish the construction by end of 2019. My farther is paying(55% of the total amount) as booking advance by cheque . Against the builder is ready to give allotment letter. My questions: What terms and conditions as a buyer i should ask builder to put in the allotment letter so that i can protect my interest in any further discrepancy in execution of papers.
First answer received in 10 minutes.
Lawyers are available now to answer your questions.
In any agreement for sale do not fail include few important points like-
i. Time schedule for delivery of possession and penalty in default thereof,
ii. indemnity clause if project is abandoned or defective title is detected
iii. Payment through cheque or online transfer only in lieu of demand letter and issuance of Receipt.
iv. Schedule of payment and default clause on delay in payment.
v. Forfeiture clause on cancellation of agreement.
rests are all usual clauses.
I want a draft sample of all this points please mail me a doc/pdf Devajyoti Sir on [deleted] i. Time schedule for delivery of possession and penalty in default thereof, ii. indemnity clause if project is abandoned or defective title is detected iii. Payment through cheque or online transfer only in lieu of demand letter and issuance of Receipt. iv. Schedule of payment and default clause on delay in payment. v. Forfeiture clause on cancellation of agreement
Some of the important terms and conditions that must be there are as follow:
Indemnity clause is mandatory.
there must a time schedule with regards to the payment and penalty.
Mode of payment and if the payment is to be cancelled then what all points must be there.
These are some important points
We can not provide you a draft through this portal, you may avail the services accordingly from Kaanoon, if you want any of the lawyer over here to draft your conditions.
Regards
You need to engage professionally to draft a sample agreement.
Dear Client,
Get the agreement to sale executed in which all the details regarding payment , completion period (phase _, consequences on default of parties etc.
If not agreement to sale than should be mention in allotment letter or buyer builder agreement.
As per the facts explained by you,
Please go to the RERA authority or to the website where the project is registered, you will get all the details like.
draft sale agreement, with all the clauses as required by you.
draft sale deed,
draft allotment letter,
on payment of 10% or more of the sale price it is mandatory under section 13 of RERA to register the sale agreement please insist for the same.
1) since your father is paying 55 per cent of consideration your father should insist on registered agreement be executed in father favour
2) mere allotment letter is not sufficient
3) it should mention when possession would be delivered
4) compensation payable in case of delay in delivery of possession
5) it should mention if builder fails to complete construction purchaser would be entitled to cancel the booking and entitled to refund of money paid with interest at 18per cent
6) further if builder fails to make out clear and marketable title to the property you would be entitled to refund of your money with interest
You need to get agreement drafted by Lawyer on payment of his fees
My questions: What terms and conditions as a buyer i should ask builder to put in the allotment letter so that i can protect my interest in any further discrepancy in execution of papers.
Why are you getting confused about the papers or the documents that are to be procured by the buyer from the seller to go ahead with the purchase, you can get all those papers given by the seller and produce the same before a local advocate, obtain his legal opinion and if any other document needed to be verified, you may seek them from the seller and produce before the advocate, get his opinion and then proceed, if the opinion is not satisfactory, you may go for second opinion with some other advocate too.
The terms and conditions between the buyer and the seller are also would be seend to be printed on the same agreement or allotment letter.
If you feel any conditions is not viable you may consult your advocate and get the same changed as per the instructions of your advocate .
want a draft sample of all this points please mail me a doc/pdf Devajyoti Sir on [deleted]
i. Time schedule for delivery of possession and penalty in default thereof,
ii. indemnity clause if project is abandoned or defective title is detected
iii. Payment through cheque or online transfer only in lieu of demand letter and issuance of Receipt.
iv. Schedule of payment and default clause on delay in payment.
v. Forfeiture clause on cancellation of agreement
You can engage the services of an advocate either from this forum or outside on the terms for having this service through the said advocate.
You can personally contact any advocate of this forum whose details can be had from this site which is available against their names.