Purchase a resale flat in which society is not formed
I want to purchase a resale flat from owner who purchased it from builder/developer , I have copy of agreement however how to identify difference between agreement and sale deed , as I read on net that sale deed is compulsory . Do I need to ask owner first execute sale deed with builder/developer and then execute sale deed between me and owner .
owner is not having any loan on property , and I am taking loan from axis bank and they said you directly execute the sale deed.
Also suggest what terms and conditions I must include in my sale deed executed between me and owner.
Asked 3 years ago in Property Law from Pune, Maharashtra
is the agreement duly registered ?has seller paid full consideration to builder ? is builder willing to transfer flat in your name .?
please note that if society has not yet been formed builder would demand exhorbitant amount as transfer charges . settle issue with seller as to who will pay the transfer charges . if you are taking loan from axis bank they will do due diligence and cross check whether papers are in order .
it is not necessary to ask builder to execute sale deed with seller first . builder can execute sale deed in your favour
Agreement is duly registered ?
Ans : Yes. Original receipt avaible with owner
Seller paid full consideration to builder ?
Ans : Bank Asked owner to get NOC from builder
TO BE TYPED ON THE LETTER HEAD OF THE BUILDER
AXIS Bank Ltd.,
This is to inform that I/We have sold flat No. 503 on Fifth floor in the building known as J+K situated at Eiffel City gat No. 1430 ( new gat No. 1351) , Chakan , to Mrs. Jayashree Suresh Ranade and Mr. Suresh Vasant Ranade for a total consideration of Rs. 1205000 ( Rupees Twelve Lacs Five Thousand only ). The carpet area of the said flat No. 503 is 489 sq. ft. and Terrace area of 27 sq. ft.
We confirm that we shall admit Sujit Satishrao Yardi and Mrs. Swati Sujit Yardi (transferee) as a member of the society and shall transfer the shares bearing no. (not yet allotted ) standing in the name of Mrs. Jayashree Suresh Ranade and Mr. Suresh Vasant Ranade ( Transferor) to the name of Mr. Sujit Satishrao Yardi and Mrs. Swati Sujit Yardi ( transferee) as and when the society is formed.
We are aware that Mr. Sujit Satishrao Yardi and Mrs. Swati Sujit Yardi (transferee) have approached you for a loan for purchase of the aforesaid flat from Mrs. Jayashree Suresh Ranade and Mr. Suresh Vasant Ranade (transferor).
We confirm that we shall note the charge in our records and register the AXIS Bank’s charge in respect of the said flat against the loan granted to Mr. Sujit Satishrao Yardi and Mrs. Swati Sujit Yardi (transferee). We will not permit Mr. Sujit Satishrao Yardi and Mrs. Swati Sujit Yardi (transferee) to transfer , assign, sell off or in any other way deal with the said flat prejudicial to the interest of the Bank without the prior written consent of the Bank.
Further in the event AXIS Bank Ltd. will sell the said flat to any person/s (either due to default of payment of the loan or for any other reasons as Bank deems fit). I/We will not object to such person/s as bonafide purchaser/s of the said flat.
I/We hereby undertake to duly register in the co-operative housing society books the aforesaid charges as and when the co-operative housing society is formed.
Builder is willing to give NOC and transfer to my name.
How about terms and condition i need to mention in my sale deed i.e. along with flat I need to get parking space and amenities access.?
Asked 3 years ago
builder has no power to sell car parking slots . as far as terms and conditions in sale deed builders generally refuse to incorporate changes suggested by buyers . check when possession is being delivered . whether he will pay interest for delayed possession or not . get sale deed clauses vetted by a local lawyer
Has the agreement between builder and owner registered? Has the owner been authorized expressly to sell the property? Is there any clause in the agreement which mandates the consent of the builder before the owner can transfer the property to you?
The sale deed need not be made between the owner and builder. Since you are going to purchase the property the sale deed is to be made in your favour by the seller subject to the agreement between the builder and owner.
Can I send you the copy of sale deed which need to be executed between me and owner so kindly suggest if any other terms and condition I should add before I execute it. pls share you mail id
Asked 3 years ago
Also owner yet to get possession on paper. So I asked for possession letter and completion certificate from builder as well parking allotment letter
Any other document i should ask before i execute sale deed
Asked 3 years ago
Hi, it is better contact any local advocate to verify the property documents.....
it is better you meet local lawyer personally with copy of sale deed to be executed between you and the seller . if construction has not yet been completed there is no question of giving you possession letter and building completion certificate .
it is better to spend few thousand rupees on legal fees than repenting later .