Hi, it is advisable to execute a buy -back agreement with the builder .. Since the builder have not made a conyence deed in your favour , at this stage a buy-back agreement shall be sufficient and binding on both the parties

1. An agreement for cancellation of the old agreement mentioning all the transaction can be made and notarised before handing over NOC to the builder from bank so that your 23 lakh is safe.

Since there is only agreement to sale no sale deed same can be cancelled by signing cancellation agreement cancelling the agreement made in past.

2. Cancellation agreement is must and it should be made on stamp paper 100/500 and signed by builder and you and two witness and each and every condition should be mentioned including the bank loan payment and extra payment of 23 lakh.

1. ATLEAST a registered Deed of Arrangement, may be executed to safe guard your interests, more so since you do not have possession of the property.

2. The above Deed shall have to be produced for your Income Tax purposes, for any profit /loss generated on the deal.

Keep Smiling .... Hemant Agarwal

1) deed of cancellation can be executed to cancel agreement for sale

2) it should be mentioned that Rs 23 lakhs paid by you woukd be refunded on execution of agreement for sale

3) don’t give any NOC

Dear Sir

a) The Buy Back arrangement would have been made with a Agreement to Sell with the builder and arrangements you should have expressed in that.

b) Not to be issue NOC as a stake of 23 lakhs from the builder and you dont have document to show that. You need to have an agreement for that and security cheques for the payment as safety.

Feel free for any assistance

1. As you had applied for a bank loan for financing purchase of property, im sure you must be having a registered agreement in your favour, which must be deposited with the bank towards security

2. No bank will give a loan without deposit of original title deeds

3. So title has already passed onto you under the above registered agreement

4. Therefore builder has to purchase the villa from you under a buyback cum cancellation agreement where your consideration will be 96 lacs repaid to bank (minus any EMIs paid by you under that loan) + EMIs paid by you so far + 23 lacs refund of EMD + waiver of 30 lacs due from you to builder

5. So if bank loan is already cleared by builder on your behalf and mortgage loan is fully discharged, where is the question of taking the bank NOC?

6. On repayment of its dues under the loan account, bank ceases to have any charge over your villa

6. You simply need a letter from the bank stating that entire loan is repaid. Thats a foreclosure letter

7. Since loan is repaid by builder, there is no harm in giving a photocopy of the above letter to builder

8. When builder is ready with the balance funds payable to you, you can execute the buyback cum cancellation agreement with him

9. The builder has already paid a huge sum of 96 lacs, so the chances of his defaulting are minimised. Nevertheless you should execute cancellation agreement only when he is ready with the balance funds, so that atleast you retain title and original registered document, till he fully pays you

1. You and the builder should enter into an agreement for cancelling the booking as well as the registered sale agreement by executing a registered cancellation deed.

You can enter into the terms for refund of the booking amount and other formalities with the bank.

2. You can obtain the copy of the loan discharge certificate, NOC given by bank along with the agreement and a copy of the cancellation deed to ensure that there arises no legal hassle in future in this regard.

1. There is no question of buying back the Villa from you since you have not owned the title of the said Villa. You have just entered in to an agreement with the builder to buy the Villa. the builder is required to issue a letter to you agreeing to cancel the said agreement for sale he has entered in to with you at the agreed terms i.e. paying back the amount to the Bank and also to you.

2. If the Builder gets the copy of No Due Certificate issued by the Bank in your favour or NOC and he then issues a letter to you stating that your booking has been cancelled as asked by you for which your booking amount or a good portion of it is forfeited, then, it will be difficult for you to legally challenge his such claim for want of any document or agreement signed by both of you. Ensure that the lending Bank does not issue the NOC directly in favour of the Builder and you also do not collect and hand over the same to the Builder till you receive the payment for your amount back from him.

Firstly, the amount which you pay as an token money tot he builder (23 lakhs) May not be refunded by the builder if there is any clause mentioned in the agreement to purchase as to what is the right over the money of the buyer if they happen to cancel it in the near future.

Secondly, there are cases where builders have denied payment on the basis of the agreement clause on whcih you might have signed.

Thirdly, I advice you to enter into an agreement for the return of the same amount when bound for the cancellation of the previous one.

1. As and when the builder buys back the same get an MoU executed with the builder.

2. You may go ahead and provide the copy of the NOC, you may send the same also by means of an e-mail to keep a record of the same in black and white.

regards

Hello

A registered agreement should be done with the builder stating the whole sequence of events and then the amount which is due and the period within which it will be paid. Do not under any circumstances accede tibhis promises that he will pay the money.

Regards

Dear Client,

On trust nothing happens, give and take at same time. Property buy back cannot be done by mutual call off of sale agreement. It has to be either by executing fresh sale deed giving effect to new deal and payment.

Have you executed sale deed or agreement to sell.

1) Unless an until property is registered with registrar bank won't give loan. so the villa is still on your name.

2) So now make agreement to sale or buy back of flat by builder.

3) we can make a document regarding this case on reasonable rates.

As your query reveals that you and builder went into tripartite agreement towards a sale of villa to you. but at this juncture you want to sale this villa and builder want to buy it back. In considered opinion of mine you should execute cancellation deed after receiving all surplus money you have with builder.

Hi,

You are suggested to do everything in written form, i.e. agreement and NOC etc.