• Buying resale property

I am planning to buy a apartment. The seller has purchased this apartment from builder directly. The seller has paid full amount to builder except one time maintenance charges. The seller has also got possession letter. The apartment is ready to move in and seller has also got physical possession. However, the complex/society is not fully ready. Builder has not got the completion certificate. The completion certificate is expected in next 6 months. 

Pl advise me all the steps and documents required for buying this apartment.
Asked 4 years ago in Property Law
Religion: Hindu

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19 Answers

Sir I would suggest you purchase when the OC/ completion certificate are received . Further if it is registered under rera or not.

Further check the documents of plan layouts are approved or not.

Then title.of land on which the flat.is built, the joint developer agreement.

The registered sale.deed.of.the builder and first party.

Shubham Jhajharia
Advocate, Ahmedabad
25516 Answers
179 Consultations

5.0 on 5.0

Dear Client,

Complete chain of documents (original) shall be delivered to you. OC & CC are necessary documents - approval of municipal authority that construction acc. to building by laws.

Yogendra Singh Rajawat
Advocate, Jaipur
21481 Answers
31 Consultations

4.4 on 5.0

1. Without an Occupation Certificate, how the seller got possession, cannot be understood

2. Possession without OC is illegal

3. what if the builder fails to get OC for the building?

4. you can directly buy the flat from the seller and register the agreement and also take possession from seller

5. but without proper OC your possession will also be illegal

6. i suggest you enter into a MOU with the seller

7. you can pay certain consideration on signing of MOU and balance would be payable on receipt of OC and registration of agreement in your favour

8. if OC is not received within 6 months as represented by the seller, then you can have the option to cancel the deal and the seller has to refund your advance

9. the above course would be safer rather than risking to move into a flat in a building without an OC, unless you are adventurous enough to take the risk

Yusuf Rampurawala
Advocate, Mumbai
6882 Answers
79 Consultations

5.0 on 5.0

You can buy it. Do the necessary procedures required to register and execute the sale deed. Tell the seller to pay the dues of one time maintenance or you can yourself pay it and minus that money from consideration amount. Completion certificate is not necessary for sale deed. The original sale deed of buyer will be required to be attached during registering sale deed.

Abhilasha Wanmali
Advocate, Nagpur
1022 Answers
1 Consultation

4.8 on 5.0

1. IF the seller has received Possession, THEN you can execute Sale Deed with the Seller directly, ELSE the sale deed shall be executed jointly by Seller, yourself and Builder as confirming party. Check of any loan /mortgage on the property and other financial deals on the flat.

2. Since the building does not have OC, you will need to ensure that the building is legal in other respects and that BMC has not issued any stop work or other notices to the builder.

Keep Smiling .... Hemant Agarwal

Hemant Agarwal
Advocate, Mumbai
5612 Answers
25 Consultations

5.0 on 5.0

Hi, since there is no CC then the builder would have not made a conveyance Deed in favour of allottee,..You can enter into a agreement with the seller and can get the flat ownership record changed with builder

Hemant Chaudhary
Advocate, Gurgaon
4619 Answers
67 Consultations

4.9 on 5.0

Who will bear the transfer charges?

Ask seller to bear transfer charges

3) obtain no due certificate from builder

4( wait for issue of OC and building g completion certificate then purchase the flat

Ajay Sethi
Advocate, Mumbai
87975 Answers
6207 Consultations

5.0 on 5.0

Possession cannot be legally offered in absence of completyion certificate.

I'll advise you to wait till the time he builder gets CC from the concerned Authority.

You must finalise the deal only after the CC is obtained by the bulder

Vibhanshu Srivastava
Advocate, New Delhi
9427 Answers
245 Consultations

5.0 on 5.0

you should always buy a flat after building has got OC and BC.

Mohammed Mujeeb
Advocate, Hyderabad
19031 Answers
32 Consultations

4.5 on 5.0

In Bajrang Prasad Ramdharani versus ACIT (2013)—by the Ahmedabad tax tribunal, which held that the rent paid by a person to his wife can be allowed as exemption under HRA, if the claim is genuine, so same can be possible if wife pays rent to husband for commercial purpose.

Rent will be acc. to mutual discussion on half property, half already yours.

Income from house property will be for husband and in your case 50% it will be business income and 50% IHP.

Yes,

Yes.

Yogendra Singh Rajawat
Advocate, Jaipur
21481 Answers
31 Consultations

4.4 on 5.0

This query is wholly unrelated to the first query and does not look like a follow up query for the first query, but altogether a new query. I fail to understand how this has been allowed by Kanoon!!

Nevertheless I will proceed to reply:

1. Since the parties are husband-wife, the husband can grant a 'gratituous license' of his property to his wife for the purpose of running the guest house business through the online portals stated in your query. However in consideration of the consent given by your husband, you can be made to pay the maintenance and other outgoings of the flat sufficient to look after its proper upkeep, maintenance and management, till the license subsists between the parties

2. answer as above

3. the income earned through the guest house business will not come under 'Income from house property' as when a property is used for one's own business or profession then income from house property is not taxable. However in your case, it is not your husband who will be using the property for his own business, but for your business. So the property will continue to attract the tax under the head 'income from house property' which will be payable by your husband, subject to available and applicable deductions. While you will be liable to pay tax under the head 'income from business' for the profits earned by you through this business, subject to the usual deductions

4. Yes you would need both. Do consult your CA too

5. yes

Yusuf Rampurawala
Advocate, Mumbai
6882 Answers
79 Consultations

5.0 on 5.0

1. IF the apartment /flat is in a Residential Housing Society /Association, THEN conducting any type of "homestay/guest house business", shall be classified as Commercial Activity, and shall remain illegal & unauthorized, under the BMC Act, the MRTP Act and the Fire Act.

Keep Smiling .... Hemant Agarwal

Hemant Agarwal
Advocate, Mumbai
5612 Answers
25 Consultations

5.0 on 5.0

1. Husband can give power of attorney to wife for making it easy or they can enter into a license agreement or a gratuitous license and the husband can be paid rent.

2. As agreed in the agreement you can pay to your husband.

3. As amount shall be received as rent it shall be immovable property for husband and for you business profession.

4. Yes

5. Yes income tax tribunal Ahmadabad decision if genuine transaction same can be given exemption.

Shubham Jhajharia
Advocate, Ahmedabad
25516 Answers
179 Consultations

5.0 on 5.0

1) you can take premises on rent from husband

2) you can pay rent mutually agreed

3) Income from House Property covers the rent earned from the House property which is chargeable to tax.

4) TDS @ 10% is required to be deducted if the Total Rent to be paid exceeds Rs. 1,80,000.in a year

Ajay Sethi
Advocate, Mumbai
87975 Answers
6207 Consultations

5.0 on 5.0

You can make lease agreement with your husband but only of 50% share belonging to him.

You have to pay 50% of actual rent you are getting.

It would be income from business as you are not renting it on leave and licence or lease.

Your husband can claim it under income from house property as he is leasing out his share to you and not to your clients.

Abhilasha Wanmali
Advocate, Nagpur
1022 Answers
1 Consultation

4.8 on 5.0

Hi,

You may start the business as power of attorney holder of husband for this purpose. The income from same would be the income from business. Your husband may not use it as income from house property.

Ganesh Singh
Advocate, New Delhi
6646 Answers
16 Consultations

4.5 on 5.0

the important documents required to buy a resale apartment or independent house are:

Sale deed;

Mother deed ;

Encumbrance certificate;

latest tax paid receipt;

occupancy certificate;

building approval plan;

possession certificte

Record of Tenancy Rights/Certificate) Document:

The buyer should ensure that the property has a marketable title

The buyer should check for the existing loan on the property

property valuation;

n case of a resale apartment, it is always wiser to buy a ready-to-move in property with all the amenities. Doing this will not just save time that is required for the completion of a new home, but will also save you rental payment on your current property. While buying a resale flat, a buyer can check before hand for all amenities and other requisites. Remember to check whether there are any outstanding dues on the utility bills or maintenance and on the allotment of parking space

T Kalaiselvan
Advocate, Vellore
78133 Answers
1543 Consultations

5.0 on 5.0

1. since this is jointly owned property, he can give a power of attorney to you to let his share in the property on rent or lease on the terms agreed by both.

2. Paying his share of rent or not will be on the basis of the terms between you both.

3. Income from business;

4. It is jointly owned property hence you can pay rent to his share in the property alone, you need not deduct the tax if he is filing ITR.

5. He can

T Kalaiselvan
Advocate, Vellore
78133 Answers
1543 Consultations

5.0 on 5.0

In response to this query:

I am planning to buy a apartment. The seller has purchased this apartment from builder directly. The seller has paid full amount to builder except one time maintenance charges. The seller has also got possession letter. The apartment is ready to move in and seller has also got physical possession. However, the complex/society is not fully ready. Builder has not got the completion certificate. The completion certificate is expected in next 6 months.

Pl advise me all the steps and documents required for buying this apartment.

Answer in pointwise form:

1. Since the CC has not come then it creates problems for you to take possession;

2. Ask the builder when it shall come;

3. If the builder is cheating you then approach RERA;

4. Therefore engage services of a lawyer to understand the situation better.

Gowaal Padavi
Advocate, Mumbai
1920 Answers
5 Consultations

5.0 on 5.0

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