Adjective property documents and if there is a tripartite agreement the Builder can transfer the property to you for registration and that can be registered straight away in your name.
Buying a resale property that is unregistered
Hi, I have shortlisted a resale(ready-to-move) property which I want to buy but it is unregistered. Also its a loan free property. The broker tells me it will be a Tri-party Agreement for Allotment Transfer and is very common where Builder, Buyer(Me) and Seller will enter into agreement and Builder transfers all his rights to me by some nomination or endorsement or something like that if I remember well. However I want to make sure if this is safe? 1) Is it Safe to Buy such a property that is Not registered yet by entering into such 3-party agreement where builder too is one of the parties? Or is it always safer to buy resale property that is registered? 2) What All Papers I must check in this case if I don't go for bank loan and buy it from my own funds? 3) Here I have to pay full amount at time of 3-party agreement where builder transfers seller rights to me. But can the builder cause any issues at the time I want to register the property? (I must mention here The builder has several projects and has some credibility though). 4) Will the Seller needs to be present later when I want to Register the property? 5) In case I go for Bank loan(for which I'm pre-approved already), will Bank make their full payment at time of this 3-party Agreement? I read somewhere banks may disperse final payment only at time of registration in such case? 6) SHould I register the property immediately after 3-party agreement(when I will be paying full amount), or Can I wait for few months to register it? Pls clarify, I just want to know if my money is safe by entering into such 3-party Agreement? Thanks Deepak
Asked 5 years ago in Property Law
Religion: Hindu
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8 Answers
1. Sir if the builder is directly registering to you along the other party as confirming party then it is safe there is no issue as such.4
2. Yes you should engage the local advocate for the title search of property for checking OC of the property and pending maintenance and taxes. Further i would suggest take a small amount of loan just for bank verify property thoroughly and the properties bought through bank loan are verified and have greater resale value.
3. No if the agreement is registered with three parties then he cannot cause any problem.
4. Yes he needs to be present in the registration of sale deed also for safe transaction.
5. Yes bank on the agreement complete the procedure of approval and verification and further the total payment is disbursed on registration of the property to you if the property is not under construction.
6.You can immediately register.
It is safer to buy property that is registered in name of seller
2) check whether building plans are sanctioned commencement certificate issued
3) OC is issued by municipal corporation
4) no dues certificate from builder
5) tripartite agreement is sufficient to protect your interests
6) register property at the earliest
1. Apprehensively the Builder first sold the Property to a Investor-Buyer, who now wants to sell his investment, without having to make expenses for Stamp Duty & Registration fees.
2. AFTER scrutiny of the Building Plans & documentations, Execute a proper Sale Deed, with joint signatures, as follows:
a) Seller - Investor-Buyer
b) Yourself - Buyer
c) Builder - Confirming party
FOLLOW proper payment schedule, TDS & Filing of Income Tax returns.
3. Once the above Sale Deed is Registered (immediately), the Buyer can safely Sale /Gift/ Lease /Mortgage /Donate /Whatever ...., without any reference to ANYBODY.
Keep Smiling .... Hemant Agarwal
Dear client,
Tripartite greemwnt will be 2nd transfer of property, builder buyer and builder buyer seller - double stamp duty will charge. Purchase directly from builder is advisable.
Delivery of all the original document and property free from any encumbrance.
Payment should be at the time of execution of sale deed.
Seller not required but to avoid inconvenience in future , should include as witness to sale deed.
Bank will disburse loan on mortgage of sale deed.
Same moment, sale deed should execute and registered.
Your money is secure only when all three will part of execution of sale deed.
1. Purchase the property only from the person who has the title of the property.
2. Get in touch with some local lawyer and make a tile search of the property to see that the same is good to purchase.
3. If the builder is a established one then he will not involved himself in cheating, but one can not guarantee this. Always, keep a lawyer handy by your side.
4. Yes without seller the registry can not be done.
5. Pay the full amount only on the date of registry and not before.
Regards
1) You better go with bank help and that too government and nationalised banks like SBI, ICICI and HDFC bank. No matter you have to pay processing fees but the property will get checked for all mutation and clear title records and thsn bank will grant you loan.
1. If the sale agreement between the builder and the seller is also not registered then there is no necessity for tripartite agreement, you can pay the excess amount to the seller and the consideration amount to the builder and close the chapter.
2. There are a big list of documents that you may have to verify, scrutinise and find the genuineness.
\You may approach a local lawyer and obtain his legal opinion.
3. Without obtaining a proper legal opinion it is not advisable to believe the builder or the seller blindly to go ahead with the purchase of the property.
4. If the seller is having a registered sale agreement then he has to first cancel the same and then only you can get the same registered to your name.
5. The bank will follow the prescribed rules for disbursing the amount of home loan.
6. You should get it registered immediately after you are paying the full amount
