Conveyance deed supersedes BBA
2) since he has original conveyance deed you can purchase the property
3) certified copy of BBA / allotment letter can be obtained from builder
I am planning to to buy a 1 year old apartment in Gurgaon. Buyer has lost originals of Bulider-Buyer Agreement (BBA) and Allotment letter (AL). Owner has provided me only Conveyance deed between Builder and Owner, and Possession Letter. Payment details are part of Coveyance deed. Is it advisable to buy such property without such documents? Or what is the solution if I am still interested in property?
Conveyance deed supersedes BBA
2) since he has original conveyance deed you can purchase the property
3) certified copy of BBA / allotment letter can be obtained from builder
Builder is prepared to give certified copy of BBA/LA. But I understand OWNER has to lodge FIR for lost documents and publish in Newspapers about lost documents. Please let me know the format of the material to be published in newspapers.
You can only proceed to buy the property after you have got the due diligence of all the documents provided to you by the seller by an advocate.
you can proceed to buy the property without builder buyer agreement and allotment letter provided the title is free of any defects.
FIR is lodged only in case of loss of original sale deed etc.
In the present facts and circumstances of the case filing of FIR and publishing is optional.
Indemnity bond can be executed by seller to indemnity you in case any claims are made by third party
in alternative sale deed can contain indemnity clause
seller can lodge FIR that original BBA has been lost
issue public notice that BBA dated x executed by builder in favour of seller has been lost
Dear Client,
Property is just one year old, Lost documents can be arranged, ask buyer to arrange missing complain, Get the certify copy with you. and certified copy of BBA/AL.
Hello,
1) You can still buy the property. Ask the original buyer to apply for a duplicate copy from the office of the sub registrar of the BBA. He needs to lodge an FIR first about the loss.
2) Additionally you need tho get a property search conducted to ensure what were the transactions till voice regarding the property.
3) The absence of the original original allotment letter cannot hurt much. You can proceed once due diligence is taken as advised.
Though I am paying 100% from my own resources, my bank (KMB/ICICI) inform me that they never sanction loan without original BBA/LA. If this is true, I may never be able to sell this property in future to a customer who applies for housing loan.
Future complications will arise and only public sector banks raises question. Private banks provides laon after some adjustment.
You can buy the property after a proper search ensuring that the current seller is the present lawful owner of the property.
Ask the seller to lodge FIR and publish in the newspaper for lost documents. As a prospective buyer you can also publish the same in the newspaper with the consent of the seller.
Certified copies are as good as original. However it depends on particular banks loan sanctioning procedure and norms.
It is not advisable without Compete documents. But if you can take risk then you can do the same. Also execute an indemnity bond with him that if any loss occurs he will indemnify the same
For the format of public ad, you can check free press journal newspaper which contains many such ads
1)The Builder-buyer agreement is the most important document as it gives you rights in the property you are buying.
2)It would be better for you to take proper legal guidelines by showing complete files of your case to an Property advocate so that you can take a right path to handle your issues
It is not advisable to buy the property with incomplete documents.
The documents of BBA and Allotment letter are some of the vital documents, the vendor is supposed to provide the same or he has to give a convincing explanation that why he could not provide them.
It is suggested that you take a legal opinion from a local advocate before proceeding with the proposal to buy this property.
You are right in your understanding about the procedures to be followed in this regard.
You do not have to provide any format for newspaper publication for issuing a public notice.
A local notary public will be able to guide you on this correct format based on the affidavit the vendor shall make it before the notary public in this regard.