Buying flat from first allotee (seller) who has paid all dues to builder. Seller agreement signed with first allotee. Property not registered yet. Seller has misplaced original construction & agreement for sale. Transfer agreement signed by seller, builder and buyer and confirms transfer of flat and builder has signed new construction and agreement for sale with buyer. In transfer agreement mentions that seller has misplaced agreements and seller confirms that he has not mortgaged and availed finance. What precautions to take further for bank loan or to sell in future after registration for buyer. Builder willing to provide stamped copy of agreement with seller for loan processing.
Ask seller to execute indemnity bond to indemnify purchaser in case any claims are made by third parties
tripartite registered agreement is to be executed between seller , purchaser and builder
obtain no dues certificate from builder
transfer charges to be borne by seller only
See once the property is registered to buyer the agreement shall have no value. So the buyer can seek an indemnity bond and Affidavit from seller about missing agreement and can further take copy of said agreement from builder.
1. The agreements or papers on the basis of your information appears in order.
2. However do note that in your deed of conveyance to be registered the seller and developer both are required to be made parties.
3. However before proceeding with this purchase do get the relevant papers checked by a local advocate and cause searches of the title from local registration office.
Builder legal dept states seller to obtain non traceable certificate for misplaced agreements based on which transfer or tripartite agreement executed. Later they agreed for indemnity letter. Some lawyers suggest FIR and public notice for documents misplaced by first allotee. What should I insist from allottee or seller. What will bank demand for misplaced documents, so that I ask accordingly from seller for my loan processing.
As I understand once first allotee signs transfer agreement, then further transaction is between builder and buyer only. Since property not registered, there will be no records in sub-registrar office.
The bank will ask for a FiR public notice and affidavit of seller.
Yes after agreement there won't be any need of the previous agreement.
If original documents are lost bank would insist on FIR about loss of original documents
2) also insist on issue of public notice
Registered tripartite agreement is necessary to be executed between seller , buyer and builder as confirming party
you should make an agreement putting all factors, terms and condition in stamp paper before you proceed for deal.
You can execute registered indemnity bond from seller for Indemnfying the loss if any
File missing report in Police. Get the tripartite agreement executed that seller is rescinding agreement to sell and revoked.
Hi, it had to be assured whether the original allotte has not availed loan facility from the bank ,due to which the BBA is with the bank
First of all since the property has not been registered on the name of the seller, there should be a tripartite agreement between the seller,buyer and the builder.
If the original agreement is missing then the seller should indemnify the buyer against the future litigation or loss in this regard besides giving an affidavit to this effect. He should also give a copy of the complaint that has been lodged with the police in this regard.
Also obtain an acknowledgment from police and get a public notice published in this regard in a local newspaper.
After all these are completed you may obtain a legal opinion from a local lawyer about the genuineness of this property before buying it.
The builder and the lawyers suggestion to obtain all those documents mentioned therein in your post are mandatory for buying the property especially for obtaining bank loan.
You may go through the requirements mentioned by me in the previous post of the same thread and proceed accordingly.
If the sale agreement was a registered document then you may get that copy from the registrar's office.