I am from Kolkata, want to buy a under construction flat. Loan has sanctioned from a finance company and a proportion amount will be disbursed to developer. In the meantime developer wants to sale agreement registration from the Registration Office nearby and final registration will be done after completion of flat and copy of agreement will be handed over to the Finance company. Is it a deed or not? If no, the copy of the registration how can be useful? As a buyer, if I enter into an agreement what are the advantages and disadvantages for me? Please advise.
1) agreement for sale would be executed initially by builder and would be registered to protect your interests
2) sale deed would be executed only after construction is completed
3) original sale deed would be handed to finance company and you would have xerox copy for your records
4) if builder defaults in carrying out construction within stipulated period mentioned in agreement for sale you can file complaint against builder before RERA to direct builder to deliver possession of flat
1. Sale Agreement, is only a tentative but conclusive document confirming the property deal, BUT such Sale Agreement can be revoked /rescinded by either parties on failure to comply with the clauses of the sale agreement. This is normal when buying from Builders.
2. Sale Deed, is a final conveyance document, which is irrevocable and is a clear title-document of the property, against which you can conduct future transactions like Sale /Gift/ Donate /Mortgage /whatever ....
You need to see how authentic is the developer and finance company. As the said property is financed through loan you will get the original documents after you clear your loan. But you should get a copy of agreement.
1. It is a Instrument or deed which requires to be a mandatory registrable document.
2. Since you are paying money and willing to buy the property within the stipulated time making a registered sale agreement will only be beneficial for you and there is no disadvantage on this.
3. however do take help of an advocate to get the sale agreement drafted or vetted .
Agreement to sell is an important document in the process of sale and purchase of property. Agreement contains the terms and conditions agreed upon between the parties, and binds them.
It`s a necessary document which contains all the terms of sale and purchase, mode of payment, date of delivery of possession etc.
Only you need to make sure, terms of sale should not adverse to you. Verification from advocate advisable before executing ATS.
It is no matter whether you register sale agreement or not. Its terms remain binding upon both parties irrespective of its registration.
Sale deed must be registered. Without registration sale is not valid in law.
Hi
You need to get your Sale Agreement Registered, if in case, any untoward issue pops up it will come for your rescue.
Sale Deed will be registered after completion of construction.
Since the project is under Loan, the sale deed will be deposited with Finance Company, it will be returned after repayment of loan.
In case if the Builder fails to complete the project you can lodge complaint with RERA.
Under the provisions of Stamp Act & Registration it is mandatory to get the same registered.
it is an agreement for sale /deed.
after completion work builder would execute sale deed. original sale deed will be hand over to finance company you can obtain certified copy from SRO.
incase if builder failed to give you possession as per agreement you can file a consumer case in the appropriate forum/commission seeking refund of your entire money paid along with 18% interest and damages.
It is a sale deed as per the facts of the case.
See once flat registered the copy of same also can be kept.
See in agreement timeline payment terms can be mentioned same shall help you to get compensation and seek damages.
It is not a deed but it is only a sales agreement with developer.
The copy of registration will be useful in case if any dispute arises in future.
The advantage and disadvantage depends on the agreement you made with developer.
It is a sale agreement registered deed.
As a buyer you have to enter into a sale agreement otherwise you may not have a hold over the money disbursed towards the purchase of the property till the final registration of the property to your name.
