Seller will be builder and not A. Make A witness to sale deed. Dont mention purchase price in sale deed but only present selling price.
Purchase of property
I am planning a builder floor which has been allotted to Mr. A as per agreement between the buyer-seller. The property us complete and has been offered for possession to the buyer as per agreement but conveyance deed has not been done. The buyer has paid all dues except registration charges/stamp duty. The property was booked for a more higher price but due to decline in property rates, Mr. A is selling it on a much lower price. Now he want to get it transferred on my name directly from the developer. My queries are :- 1. Is it possible and legal for Mr. A to transfer the property without getting conveyance deed in his favour and directly transfer in the name of Mr. B. 2. Applicability if Registration charges / stamp duty - on original purchase agreement or at selling price which is much lower? 3. Any legality issues un this deal? 4. Any advice? Please guide.
Asked 6 years ago in Property Law
Religion: Hindu
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9 Answers
Tripartite agreement should be entered into between builder , A and the purchaser
2) it should be duly stamped and registered
3) it is advisable that A should get conveyance in his favour then sell property to you by registered sale deed
1. No he can't transfer till registration but the builder can transfer it with buyer consent and executing the new agreement with the new buyer. In this way the earlier buyer without registration can sell the property.
2. The selling price with builder fresh agreement.
3. Yes the deal my land up you in litigation.
1. Execute a Registered "Sale Deed" by taking joint signatures of Developer-Builder and "A-seller" as "Confirming & Consenting parties".
2. Stamp Duty will be applicable on todays "rateable value" of the property as maybe defined in the ready reckoner rates by registrar of sub-assurances.
3. Take custody of any original documents and immediate vacant possession.
4. Take irrevocable indemnity bond from "A", for any past claims & liabilities relating to the property.
1. Yes it is possible if the builder that is current owner makes sale deed in your favor and MR. A is confirming party in your sale deed.
2. In your sale deed based on your purchasing amount stamp duty shall be applicable.
3. No there is no legal issue. You can freely go for transaction. Just check all documents , title plan approval and OC of the building.
1. It is possible to register the sale deed to your name directly but you may have to enter into a tripartite agreement with the seller and the builder for this purpose.
2. The stamp duty shall be applicable to the sale consideration amount as mentioned in the registered sale deed or as per the circle rate whichever is higher.
3. You may first obtain a legal opinion from a local lawyer before making payment towards sale consideration amount.
1. It is completely legal, but it can only be done with the permission of the builder.
2. Stamp duty would be levied according to the circle rate of the property.
3. No
4. Get the due diligence of the builder buyer agreement done. Also, background check of the builder needs to be done.
he can transfer his right in favour of a third party by executing an Assignment Deed. Before finalizing any such transaction it is always better to contact a local lawyer.
Yes it is possible if mr. A make triparty agreement with developer and buyer.
Registration and stamp duty will be applicable on purchase price if hire than current circle rate.
