Hello, I'm aiming to buy a 2 BHK property in Bangalore, which is currently owned by two individuals. One of the owners is in the US and the other owner is in station. We are planning to close the deal by the second week of December and are Ok not to have an agreement to sell. Since I'm taking some bank loan for the purchase, the bank mandates the Sales Agreement. The chief manager of the bank has already advised that only one of the owners who is in town needs to sign the sale agreement. So my question is: (i) Should the sale agreement include the names of both the owners as first party (I've already procured an eStamp with one of the owners as the first party and myself as the second party) (ii) How do I frame the following statement in the agreement: --snip-- "WHEREAS, the VENDOR herein is the sole and absolute owner in peaceful possession and enjoyment of a 2BHK apartment ...." --snip-- In short, in Sales agreement (i) do I need to have both the owners' name in the first party section on eStamp Paper (ii) do I need to include both the owners' name in the actual Sales agreement under the vendors (first party) (iii) how do I frame the statements such as the ones mentioned above to reflect that the fact the signatory is only one of the owners of the property Again, Sales agreement as far as we are concerned is a formality for getting the bank loan. So any inputs would greatly help. kind regards,
1. Yes both the owners names are required also signature of both owners are required then only both shall be bound to sale . Also if owner is not available to sign sale agreement he can send a power of attorney to sign sale agreement.
2. Yes.
3. Other owner sign is mandatory if he is not available get power of attorney.
1. Apprehensively you are playing around with your money, after getting false information from various people.
2. Sale Agreement, CANNOT be executed without ALL the signatures of the original Joint-Owners, ELSE the agreement becomes null & void at the hands of second owner and subsequently the second owner would file Civil Dispute for his share of the property and even criminal cases on First buyer & Purchaser.
3. Ask the second owner to give a irrevocable specific purpose Power of Attorney (POA) in favor of 1st seller. Attach the POA to the Agreement and ONLY THEN conduct registration process, to safeguard your financial interests. Do Not Fall for such rackets.
You can purchase stamp on one of the seller's name.
In the Agreement Sale deed mention both owners name and their history how the land they have purchased and from whom, and their sale deed registration number.
Plus both the seller should present at the day of registration this current sale deed. Otherwise it will be not valid.
Because as per SC judgment sale deed can't be performed on POA based.
1. Both owners' names to appear on e-stamp paper.
2. Both owners'names to appear in Agreement of Sale.
3. Whereas the Vendor herein is one of the joint/co-owners in peaceful possession...
4. Do not forget to include Breach of Contract in the Agreement of Sale.
1) name of both co owners should be mentioned in agreement for sale as vendors or first party
2) both the co owners have to sign the agreement for sale
3) if name of co owner is not mentioned agreement would not be being upon him
Thank you all for the prompt responses. While I understand that both the owners have to sign on the Sale Agreement, the situation we are in is that the sale of deed is expected to be registered during second week of December and one of the owners, who is currently in the US will fly down to India for the same. In the mean time, since the Sale Agreement is mandatory to get the bank loan, is there any conditional clause that I could include in the Sale Agreement and get it signed only by one of the owners. Having someone fly down from the US just to sign the sale agreement may not be practical and getting them to prepare a power of attorney also seems a difficult option. If I understand the POA should be on a legal paper. The parties here are a mother (in station) and her daughter (in US).
1) POA can be executed by co owner in favour of family member for execution of agreement for sake
2) it should be attested before Indian consulate
If the property is owned by two individuals, one the mother and two the daughter, mother is in India and the daughter is in the US. Both owners must concur with the sale offer, if the bank manager has agreed to process the sale agreement with the signature of only one owner it is his individual decision.
Never the less, both parties must be present at the time of registration of Absolute sale deed. If the daughter cannot travel on the date of registration, she can sign the document and authorize her mother in India to present it for registration on her behalf. the Special Power of Attorney need not be on a legal paper. It can be on a plain A-4 size paper and duly attested by the indian embassy or consulate. Post which it must be adjudicated in India, Bangalore with appropriate stamp duty (Around Rs.200) for it to be used on the date of registration.
Process is simple.
See as far as law is considered sellers person presence or power of attorney one of them is necessary for the sale agreement.
- As per the Transfer of Property Act , Every joint or co-owner has a proprietary right of the entire property.
- Hence, any sale has to be done with the consent of all co-owners involved.
- Since, one of the owner of the said Flat in USA, then that person residing in USA , should execute POA as per rule of US , in favour of the persons/co-owner residing in India,for selling/executing and trasfering the possession of the same, and also for bank loan purposes.
1. Both owners' names to appear on e-stamp paper.
2. Both owners'names to appear in Agreement of Sale.
3. Yes, you should mention , that the signatory is one of the co-owner , and also an attorny of other joint owner, and duly having power to execute the sale agreement on his behalf.
If the party is going to come in India get the sale deed registration in second week of December. Than produce sale deed in the bank after that bank will issue reimbursement cheque to you or party.
1. The bank may not insist on both the names in the sale agreement, whereas when ther is a dispute about this then the court will not accept the consent of one owner alone if the property is jointly owned.
Therefore it is essential to have both the owners mentioned as first party in the sale agreement or any sale transaction in respect of immovable properties.
2. Yes, it would be for your benefit.
3. Both the owners have to sign the sale agreement and better get it registered by paying the stamp duty for its legal validity.
You say it is a formality whereas when ther arises a legal dispute then your position will be in question as well ther would be problem to recover the money also
You were properly advised that in a jointly owned property, all the owners have to sign the deed by which either the sale agreement or the sale deed is to be executed.
If you do not want to listen to the proper legal advise or do not want to follow the legal procedures then you may decide about the next step as per your understanding.
If the joint owner claims that he was not aware of any such transaction when the sale deed is to be executed due to some disputes with his other partner then the entire transaction shall come to a halt, after that you may have to run between court and these people for compromise or for return of your advance amount.
The bank will not be ready to listen to your excuses if you default in repayment of loan amount.
it's needs to be execute by all the co-owners of the property.
Co-owners have to sign agreement for sale.
for valid agreement both consent and both signature required.
POA can be executed by co owner in favour any relative,the executant gives the right of the property to his attorney to perform certain act or deed. The executant has complete right over his property and can dispose of his property in a manner he wishes to.
POA can be executed by co owner in favour any relative,the executant gives the right of the property to his attorney to perform certain act or deed. The executant has complete right over his property and can dispose of his property in a manner he wishes to.
POA can be executed by co owner in favour any relative,the executant gives the right of the property to his attorney to perform certain act or deed. The executant has complete right over his property and can dispose of his property in a manner he wishes to.
Yes sale agreement should include name of all owners of property if you want to purchase complete property.
Yes you have to include name of both owners as vendor.
You can mention that the owner present for making the agreement will either sell the property through GPA or other co-owner will be present at time of registration of sales deed.
You can have one owner has other poa of second owner If he is not there
