I have booked a Floor from a builder B, Plot Owner A and Builder B have Collaboration Agreement Stamped and Registerd with Huge Stamp Duty in 3 lacs which provide builder Access to Built 4 floors and Keep Possession and Sale Execution right to sell 3rd and 4th Floor, They have done Registered GPA to transfer me the Registry of 3rd floor. Is it fine to Transfer Registry of my 3rd Floor from Builder or shall I witness Owner also in that Registry along with NOC from him. What shall be more safe in this?
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Transfer will be by registering sale deed and builder can sell the flat on the basis of GPA executed by owner in favor of builder.
Owner involvement dose not require but before purchase make sure that builder is selling flat from his share. Check the agreement executed between them.
But If GPA cancelled in Future then whats validity of my registry
Any transaction done during validity of GPA, valid for ever.
Once registered POA is executed same deed can be executed by builder on your favour
2) owner is not required to be witness to sale deed
Owner cannot cancel POA coupled with consideration
it is irrevocable POA
1. To safeguard your future investment and to avoid any unforeseen legal litigation's /disputes, execute a Registered Sale Deed.with "Confirming & Consenting signatures" of both the Builder and the Land Lord.
2. NOC and GPA are all revocable documents, whereas above mentioned Sale Deed is legally final for all futuristic purposes.
Dear Client,
You may proceed for registration. If builder has right to transfer property then he transfer title of the ownership any another person. For more visit us to contact.
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See since there is registered GPA then in that case it is safe you can purchase the property from builder no signature from Owner is required.
Further see to be more safe the owner himself can be made party to the deed instead of builder signing through GPA.
Even if GPA is cancelled in future it won't effect your ownership rights.
It's better to do a triparte agreement with both of them. If gpa cancelled then registration too renders cancelled
Transaction between you and the builder will be considered as valid.
If the builder who is authorised to execute the registered sale deed in your favor has been authorised to do so by a registered GPA then you can go ahead with the buying of the property.
Before that you may obtain a proper legal opinion in this regard.
You dont worry about the cancellation of the GPA at a later stage, you should ascertain that the GPA is valid at the time executing a registered sale deed in your favor.
1. Yes it is fine to purchase third floor builder as owner have given POA to builder for sale of 3rd and 4th floor.
2. GPA will not be cancelled as it done as a part of agreement against construction cost.
