Now you need to execute a tripartite agreement between your wife, friend & builder for the said transaction
There is a flat in NOIDA which was initially booked by my friend but after a few month before execution of Business Buyer agreement (BBA), he sold it to me (verbally). The BBA was executed with builder in name of my Friend (who initially booked it) my wife and uncle. What procedure to be adopted to get this flat registered in the name of my wife?
Now you need to execute a tripartite agreement between your wife, friend & builder for the said transaction
Your uncle and friend should request builder to execute sale deed in your wife name
2) builder may agree on your executing affidavit to that effect
The flat has been booked. Now you should unform the buyer about your intentions and a transfer deed will be prepared and the property transferred to your name. His name will be deleted. The property hasn't been registered yet.
Please share Proforma and value of stamp paper in which Tripartite Agreement is to be executed. This Tripartite Agreement is to be given to builder or to Registration authorities during registration of flat? Is there any validity period of this agreement as it may take another one year at-least before registration process starts?
1. It sappers only a ale agreement is made.
2. Now since your friend is relinquishing his interest in the property first make a deed of assignment with him which need not be registered.
3. Thereafter in the sale deed he needs to sign as as confirming party at the time of its registration.
Approach the builder that your friend and uncle want sale deed to be executed in your wife name only
he would take care of all the formalities required for the same
tripartite agreement has to be registered
1. You need to get NOC from friend and uncle a new agreement may be registered between builder and wife and your friend and uncle may confirm same and also builder may execute sale deed in favor of your wife.
1. You may engage an advocate to draft same for you and get it registered. Presence of builder and friend and uncle shall be required before sub registrar office.
Validity of agreement is mentioned in agreement itself.
1. You may engage an advocate to draft same for you and get it registered. Presence of builder and friend and uncle shall be required before sub registrar office.
Validity of agreement is mentioned in agreement itself.
There is no validity period for such an agreement. A tripartite agreement should be prepared. No registration charges have to paid. The stamp duty charges have to be paid at the time of registration.
- Since, your friend has booked the flat , and further he transfers the right of the same in your name with an agreement ,but not through the builder , hence presently the power of the transferring the said flat is with the builder and not with your friend or you.
- Hence, if the sale agreement was registered in your friends name , then builder can cancel the same legally, and can further issue allotment letter and sale deed in your wife name , after taking NOC from you and your friend .
- Otherwise, you can enter into an tripartite agreement with the builder under the mentioned circumstances.
- Contact with the builder for entering into tripartite agreement.
1. A Sale Deed has to be duly executed & registered, wherein the Builder, Friend and Uncle will mutually sign as "Consenting & Confirming parties", and Wife will be the Purchaser party alone and further mentioning the history of transactions etc....
2. There is no legal need for any other tripartite or any other documents or waiting time.
Stamp paper value depends on your circle rate and area. It had to be drafted through a lawyer and signed by all of you. No validity you need this agreement for further transaction and to proceed
Cancel BBA and execute fresh BbA in your name. Sale deed will execute by builder only.
Or tripartite agreement.
Get it notorise, no need to register. Valid till sale deed will execute.
You can enter into an agreement with the builder for executing the registered sale deed on your wife's name alone by obtaining NOC from other two buyers in this regard.
The other two buyers can withdraw by relinquishing their rights in the property after they have received back their booking amount.
You can discuss with the builder and proceed as per his advise.
Since there are three buyers and a builder along, then it would not be a tripartite agreement, it would be an agreement among all the four about it.
It need not be registered provided the agreement for sale was not done by a registered deed.
The builder can register the property on the name of the desired person on the basis of the agreement in his possession directly.
There will be a formal written requisition by your friend and uncle to register the sale deed in your wife's name.
One of the terms of the BBA will clearly states that, the registration to be done in the name of vendee or in the name of his chosen person etc.
No proforma / format / template will be shared on this Platform.
However, it is procedural part, which will be taken care by the Builder, you need not involve in the same.
It is the regular activity of the Builder, he will take care of the same.
1. For registering the flat only on name of your wife your uncle and friend should give affidavit for giving up their respective shares from flat in favour of your wife.
2. They can also execute a fresh triparty agreement with builder stating that they want the registration of flat to be done in favour of your wife.