Hi, I have purchased a property as follows. Builder-Prestige Seller (A) -Didnt register property Buyer(B) I have signed an assignment agreement with Prestige as consenting witness and seller A.This is a franked document and paid stamp duty as well.Prestige registered sale deed in favour of me and got all process done(Sale deed signed by me and prestige). Is this legally fine?
seller A did not have a registered sale deed in his favour
so Prestige ought to have been the vendor/seller
Seller A as consenting/confirming party
and you as buyer
in absence of a registered sale deed in favour of seller A, seller A had no title in his favour which he could pass on to you
You have clear and marketable title to property As builder has been confirming party to sale deed
Yes in the sale deed Prestige was the seller and I am the purchaser..So this process is legally valid and holds good right?
Sale deed is different from assignment deed. Ownership cannot be transferred through assignment deed. Stamp duty is also different in both instruments
yes
yes builder has executed sale deed on basis of assignment done by seller
There would be no infirmity as such. Though, it's better you show the sale deed to any advocate and take his opinion after he does hisdue diligence.
There is no reason to doubt the validity of registered sale deed. Such sale deed is very much legal and enforceable.
- An assignment is a sales transaction where the original buyer of a property allows another buyer to take over the buyer’s rights and obligations of the Agreement of Purchase and Sale, before the original buyer closes on the property .
- In simple language we can say that an an assignment deed allows the buyer of a property to sell the same before they take possession of it.
- Hence, it is clear that the Builder was having right to sell the property to the buyer B ,and to execute the sale deed in favor of B.
- Hence, the sale deed by the Prestige in your favor is a legal document of ownership.
Dear client, its totally legal.
The previous buyer is not the actual owner because no registered sale deed is on his name as on the date of your purchase, hence the sale deed executed by the builder in the capacity of the vendor is very much legally valid.
Yes, it is very much legally valid, you need not be worried on that count.
From what you have narrated, the process is legally valid and you hold good title to the property.
