You can inform the builder about the same you can sell your share but for possession the builders consent is also necessary as he Tas his share too
JV property sold my share for Loan Assurity
Our family signed JV agreement and POA with builder 60:40 share basis. I had sold my share of UDS to private finance due to urgent need of funds as Loan against sale deed instead of regular mortgage. I had not informed builder about this topic. Construction is just begun. Now I have a buyer who is ready to clear my loan dues and want UDS to be registered in his name and wants construction agreement with builder. Now I will discuss with builder and explain him the issues. My question is how and what is the process to satisfy builder and also sell my share to new buyer and transfer my flat from JV to him because construction is still at beginning stage
Asked 2 years ago in Property Law
Religion: Other
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8 Answers
Inform the builder that you have financier who is interested in investment in the project and you want to transfer your share of flat to financier
tripartite agreement has to be entered into between you , the financier and builder
If you have sold your U D share in the property to a financier by a registered deed, then you may have to first get it cancelled by discharging his loan.
As a matter of fact the builder could not have proceed with the joint development agreement if there was an encumbrance in this property.
Now since your friend would like to discharge the loan and is desirous of becoming a shareholder in the proposed JVA, you may have to talk to the builder and get a supplement agreement executed accommodating the latest development.
You can discuss with your builder and work out on the other formalities especially with regard to the finance that your friend has made to this.
If the builder is not agreeing for it, then you cannot remain in the joint venture and since your share has already been sold, you do not have any share in the property.
Ok, So I must setup a agreement with builder and new purchaser for transfer of my flat in JV agreement? Also is there any issues to sell my share as we given the general POA to builder for selling and building the property?
Asked 2 years ago
yes tripartite agreement is necessary
2) obtain builder consent for sale of your share in JV
Basically it was a fault on your side for having suppressed the vital information about the status of yor share in the property, by not disclosing about the sale of your UDS you were not entitled to enter into the JV agreement with the builder.
The builder can take legal action against you for cheating and other fraudulent acts, hence you may better talk to the builder and ask him about the solution for this from his end
Dear Client,
In order to assign your share to a new buyer under a joint venture (JV) agreement, you must first talk to the builder, come to an agreement with them, and have the new buyer perform due diligence. In order to ensure legal compliance, the process entails drafting a sale agreement, registering your Undivided Share (UDS) in the new buyer's name, and speaking with a property lawyer. Important steps in the process include properly stamping and registering documents, as well as notifying the finance company, if applicable. The approval of the builder, compliance with the terms of the JV agreement, and local legal requirements are important factors in this transaction.
Yea you can do the aforesaid
- You can enter into a builder - buyer agreement after informing the said builder
