Confusion regarding a clause in property agreement
Hi, I recently bought a villa and have got the agreement and registration done. However, my query is regarding the "Assignment Charges" clause in the agreement. It says,
The purchaser shall not assign/transfer his/her/their interest under this agreement without the prior written consent of the Seller/Developer. In the event the Seller/Developer provides its consent for assignment of Purchasers' interest in this Agreement, then a transfer fee of 20% of Sale Consideration shall be payable by the purchaser to the Seller/Developer, however it is exempted if the assignment is made within the family members; My question, once registration is done, why should i take the permission from the developer to sell it? Also, it appears to me that the clause is applicable perpetually and any day I were to sell the property I would have to pay the developer 20% of the sale proceeds. Is this how every developer writes the agreement? Is there something wrong or am I being apprehensive?
Asked 3 years ago in Property Law from Bangalore, Karnataka
No two agreements are ever the same. This clause cannot be read in isolation. The legal effect of incorporation of this clause is to be ascertained by reading it conjunctively with the other clauses in the agreement.