1) ask seller to obtain NOC from builder
2) liability to pay transfer charges to the builder should be decided
3) tripartite agreement should be executed between seller builder and you
4)it should be duly stamped and registered
Buying resale flat
We are considering buying a flat from a seller who purchased it from the builder but has not registered the property to avoid charges. Additionally, there is one installment payment still outstanding. Given these complexities, we want to understand the legal risks and implications of proceeding with this purchase. Specifically, we need to know how to safely navigate the transfer of the property to ensure all financial and legal responsibilities are correctly managed. We would like to hire you to guide us through this process and ensure everything is executed properly and legally. Could you outline the steps we need to take to complete this transaction securely? Also, we would appreciate it if you could provide an estimate of the legal fees involved for your services to ensure a smooth and lawful transfer of the property. Our goal is to make an informed decision and proceed with this transaction in a manner that is legally sound and protects our interests. We believe your expertise will be invaluable in achieving this.
Asked 2 years ago in Property Law
Religion: Hindu
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8 Answers
1. Since there is nor registered sale deed you have to get the deed of sale executed and registered by the builder himself wherein your seller would sign as confirming party.
2. The past dues of the builder is to be paid in the meanwhile ether by you or by your seller.
Firstly you should remember that you are posting this query in a public domain where many people respond to the queries hence your question to engage a particular advocate will not be appropriate in this forum, you can contact the advocate of your choice through their personal contact, the details are availble in this forum also.
Secondly to your question about purchasing the property from the seller who is not a registered owner:
Since the seller has entered into a registered sale agreement with the builder and if he has availed any loan, then he has to obtain NOC from both.
However you can enter into a tripartite agreement involving the bank also to purchase this property on the terms as entered in the tripartite agreement.
As far as purchase of property is concerned you should satisfy yourself properly about the genuineness of the property, i.e., clear title to the original owner, tax paid receipts, construction approved plan, commencement certificate, land conversion certificate , if any, encumbrance certificate and other issues that would be let known by the advocate from who you will be obtaining a legal opinion.
Hence first obtain a proper legal opinion from an experienced lawyer and then proceed only if recommended
1. If the flat is still in the name of the builder, then you can enter into tripartite Assignment Agreement with the present seller, builder and complete the transaction.
2. After studying the requisite documents only, the estimate of the legal fees can be evaluated.
You can contact us for complete inquiries of the same to proceed with the same
1. First find out whether the seller has availed any loan from any Bank or not by creating security interest on the said flat. It is very important please.
2. Since the Title Deed of the property has not yet been registered, the seller is not yet its owner and is the allottee of the flat by the Developer/ Builder.
3, In the instant case, you shall have to get a tripartite agreement executed by and between yourself as substituted allottee, the seller being the allottee and also the Developer/Builder.
4. For agreeing for such substitution of allottee, the Developer/Builder might charge some amount which is generally mentioned in the sale agreement he signs with his allottees.
you can go for a triparty agreement in which the builder will be the seller, your seller will be the confirming party and you will be the purchaser
so you can directly make the payment agreed with your seller and also the pending installment to the builder
it is not clear from your query whether the builder is going to charge any transfer fee for this transaction
so you need to check that
- As per law, without Registration a buyer has no legal right over the property even he has cleared all the dues with the builder, and further cannot sell it to anyone under the Transfer of Property Rights Act.
- Since, you want to purchase the said property from a seller ,then you should approach his builder and request him to make changes in the Builder-Buyer Agreement and transfer the ownership rights in your name.
- As per rule the builder after collecting processing charges, can register the property in your name. This processing fee is charged to change the Builder-Buyer Agreement.
- Further , the payment paid by the seller can be adjusted .
- You can engage a lawyer from this website for the said work , and the fees depend upon him.
