Owner person 'A' will register the property in your favour in the jurisdictional Sub-Registrar's office and the person 'B' would be the confirming party.
What is the procedure to buy an apartment from Agreement holder
Location:-Bangalore Hi Sir, I want to buy a flat from agreement holder person B who have bought this flat one year back from owner person A through agreement of sale and tripartite agreement.But personal B wanted to sale this flat due to some financial problem. The completion date for this apartment is July 2014. and property is not register to person B. This property is clean( BBMP approval verified,EC verified, Khatha verified,CMC khatha verifed, servey no. verified,betterment charge verified) and comes under big layout which was formed in 1995 for residential purpose. Already 4 Building(G+3) is available inside the layout. There are 4 under construction building which will be completed by DEC 2014. Also plot are available inside. Complete layout is approved by LIC HFL. Now I have executed RECEIPT between me and Person A when person B is confirming party .RECEIPT says Person A and person B has agreed to sell this property to me with mentioning amount x with y cheque number.(This has signature of myself ,person A and B). Both personal A and B have given their bank statement which has all the details of payment thru cheque or given from LIC as per price breakup. Person B have taken loan from LIC HFL so as per LIC suggestion we have executed Assignment agreement between me and person B with same x amount and same y cheque where person A is confirming party. (this has signature of my self and person B(agreement holder)) I have submitted this Assignment agreement for my loan approval and person B has submitted this for transfering the loan to me. Loan will be approval after 10-15 day. Now i want to register this flat with my name. how i can do so? What is the procedure for registration ? am I going correct?
Asked 10 years ago in Property Law
9 Answers
Whom i have to pay? Owner person A or Agreement holder personal B?
Asked 10 years ago
1. You can register the deed and there is no problem in it.
2. However do make A party to the deed where A will be added as Confirming Party.
3. Execute deed of conveyance than deed of sale agreement.
4. Since you are buying this property from B , you have make payment to him only unless B has not made the full payment to A.
1) is the agreement between builder and A duly stamped and registered?
2) is the triparte agreement between builder A and B duly stamped registered?
3) since no society has been formed and building completion date is July 2014 have you obtained NOC from builder ?
4) generally builders charge around rs 2 lakhs as transfer charges have you in your agreement with builder and B made provisions as to who will bear transfer charges ?
5) you can enter into agreement with A for purchase of flat with B as confirming party . have it duly stamped and registered .
6)before finalising any such transaction it is always better to contact a local lawyer . have title clearance certificate then only purchase flat .
7) do cross check whether building plans have been duly approved and that construction has been carried on as per sanctioned plans
8) if you can wait for another month finalise deal after building completion certificate is obtained by the builder
9) payment will have to be made by you to B only as flat is being purchased from B . A at time of sale of flat to B must have received full consideration
If you intend to purchase the flat in question from B then ascertain that the title deed of the property is registered in his favour. The title to the property will pass to you only and only if B himself has the title in his favour. If the flat has not been registered in favour of B then he is not the legal owner thereof. The sale by A in favour of B will attain completion only when the registration is done. The agreement has to be entered into with A by you.
Since A continues to be the owner of the property he can register the property in your favour in the office of sub-registrar whereas B would be confirming party. Get the agreement between B and A vetted by your lawyer to know clearly the role of B in respect of the sale of the property of which he is not the owner.
The consideration has to be paid to B since the flat is purchased from him. I will again emphasize on the vetting of the agreement as the legal rights and obligations of all the concerned parties i.e you, A and B flow out of it.
Hi, you have to purchase the property form A and in the agreement to Sell B is the confirming party and you have to specifically stated that B has assigned his right to you and agreed to assign his right infavour of you and it has to be registered.
1. Property is not yet registered in 'B' s name. That means 'A' continues to be the owner of the property and 'A' can only pass on the title to you and hence he should only register the property in your favour.and 'B' will be the confirming party.
2. If the full consideration of the property has been paid by 'B' to 'A', then pay the sale consideration amount to 'B'.
3. In the alternative if 'B' has made only part payment to 'A', then the consideration amount to be paid to 'A' would be minus the payment already made by 'B' to 'A' and the part payment made by 'B' to 'A' has to be returned to 'B'.
A Registered sale deed has to be executed where the vendors will be A and B and the purchaser will be yourself. Receipt will not work. Apart from that Assignment agreement has to be executed between B and yourself. Ready made formats will be there in the LIC HFL.
A. B is not eligible to transfer ownership title to you unless get the ownership from the A by Registered the Sale Deed.
B. You have to pay the consideration amount to B and A will be Seller, B will be confirming party to this sale Deed.
C. After the execution of Sale Deed that you have to collect original sale agreement from the B
D. Kindly check approved plan and sharing agreement to find out regarding is there deviation or modification in the construction for the purpose of Occupancy Certificate.
E. Kindly check FAR, UDS, actual availability area, super built up area etc.
F. Check legal title documents i.e., Commencement Certificate, Title Deeds, EC, Khatha Extract , Khatha Certificate, Conversion Order, PTCL endorsement, NOC from the authorities etc.,
