New property booked in name of broker, payments made by me
Due to last date of booking issues, I coudnt send cheques and completed application forms for booking a newly launched apartment in Mumbai. My neighbor broker who was dealing in selling the flats got the flat booked in his wife's name by sending her cheques. As the builder has refused to remove the original applicant's name and place my name as allottee during the lock in period of 1 year (to be over by May 2015), I and my wife got our names included as co-allottees. I transferred the booking amount to the broker's wife's account by RTGS and has been subsequently paying all installments to the builder by cheque. However, the broker's wife continues to be original primary allottee and promises to transfer the flat in our name once the lock in period is over. In order to protect our interest and prevent any wrong doing by the broker, please advice on legal documents that needs to be created which can also be also communicated to the builder so that the flat can only be transferred to our name post lock in period and all property rights of broker's wife in the said flat get extinguished immediately so that she or the builder cannot act on the property in any manner against my and my wife's interest. Affidavit, MoU, irrevocable power of attorney or any combination of these ? Please advice. Thanks.
Asked in Property Law from Mumbai, Maharashtra
You should have done a deed executed in your favour as all these years you have made the payment without any kind of relinquishment from barker's wife.
Immediately a get a deed of release executed and registered from the broker's wife.
The one year lock in period does not create any bar on execution or registration of such deed of release.
You should enter into an agreement with the broker's wife with the broker as the confirming party, in which the aforesaid facts should be recorded. Once the agreement is executed, a copy o same should be sent to the builder. Additionally, you may also take a specific irrevocable power of attorney from the broker's wife authorizing you to have her name removed as the original allotted and have your name recorded as such, and also if required, to have the flat transferred in your name (after lock in period is over).
1) original allotment has been done in broker wife name . cheque for booking was given by broker wife .
2) you and your wife are co allottees . although you have transferred booking amount in favour of broker wife as on date she has 1/3rd share in said flat .
3) you have stated that broker wife has agreed to transfer flat in your name once lock in period is over .
4) do you have any such document in writing from her wherein she has made such a commitment .
5)MOU can be executed wherein broker wife admits that she has received amount paid by her for booking the flat and for transfer of the same after expiry of lock in period .
6) she can subsequently execute deed of relinquishment / gift deed in your and your wife name
7) take the builder into confidence before you take any such step
Hi, it is better you can execute Memorandum of Understanding and in that you must state the amount which is transferred to your broker wife account and if they fail to transfer the amount then you can recovery them legally.
1. You can get an Affidavit from her stating that she has applied for the said flat for ans on behalf since your cheque was not ready and that entire money has already been paid by you for which she has no right title and interest on the said flat,
2. On the same line you can also get a MOU executed and registered. A POA favouring you can also be executed and registered in your favour to act in future for and on your bahalf inconnection with the said flat,
3. A release deed duly relinquishing the right title and interest on the said property also may be executed and registered in favour of you and your wife.
1. The original allotment has been made in favour of the wife of the broker whereas you transferred the booking amount to her account. Your neighbour's wife has a 1/3rd share in the flat, which she can transfer to you and your wife with her own free will. If she does not do this then you will have to wage a legal battle to divest her of her share, the result of which will be uncertain.
2. Oral promises cannot be proved in the court. You should ask the wife of the broker to make a MOU in your favour wherein she promises to transfer her share to you and your wife after the lock in period is over. In the MOU she ought to expressly state that the booking amount paid by her has been received by her.
3. After the lock in period is over she can make a deed of relinquishment in you and your wife's favour.
4. If she refuses to act in terms of the MOU you may sue her.
Get an affidavit from her , that she has applied for the said flat for ans on behalf since your cheque was not ready and that entire money has been paid by you for which she has no right title and interest on the said flat . you can also get a MOU executed and registered. A POA favouring you can also be executed and registered in your favour .After the lock in period is over she can execute a deed of relinquishment in you and your wife's favour. If she refuses then you may sue her.
Advocate, New Delhi
MoU would be fine at this point of time.