One M/s. ABC Properties had acquired development and selling right from the principal owners of the property in Virar, M/s. ABC Properties had assigned same development and selling right to our co. and we had develop the property on the basis of development agreement. Now we have to give conveyance to the society, We have a registered power of the principal owners for conveyance,in the conveyance it is require to make M/s. ABC Properties as a confirming Party. In agreement of Principal owners and M/s. ABC Properties, it is mentioned that the Principal owner shall grant a power of attorney to the nominee of M/s. ABC Properties for execution of conveyance in respect of the said property. Kindly advise us............
Asked 5 days ago in Property Law from Vasai Virar, Maharashtra
The Company namely M/s ABC properties have entered into an agreement with the principal owners for development and selling of the developed properties.
In turn they have assigned the same task to your in the form of an agreement with you which may be termed as a sub-lease too.
Since the principal owners have executed a power of attorney deed to yo directly (on the basis of recommendation by M/s ABC properties as their nominees), you will be developing and selling the properties to the desired purchasers keeping the principal owners in the picture and light.
There is no legal infirmity in it.
You can go ahead on the basis of agreed terms and conditions suiting best to the prevailing circumstances, that you have drawn with your own contractor i.e., M/s ABC properties.
However to be on the safer side you may refer the papers/documents to local advocate and take a second opinion from him before proceeding.
1) it is necessary to peruse agreement signed between principal owners and ABC properties
2) it is advisable to make ABC properties confirming party for deed of conveyance
Based on the Power of attorney, your company has right to give conveyance to society or individual without any legal fight or tension.
being the power of attorney Holder your company have all rights as the owner had.
feel free to call
Advocate, New Delhi
Since the principal owner of the property has already given you POA then there is no hindrance to transfer the proeprty to the society.
The ABC properties is also becoming the confirming party to remove anomaly, if any.
So Iam not sure where is any doubt.
So go ahead as sated above.