Procedure to buy an apartment from agreement holder.
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?
Is the agreement between builder and A duly stamped and registered? Is the triparte agreement between builder A and B duly stamped registered? Since no society has been formed and building completion date is July 2014 have you obtained NOC from builder ? 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? You can enter into agreement with A for purchase of flat with B as confirming party.
Have it duly stamped and registered. Before finalizing any such transaction it is always better to contact a local lawyer. Have title clearance certificate then only purchase flat. Do cross check whether building plans have been duly approved and that construction has been carried on as per sanctioned plans. If you can wait for another month finalize deal after building completion certificate is obtained by the builder. 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
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