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What is the legal formality for resale flat under construction
13-Nov-2023 (In Property Law)
I wanted to buy an ongoing construction flat from a person who booked it in launching offer with bank loan facility. (He offers lesser price than the current price of the construction company with some additional price per sft on his purchase purchase)What are the necessary points /legal documents that should I consider before proceeding with purchase agreement.
Hi
You should buy only from the land owner or builder.
An unregistered agreement of sale is what probably the person who booked the flat has proof of him offering to buy the flat from the landowner or builder.
So , if there is a Tripartite agreement of sale between you, landowner/builder and the person who bought the land from the builder then it will constitute a valid contract.
So try to get the land owner/builder as a party to any agreement of sale or sale deed so as to be safe rather than sorry at a later date.
You should buy only from the land owner or builder.
An unregistered agreement of sale is what probably the person who booked the flat has proof of him offering to buy the flat from the landowner or builder.
So , if there is a Tripartite agreement of sale between you, landowner/builder and the person who bought the land from the builder then it will constitute a valid contract.
So try to get the land owner/builder as a party to any agreement of sale or sale deed so as to be safe rather than sorry at a later date.
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Adv. Rajagopalan
Hyderabad | 500+ Answers
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