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I want to sell my under construction flat in Ghaziabad and have already found a new buyer. I have ma
01-May-2023 (In Documentation Law)
I want to sell my under construction flat in Ghaziabad and have already found a new buyer. I have made about 80% payment to the builder till now and have not taken any loan from any bank. Now Builder is asking me for transfer fees and following procedure of transfer in order to make the deal legal:- 1) I have to write application to builder for transfer request. 2) Transfer fees to be deposited by me to him first. 2) Builder will cancel my membership and will issue new allotment to the buyer on the old agreed amount. 3) If new buyer is to seek loan, bank will send money to the builder. 4) After receipt of money from new buyer's bank, he will refund me the amount deposited by me to him. 5) Surplus amount/Black money to be mutually settled between me and new buyer. Is it the right process applicable in Ghaziabad for transfer of under construction flat or something else can be done?
Legally speaking you have not yet become the owner of the flat under construction since the registration of the flat has not been done yet in your name by the builder. Since you have already paid 80% of the value of the flat and still can not be called as the owner of the flat because the deal is not yet concluded. We advice that it is better to pay the remaining 20% to the builder and get the registration of the property done in your favour and later on for the mutually agreed price between you and the new buyer. This way you can clinch the deal by getting a good margin in price and you need not share the profit you get out of the deal with the builder. Yes the NOC may be necessary if the new buyer avails loan from bank other than builder's bank.
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Adv. Siddhant Sharma
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