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Legality of buying a flat in share apartment of Owner and developer
06-Oct-2023 (In Property Law)
First party (Owners-Husband and wife) entered into registered joint development agreement(19 Dec 15) and registered general power of attorney (19 Dec 15) with second party (Builders-Father and Son). They also entered into unregistered supplementary agreement(19 Jan 16). Registered JDA says: 1) First party, are the absolute owners and in possession of property under reference and has a valid, clear and marketable title. 2) First party agreeing to transfer undivided 89% share area through proper deeds. second party agrees to construct and deliver to the first party 11% of the super built up area. 3) The exact apartment falling to the first and second party shall be mentioned in supplementary agreement. 4) Second party shall be entitled to hold or to sell, lease or otherwise dispose of their 89% share. Registered GPA Says: 1) That our attorney(second party) is authorized to sell 89% undivided share of land along with proposed flats/commercial, space. 2) That our attorney is at
normally you have to see wherein the landowner/s agree to sell an undivided share of land. By virtue of a construction agreement, the developer agrees to construct an apartment in favour of the purchaser. Subsequently, a sale deed is executed and registered, thereby culminating the purchase. The purchaser can thereafter transfer the revenue records to his name. It is recommended that the purchaser safeguard himself regarding the title of the landowner/s and the compliance of laws by the developer/builder by incorporating clauses indemnifying himself in the aforementioned documents, so what all the information you share in above and try to re-check once again if very thing in place then its absolutely correct so you can go ahead with this.
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Adv. Shabuddin B S
Bangalore | 100+ Answers
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