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Non-Availability of Possession Letter Issued by Developer
07-Oct-2024 (In Property Law)
I intend to buy a resale property in a CHS Ltd in Navi Mumbai in CIDCO & NNMC limits. Property was first purchased in 1993 and by current owner in 2002. The first buyer did not receive the possession letter from the developer and other members in the Society too do not have the possession letter issued by the developer. The current owner has all other documents. My lawyer has suggested that the current owner give an indemnity to protect me. The current owner is apprehensive. Please advise.
Since the flat has changed hands over the years and vide a registered sale agreement, non- receipt of a possession letter from the builder cannot come in your way to purchase the flat. You can definitely go for an indemnity bond to protect your interest. Feel free to contact me for seeking any legal assistance as regards the same.
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Adv. Prerna Shukla
Mumbai | 700+ Answers
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Indemnity bond is just for safety the actual transfer is from the sub registrar office Add Cidco and the local authorities once the transfer is done with appropriate payment of stamp duty and registration the name will be ended in the index two which is the important evidence and the actual transfer of the title and moreover once the title is transferred in your name you can share the relevant documents to the society and the society will end your name in the share certificate which is the final document of the legal transfer
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Adv. Rohan Venkatesh Yemul
Mumbai | 100+ Answers
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