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Property on resale and also not registered what is the risk involved
23-Mar-2023 (In Property Law)
I have selected a 1 BHK property in Gaursons Greater Noida West which is on resale. The original owner has sold the property to a 3rd party who has paid him a part of the total sale amount through a sale deed on a 50 rupees stamp paper. This property is not registered yet since the possession is due in a month. The broker involved assures that the final sale would happen between the real owner and myself by way of 'Registered sale agreement ' in court and the 3rd party as such shall not have any role to play in this transaction. what is the risk involved and what documentation should I seek ?
As it is a builder constructed property our are required to enter into a tripartite agreement (between builder/first owner and you) the contract should clearly state that the builder has no objection of the first owner selling the property to you. secondly there should be no objection on the part of the bank from whom the first owner has taken loan.
For any clarification please feel free to contact the undersigned.
Wish you a very happy holi..
Regards,
Pragya Wazir
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