Purchased a flat 8 years back made purchase agreement paid price
27-Aug-2023 (In Property Law)
I have purchased a flat eight years back. After making the Purchase Agreement(between me and the builder), I paid the entire price of the flat to the builder. The builder has given me the possession of the flat. The REGISTRY of the has not been done. Now i want to hand over/sale the said flat to my close relative by taking the current price of the flat. I have made a TRIPARTITE AGREEMENT (among me, my relative and the builder) mentioning all the details. Here, builder will be the "CONFIRMING PARTY" . He will ensure that the REGISTRY OF THE FLAT will be done to the current purchaser i.e. my relative. Thus, i will save my registry cost but will pay the LTCG as applicable. I want to know that the above process is legal or not. Here I want to tell you that the Bank is ready to give loan to my relative on the basis of above TRIPARTITE AGREEMENT. KINDLY REPLY ONLY THAT THE ABOVE PROCESS IS LEGALLY CORRECT OR NOT? thanks. D KUMAR M NO 9471313129
Purchase Agreement was registered ? If yes, then above Tripartite Agreement and process adopted by you is correct and legal. But do ensure to mention in the said Agreement that after execution of the Agreement you have no obligation with regard to the flat in issue.
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