Purchase of a flat from third party
tvrao
(Querist) 16 December 2014
This query is : Resolved
I want to purchase flat from a seller who had an agreement -AOS with the builder. The flat is not yet registered and I want to make first registration on my name with the consent of builder. I would like to take/transfer seller's loan on me too. Banker is asking MOU, Assignment deed and AOS.
Please explain the procedure to follow.
Do I need to make AOS with builder or seller
I want sample formats for the above
Thanks
Tvrao
Anirudh
(Expert) 17 December 2014
1. Your proposal is going to be highly ticklish especially when you are trying to get a bank loan for the purpose.
2. First you check up with the builder whether he is ready for this arrangement (i.e. to substitute your name in place of your friend's name).
Only if that thing is possible, other things are possible. Otherwise it is not.
Therefore, first approach the builder and find out whether he is willing to substitute your name, in the place of your friend's name and to deal with you in future instead of with your friend.
tvrao
(Querist) 17 December 2014
Thanks for your reply.
We have already checked with the builder and he agreed to change the name with some penalty charges paid by us.
Kindly explain the further process and
Do I need to make AOS with builder or seller.
Regards
tvrao
Rajendra K Goyal
(Expert) 17 December 2014
If the Bank is ready to provide loan, consult the Bank for the formalities. bank would release the loan on tripartite agreement between you, Builder and the Bank with consent of the seller.
ajay sethi
(Expert) 17 December 2014
it is your case that Banker is asking MOU, Assignment deed and AOS.
since builder had entered into agreement with seller bank would insist on MOU with seller . you can enter into sale deed with seller and builder as confirming party for purchase of flat .
tvrao
(Querist) 17 December 2014
Thanks for replying.
1. MOU is signed by whom? all three parties or buyer&seller only.
2. If assignment deed (tripartite)is signed by all, is it required to prepare an AOS-2?
If so, who are the parties to sign on it?
3. Who will sign on sale deed?
If form-32a for photo & finger print is submitted with request letter to sub-registrar, will he complete the process in my absence?
regards
tvrao
(Querist) 17 December 2014
I have prepared GPA and sending it to the representative. will it be ok
Anirudh
(Expert) 17 December 2014
Dear Mr. Rao,
Ultimately it is the bank which is going to give you the funds. Therefore, instead of asking us, please check up with the bank and get your doubts cleared from them. That will be better for you.
ajay sethi
(Expert) 17 December 2014
MOU will be between seller and buyer . you will also need builder NOc .
GPA for purchase/sale of property needs registration .
tvrao
(Querist) 17 December 2014
Kindly anybody pl reply on my query no.2
(If assignment deed (tripartite)is signed by all, is it required to prepare an AOS-2?
If so, who are the parties to sign on it?)
regards
ajay sethi
(Expert) 17 December 2014
no need for agreement for sale . if you have entered into MOU regarding terms and conditions you wont need AOS
V R SHROFF
(Expert) 17 December 2014
Bank officials will be the best guide.
Bank Legal Dept will supply u with necessary Docs to be executed/ signed.
malipeddi jaggarao
(Expert) 20 December 2014
The important point is - builder should agree for this arrangement. When you say that he is agreeable all other things can be done as per the advice of financing bank.
T. Kalaiselvan, Advocate 
(Expert) 24 December 2014
The main obstacle will be from the builder in many cases, here if the builder is agreeing for such an arrangement, you may approach the bankers to comply with the further necessary formalities in that regard.
