(Querist) 11 August 2012
This query is : Resolved
a person has booked a flat in a building under pre lauch scheme. He has agreement of assignment with the builder who is an agreement holder as mentioned in the agreement of assignment. The agreement contain a clause where tranfer of assignment contains a fee of rs.100/- per sq.ft. He has taken a loan to purchase the property. Now the building is nearing completion and he wants to sell the flat. I am planning to purchase the flat. The seller has given me draft agreement of assignment of assignment rights where he, the builder and the land owner is the party. He told me to pay directly to the bank where he has a loan. But bank is not a party in the agreement. After me paying his outstanding loan amount the bank will rellease the original papers. Then I can apply for loan with the agreement of assignment of assignment rights and noc from bank. Now the situation is as follows: The person who has booked the flat and from whom i am purchasing is not in the city. He stays in J&K. his brother is handling the deal. He is saying the agreement will be couriered to him and he will signed and return it back. he will not be present to sign the agreement face to face. Please guide me in this matter. What should be the sequence of the legal procedure. pls give in detail. Which kind of agreement have to be made. Can any one give the format. I have consulted a lawyer who is saying assignment of assignment is not possible. however other laywer is saying it is possible. aLSO he is saying when if the seller is not signing face to face its ok. The property is in bangalore. The seller has paid the builder 90% of the amount and only 10% is due. The occupancy is still not obtained however the registrtion process is started. the possession date is 15 sep 2012. The project is approved by leading banks. pls guide me. thanks
(Expert) 12 August 2012
dont buy such a property . the seller has to be physically present sign the agreement have it duuly staped and regd . if the brother has a regd power of attorney then seller presence is not necessary
please get agreeemnt drafted by a lawyer . no ready made formats .