LCI Learning
LCI Learning

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

Execution of agreement for sale

(Querist) 11 September 2018 This query is : Resolved 
M/s ABC is developing a particular piece of land in Jhansi. Firm is registered with Local Samiti. Firm's partner Mr. A & Mr. B have jointly purchased a land on 2005 and immediately form a partnership firm and introduced the land as Capital in the Firm. Later on Mr. C & Mr. D joined the Firm M/s ABC. I further clarify that there is no mutation deed executed in the name of M/s ABC and land is still showing in the name of Mr. A & Mr. B jointly.

Now firm is developing the same piece of land and selling Duplex. but in the sale agreement Mr. A & Mr. B is signing under the partnership firm's stamp viz.- M/s ABC. Kindly advise me whether I can purchase such duplex. I have approached one of the nationalised bank, they have advised that mutation should be done in this case.
Guest (Expert) 11 September 2018
Can you clarify, when you belong to Mumbai, why interested in buying a property in Jhansi?

However, if a real case, better go by the advice of the bank, or show the copies of the case related documents to some local property expert and get suitable advice with reference to those documents only.

BAALASUBRAMANNYAMM (Expert) 11 September 2018
M/S ABC Partnership company has no right to execute an Agreement of Sale, even though Mr. A and B are the owners of the piece of land or partners of the company, , untill and unless the following are complied:-
1. There should be a Registered Development Agreement in favour of M/S ABC duly executed by Mr. A and B.
2. Or there should be a Registered Sale Deed to be executed by Mr. A and B, in favour of M/S ABC Partnership company.
kavksatyanarayana (Expert) 11 September 2018
1. The firm is registered before the Samithi. But it shall be filed before the Registrar of Firms and get it registered as Firm. The Partnership Firm has no right over the land purchased by A & B individually. As said by Mr. Balasubrahmanyam ji a registered development agreement shall be executed by A & B jointly in favour of registered Firm. or A & B can jointly develop the land after obtaining approval for conversion of land and as well as plan, they jointly can execute any deed.

You need to be the querist or approved LAWyersclub expert to take part in this query .

Click here to login now

Similar Resolved Queries :