Agreement of sale
essarr
(Querist) 20 June 2013
This query is : Resolved
Dear Sir,
I wish to buy a ready built flat in my home town-Chennai . The owner of this flat had brought it from a reputed builder. However, due to personal reasons, the owner of this flat has not stayed in this flat and moved to his native place- Bagalore where the same reputed builder is owning apartments. This owner of the flat has signed an exchange agreement with the builder to buy a flat from the builder in his native place(BAngalore) and in lieu allowed the builder to sell his original flat in chennai.
The builder has offered me an agreement of sale mentioning the exchange agreement with the owner for the sale of flat in chennai. Is ist legally valid? Can I procedd with this agreement, since i am dealing with two sellers viz. the builder and the owner of the flat. Thanks..
mintu
(Expert) 21 June 2013
Generally speaking Agreement of Sale is valid as Nadeem Qureshi has said.
But please see carefully terms and conditions of both the agreements i.e. first agreement for the said flat between your landlord and the builder and second exchange agreement. How much right has been given thereby.
Raj Kumar Makkad
(Expert) 24 June 2013
Merely by execution of an agreement for exchange, the builder so not become owner of the property at Chennai so a tripartite agreement is required to be executed and thereafter the registered sale-deed is required to be got executed from the original owner.
