sachin
29 June 2014 at 10:24
Dear Friends,
Is it legal for a Developer to forfeit the Booking Amount taken by the Developer in the event of the intending Buyer fails to honor future payments?
In our case, we as developers had taken Rs.500000/- as booking amount. The buyer subsequently on account of his personal health problems could not make future payments on the demand made by the developer.
Our Booking Form provided for the forfeiture of the entire booking amount. However, we forfeited only Rs. 300000/- and returned Rs. 200000/- on humanitarian grounds.
Now the buyer has send Notice through his Advocate seeking refund of the forfeited amount.
Kindly advise.
Regards,
Sachin
sachin
20 June 2014 at 12:37
Dear Friends,
I have purchased a flat from one of the builders in Mumbai. The agreement for sale on behalf of the builder (Prorietory Concern) was executed by his constituted attorney and a copy of the same was annexed to the agreement. Subsequently when I applied for bank loan to pay the balance consideration, the bankers realized that the power by which the constituted attorney has executed the agreement is incorrect as the Executants father was the proprietor and not the executant. Further now the executants father who was the proprietor of the builder firm has expired.
The bankers are not willing to advance the loan unless the transaction is legally corrected.
How the same can be achieved?
Please advise.
sachin
28 May 2014 at 13:39
Dear Friends, what are the permissions/approvals that would be necessary to start a bakery business in mumbai city. The products such as bread, cakes and biscuits shall be made and sold. Regards Sachin
sachin
08 May 2014 at 10:31
Dear Sir/Madam,
We are real estate developers and just to provide additional facilities to the purchasers of our flats, we have decided to allocate space in the basement our building to a company to set up a laundry. We will not receive any fixed rentals but only 10% of revenue share and the tenure will be for 3 years with one year of lockin.
What is document that will need to be executed that will safeguard our rights in the premises and we can terminate the agreement if we do not find the arrangement to be beneficial to our costumes.
Our intention is not to make profits but to provide facility with little returns.
Regards,
Sachin
sachin
17 April 2014 at 12:48
Dear Sir/ Madam,
A customer booked a flat. The costumers brother who is also a estate agent filled and signed the booking form on behalf of his brother who is the costumer. While filling his name, he inadvertently mentioned as "Ramesh Kumar" which was in regular use, instead of giving his name as appearing in revenue records as "Ramesh Mittal".
All correspondence was made by the builder in the name of Ramesh Kumar. The customer has paid the instalments as and when demanded by the builder through the bank account held in the name of Ramesh Mittal and the corresponding entries are reflecting in the books of the builder.
Now, when the Agreement for Sale is required to be registered the costumer realised that the name in the records of the builder is different from his name in official records and has accordingly requested the builder to register the Agreement for Sale (AFS) in the name of "Ramesh Mittal" instead of "Rakesh Kumar".
As a builder we wish to know as to what precautions we should take before executing the AFS in the different then that appearing in our records?
What documents/proofs should the costumer provide to the builder to satisfy him that both names are of one and same person and no legal issues would be created at a later date?
Regards,
Sachin
sachin
10 April 2014 at 19:03
Dear Sir / Madam,
Our company having it's registered office in Mumbai is the receipient of certain services, whereas the service provider of the said services is a company registered in Delhi.
The place of execution of the service providers agreement, the governing laws and jurisdiction shall be Mumbai or Delhi?
Regards,
Sachin
sachin
10 March 2014 at 10:50
Dear Friends,
When does a survey number of property gets changed to CTS No.
Regards,
Sachin
sachin
07 February 2014 at 19:52
Dear Sir / Madam,
A real estate company wants to tie up with different consumer brands to give discounts to its customers who have purchased its flats and in return the real estate company shall promote those brands through its websites and advertisements. What should be the clauses that should be captured in the term sheet?
Regards,
Sachin
sachin
25 December 2013 at 09:11
Dear Sir/ Madam,
A company was owing Rs.16 Lacs to a Contractor for the work performed in its factory. The Company delayed the payment and hence the contractor sent a legal notice to the company. On receipt of the legal notice the parties sat for negotiations and it was agreed that the company shall pay the aforesaid amount in equated instalment (say by way of PDC).
In view of the above understanding, what should be the procedure as regards to:
1. Cancellation / withdrawal of Legal Notice issued by the contractor?
2. Any document to be executed between the parties to capture the above transaction or whether it can be done by mere exchange of letters?
Regards,
Sachin
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Legal status of poa in case of death of one of the executant or constituted attorney
Dear Friends,
What would be the legal status of the POA in either Of the under mentioned scenarios:
1. Where 3 persons (Executants) give POA to one person and one of the Executant expires?
2. Where one person gives POA to 3 persons (Constituted Attorneys) and one of the Attorney expires?
Warm regards,
Sachin