I am Phani Krishna, from bangalore. I have recently decided to purchase a resale apartment in Neotown Bangalore. The seller is a small time investor, who bought this flat (s17 304) only to sell it before registration, for some profit, Which is a regular trend among IT professionals in bangalore. They buy the flat during inaugral offers & wait for it to appreciate and sell it when the project is in final stages of completion, before registration. This way, they avoid paying registration charges & stamp duty, but get to enjoy the benefits of appreciation of the property.
However, I liked the flat and paid the seller (Mr Bajarang) an advance of 1lakh, to hold the flat for me. Meanwhile, to go for a bank loan, the bank will require the Assignment Agreement from the builder saying the flat is now transferred to my name and its value is 35 lakhs (final amount agreed by me & seller Mr. Bajarang). But the Builder says, he sold the flat to Mr. Bajarang in 2009 for 23 lakhs, and hence the assignment agreement will contain only the older value that is 23 lakhs. Even if he will prepare a new assignment agreement to transfer the propert from Bajarang to my name, it will still contain the old value that is 23 lakhs/
If the assignment agreement contains 23 lakhs, then my loan amount will be very less (only 18 lakhs) and may be it will also affect me in the long run when i sell this flat at later stage (short term capital gain will be more in paper than actual due to lesser value on the agreement). I need the assignment agreement to carry the full value that i will be paying to the seller (Mr. Bajarang).
Is there a legal problem to the builder by giving me an assignment agreement of full value ? Or is it just because he doesnt want to do the paper work ? I would like to consult you to discuss this in detail. How can i get the assignment agreement of full value so that it is beneficial for me to get a bank loan of maximum amount?
Meanwhile, Mr. Bajarang is asking me for more payment for the deal but I would like to get the assignment agreement issue clarified before paying him any further. Also, for the 1 lakh that i have paid him already, I only have a paper receipt and the sale agreement is not yet prepared & signed. I would also need help in drafting the sale agreement to this deal. Can someone please help me with any details regarding the assignment agreement & sale deed process?
I would like to get professional help with this purchase because I am buying a house for the first time in my life and I am staying away from my parents and hence not much help I can get from them as well.
I hope there are good knowledgeable people on the forum to guide me with this and I can personally meet anyone in bangalore for further clarity in the issue. ALternately, You can contact me @ 9880844668
The brief summary:
- Property: Flat# s17 0304, Smondoville, Neotown, Electronic City Phase I, BLR
- Sale Type: Resale (Not registered yet, so i will be first to register)
- Value: 35 Lakhs (agreed between me & seller)
- Actual Value (before appreciation): 23 Lakhs (sold by the builder to first buyer)
- Assignment Agreement Value: 23 Lakhs ( Builder quoted value only)
- Required Assignment Agreement Value: 35 Lakhs (since i am paying this amount to the seller, i need this value for my loan process)
- Sale Deed Value: 35 Lakhs (but the banks wont consider this for resale before registration)
Thanks a lot for your time and reading the post.
Any help is greatly appreciated !!