Dear All,
Lets say,
A(First Party) and B(Second Party) , they both had amalgamated the property and give it to C (Developer/Promoter) for constructing multi stored G+3 Building. Where development agrement and POA done subsequently. Developer get 50% and owner get A(25%)+B(25%) = Total %50 as an owner allocation.Developer also gave owner allotment letter to both A&B
Now i'm purchasing the flat from B(Second Party) as part of owner allocation through bank home loan.
Can you please suggest do i need to add A(First Party) as a vendor in sale agreement ? if yes then when bank will disburse the loan amount will both Party A & B name mention on bank cheque? Or Only B since i'm purchasing from B
Thank You.
Bank will disburse the loan to developer as per record.
Which name is incorporated in sale deed its up to u and bank.
If u like my solution then give THANK on my profile.
Total likes : 1 times
Total likes : 1 times
Dear Mr. Bharat & Mr. Agastya,
Thank for your kind help.
Mr.Agastya exactly you say.
Both the land owners (A&B) clubbed their property into single unit through amalgamation and gave it to the developer (C) to construct flats (G+3) and each floor get 2 flats (One 3 BHK is on front side & another is 2 BHK back side) where grould floor is used for commercial shop purpose.
As per the development agreeement - Developer get complete 1st & 3rd floor, where land owner get Ground floor and 2nd floor ((A) get back side and (B) get front side). Developer gave allotment or procession letter to both land owners (A&B) with developer company stamp & letterhead.
Now i am purshacing from Land Owner (B) front side as 3 BHK and made Agreement for Sale
B ( FIRST PARTY / OWNER/VENDOR)
Vs.
Myself( SECOND PARTY / PURCHASER)
Submit the agreement to the bank for home loan.
Now Bank Lawyer read all the necessary documents and tell that "You have to include Land Owner A as Vendor in sale agreement" since both of them are land owner. she is rigid to her expression.
I said i can't since i am not purchasing from (Land Owner A). if i include Owner (Land Owner A) then bank probably disburse the amount half half to both (A&B).
My (Land Owner B) suggest bank lawyer lady that He wil change the Sale Agreement and include Land Owner A as CONFIRMING Party and (Land Owner A) ready to give all the required documents like NOC , NO dues etc. New Sale Agreement will look like.
B ( FIRST PARTY / OWNER/VENDOR)
A (CONFIRMING PARTY of the FIRST PART)
Vs.
Myself( SECOND PARTY / PURCHASER)
Even that bank Lawey is rigid to her position yet. During with her last discussion i realize that she is probably desiring for some money.
Now, please suggest is latest sale agreeement where Land Owner A include as CONFIRMING Party is correct ? and what to do next ?
Thank for all of your time.
Thanks,
Nayan