Sirs / Madams
One Builder from Karnataka constructed 62 Flats in Maharashtra and sold 61 Flats out of them in 2014 and collected 90 % payment from the Purchasers of the Flats and accordingly completed about 85-90% of the construction
But due to some reasons the work was halted for 03 years and not yet completed
Now the Builder wants to do constructions up to the stage of “Ready to use” and collect balance sale-consideration from the purchasers thereof and settle the matter permanently
So Builder executed “Deed of Assignment” with Mr B to do all works on his behalf on the terms and conditions as mentioned therein
Mr. B wants that payments from Purchasers should not go in the name of the Builder but it should come in his name.
So he went to do registration of the said Deed of Assignment but they said to do adjudication, etc. thereof
Now Mr B wants to inquire is that
- Mr B needs to collect all balance sale-consideration from the Purchasers in his name and not in Builder's name.
- Mr B further needs to assure that if any of the Purchasers of Flat does not pay then he can cancel the said sale – transaction and resell the said Flat to third party and can make Agreement to Sale with them and can sign on behalf of the said Builder and can collect sale-consideration in his name instead of Builder’s name
So Mr B is getting registered irrevocable POA from Builder specifically mentioning therein that
“Mr. B is authorized to collect balance sale-consideration from the Purchasers of the Flats in his own name on behalf of the said Builder
“Mr. B is further authorized to lawfully cancel the old sale-transaction with any of the purchasers thereof and can resell the said Flat/s to new parties and can execute sale-deeds/s with them on behalf of the said Builder and can collect sale-consideration from such Purchasers in his own name on behalf of the said Builder.
The said Builder ready to sign any / all papers which Mr B says
Whether such POA will suffice requirements for above purposes ?
Also Please give your valuable suggestions please…