Upgrad LLM

cancellation deed


Hi Everyone,

I have bought and registered a property in Pune from one of the renowned builder and township developer.

However,the flat was already registered in someone else name earlier and due to Non payment the builder resold the flat to me.The first owner never took the possession of the flat.The builder has  mentioned this in my Registered document.

Now,I want to apply for a home loan and the bank is asking for a cancellation deed b/w the builder and the first owner which is not there.The builder is claiming that they have followed the legal procedure and sent 3 legal notices before cancelling the flat with the first owner as he was just not replying.However,due to some reason the first owner has not signed the cancellation deed.He just did not revert for 4 years(2006-2010).The builder claims that he has sent his cancellation payment to the first owner and he has credited that in his account via check.

But the first owner has not still signed the cancellation deed with the builder.

What risk do i have if i take this flat from the builder.( I have already registered though).Will i have problems selling this flat in future?Can the first owner harm me any way.

Please advise.

 
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advocate

Mr.Roshan, 

very essential question is as you said that the flat has been already registered to the defaulter... means what about the exact nature of the document which has been registered in his favour..whether agreement or Sale deed...??????? that is very important? then i will reply.

regards 

Ravi

 
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advocate

eventhough the builder having the valid reasons and followed all the procedures for cancellation then resold the flat., the ownership once they transfered to any appropriate client by way of sale deed the title passed on ,  so the title can be transferable only when the parties mutually cancelled the deed or the builder has to declare by way of publication in news paper stating the default and obtain the court order in this regard.  

 
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Hi Ravi,

Sorry for the late repsonse.

The sale deed has not happened yet.(neither with the first party nor with me yet)It was just a sale agreement between the builder and the first party.

Please reply back.

 

Thanks,

Roshan

 
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Kindly close this topic..

 
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