Upgrad
LCI Learning

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

M Ramamurthy (Self employed)     14 June 2012

Transfer of flat under construction

The owner of a DLF apartment under construction in Bangalore wants to sell his flat to me. As per the builders agreement dated Feb 2012, the apartment cannot be sold for a period of one year. My friend says GPA and agreement to sell can be entered with the seller and the property can be transferred to me in Feb 2013. Please advise it is correct and also help me with sample documents. Thanks 



Learning

 2 Replies

Adv.R.P.Chugh (Advocate/Legal Consultant (rpchughadvocatesupremecourt@hotmail.com))     14 June 2012

Dear Querist, 

GPA and Agreement to Sell won't give you propreitary right over the property, the seller would still be the owner of the property, An agreement to sell is merely an agreemetn by which seller agrees to sell at a later point of time - by a Sale Deed. However if he agrees to give you the possession + get the Agreement to Sell registered - with a specific stipulation to get Sale deed registered after Feb 2013, and takes less than full consideration - then there should not be any problems. 

I would advise you to consult an advocate with his DLF-Seller documents, to ensure your investment is protected.

 

Feel free to seek any clarifications !

M Ramamurthy (Self employed)     14 June 2012

Dear Mr Chugh

Thank you for your prompt reply. The property is under construction by DLF and all that the seller has is a right to get an apartment from DLF subject to payments. This would mean that he will be selling his right to the buyer. Since he wants reimbursement of payments made to DLF and also that there will be some more installments to be made to DLF till Feb 2013, what kind of agreement / paper work need to be created to safeguard the interest of the buyer. Some one told me an hour ago that the Supreme court has come down heavily on POA and has declared that POA does not give any right to title. Kindly advice.

Thanks & Regards

Ram


Leave a reply

Your are not logged in . Please login to post replies

Click here to Login / Register