- This topic has 0 replies, 1 voice, and was last updated 2 months ago by
.
Viewing 0 reply threads
-
Posts
-
-
UI planned to buy a flat. The flat is owned by a father-son duo, they had purchased it 25 years back. Last year them along with rest of the flat owners decided to rebuild the entire apartment through a joint venture agreement with a builder, and as per the same they had constructed the new apartment. The deal mentioned in the JV is 8 flats were existing, the builder will construct 12 flats. 8 will be given to the existing owners and 4 will be sold by the builder to 3rd parties. To make this possible, the existing owners have registered a POA for relessed UDS and retained some of their measures from the existing UDS. All seemed good and clear, we paid a token advance and asked for the documents. The seller gave only copy of one document – their initial sale deed. He said rest of the documents are with the coordinator, you can collect from him. Also he said his son might not be available during the registration, so he would better get his POA before the sale deed is signed. Also there is a tenant living in the house now, he would take some time to vacate. I didn’t understand these would be a complication later and didn’t agree to anything but just stayed quiet and collected that single document and got other docs such as completion certificate, building approval, plan, JV. Then I looked at it and understood that the JV is not a registered document, it is just an agreement between the owners and the builder, but it’s not officially recorded. I checked with the Sub Registrar Office and they said even if the JV is not registered, atleast the builder should have gone into a Construction Agreement deed with the owners which is not done. Because the document he holds is only for his previous flat which was in a different floor, different buildup area, different UDS – and that flat doesn’t exists now. I confronted him and he says this is the practice so far 2 of the existing owners had sold their house already, no one is asking for Construction agreement and all. So I came down to an extent of thinking in my sale deed we can clearly mention the JV story and all that and moved ahead with the process. We decided to sign a sale agreement and I drafted it with clauses like empty possession should be handed over. But he is not agreeing to it. He says my tenant is good person, he will vacate once after you register, if you don’t register then I will miss on my rent. Even that I’m assuming to come down, but I asked him to atleast inform the tenant and give them notice, which the seller says he can’t do. Finally, now he is telling, if he gets POA from his son, we would need to deposit the sale amount in both of their accounts and this will attract capital gains. Therefore he said he will get release deed from his son. Now today he says he had consulted best lawyers in town and they say a settlement deed is better. I told him I am not ok with settlement deed, later your son or their heirs might cause issues, but he keeps on insisting on settlement deed only. Now what should I do?
1. He won’t vacate the tenant – he won’t even sign sale agreement with that clause
2. What is the difference between a settlement and release deed? Why would he be so adamant on settlement deed, is it gain for him? Is there any challenge done on such settlement that was sold?
3. Without Construction agreement or registered JV is it safe to go ahead with the purchase?
-
Viewing 0 reply threads