Hello,
I am looking at purchasing a re-sale flat from an individual seller who had booked it with the builder 3 yrs back for investment purpose, but has not done the registration yet.
The individual invester is looking for me to pay 10% of property value to him thru cheque or wire transfer for the name transfer, and the property will be still be registered at the value the builder put in agreement of sale with him 3 yrs back . It will finally come out as i purchased the property from the builder only and i would be the first purchaser.
I need guidance on how and where that 10% amount that i am paying to the investor should be accounted under. does it come under brokerage or something like that? And how should the agreement of sale be in this case. Do we need to make a tri party agreement, and if yes how should it be?
