Query
kannan.s
(Querist) 03 September 2014
This query is : Resolved
Dear Experts,
I am planning to purchase a flat from owner share on bank loan. all the documents are proper in place except the supplemental agreement indicating the flat sharing between owner and developer is not registered. JDA, GPA indicating percentage sharing is registered. but supplemental agreement is signed and franking is done.
Bank is asking the developer to put the consenting witnesses on my sale deed. is that mandatory is my question. developer is ready to do witness not consenting witness. bank is insisting on consenting witness only.
Note: the owner is expired and he gifted the flat ( which i am planning to purchase ) as gift deed to his son and he is peaceful possesion for past 2 years and i have entered in to the sale agreement with owner son.
pls advise. can i go head with developer as normal witness in my sale deed?
in future the developer cant claim for the above property?
Rajendra K Goyal
(Expert) 04 September 2014
Banks requirement is to be fulfilled. The developer should give consent.
ajay sethi
(Expert) 04 September 2014
only if builder agrees to be consenting witness purchase flat . you need bank loan so fulfill bank requirements
malipeddi jaggarao
(Expert) 04 September 2014
The developer developed the property and entered into registered agreement for the share of owner. When you are purchasing the share of the owner, what is the problem for the developer to sign as consenting witness. If he himself does not have faith in his own project, who else can repose faith for purchase - be owner's share or developer's share. You can definitely insist him to do so as per the bank's requirement.
If he signs as witness that is sufficient. You can convince the bank. Bank is insisting as abundant precaution. Thus you can try from both sides. It should not be a hurdle for your home loan.
Dr J C Vashista
(Expert) 05 September 2014
I agree with experts advise, nothing more to add.
T. Kalaiselvan, Advocate
(Expert) 07 September 2014
Your same question was properly addressed to in the forum section, however I reiterate that the developer, if required to sign as consenting witness, by the bank, he has to comply. The formalities to be complied for grant of loan by the bank has to be observed with fully lest you may stand losing the loan itself. Better consult a local lawyer with all the papers before purchase and proceed as per his further advise.
