Who should be the consenting party?
Tayib
(Querist) 07 February 2013
This query is : Resolved
I am buying a plot in a Co-Op Housing Society (HS) in Pune from the current holder of Share Certificate and Allotment letter. The HS is the absolute owner and leases the plot to its members for 999 years.
My Lawyer and Bank Lawyer say that a Tripartite agreement needs to be created with below details:
a) The HS will be the "First Party"
b Myself as the "Secound Party" AND
c) The current holder of Share Certificate as a CONSENTING PARTY.
The confusion here is that, earlier the HS has executed such deals however they opted for the same Tripartite agreement however the CONSENTING PARTY was the Housing Soceity. My lawyer and bank differs on this regards.
NOTE:: The HS has currently executed Lease Deed with its members. SInce these were the 1st set of members to whom plot was alloted, earlier there was no triparty scenario.
Question is:
1) Who should be the Consenting Party? HS or Current Member who has Shared Certificate?
2) What will the document be called : Willl it be Transfer Deed OR Lease /Transfer Deed?
Advocate Ramesh
(Expert) 08 February 2013
kindly tell me the content of the tripartite agreement then only I can say
Guest
(Expert) 08 February 2013
Tripartite agreement for the purpose of what? You have forgotten to write one most crucial thing, how and for what purpose the bank is involved?
Tayib
(Querist) 08 February 2013
Mr Ramesh: Considering your question, i am assuming the Consenting Party can be anyone (except buyer of course) and who will be the consenting party depends on the Matter of the deed.
Mr Dhingra: I am opting for a Loan and hence involved the bank.
Guest
(Expert) 08 February 2013
Here the question arises, if (a) The HS will be the "First Party", (b) yourself (buyer) as the "Secound Party" AND (c) The current holder of Share Certificate as a CONSENTING PARTY, how the lender, i.e., the bank, would come in to picture as any of the party to the agreement? Would the banker grant the loan to you without being any party to the agreement? Just ask these questions to your own lawyer as well as the bank's lawyer.
Raj Kumar Makkad
(Expert) 08 February 2013
You shall have to first go through the lease deed for 999 years executed by HS in favour of current holder. If there is a clause for sub-lease then the holding party shall be first party, you as second party and HS as consenting party but if there is no such provision of sub-lease then HS shall be first party, you shall be second party and holder shall be a consenting party and the name of document shall change with the situation.
