Resale of apartment on the basis of allotment letter
Hardik Udeshi
(Querist) 05 August 2016
This query is : Resolved
I am looking to buy an apartment in Mumbai. The seller X has the allotment letter provided by the builder but has not entered into an agreement with the builder. I am told that builder will agree in-principle to the transaction at the price arrived between the buyer (me) and the seller X.
Please answer my following questions:
1) Legally, who would be the seller - the builder or the person X on whose name the apartment is allotted?
2) To whom I should pay the token amount?
3) Would I get a home loan on the basis of allotment letter? Who would be the beneficiary? The builder or the person X?
As I understand, since the agreement has not been entered into the title of the property is in the name of the builder. And so the answers to the questions above will be the builder.
If so, what is the role of person X in this transaction? This is all the more important since my negotiation regarding the apartment are primary with person X. The builder will enter the picture only once the price is finalized.
What are the things I should keep in mind while talking to person X about the apartment?
adv.bharat @ PUNE
(Expert) 05 August 2016
With allotment letter you cannot proceed to purchase it. It would not be legal to purchase on basis of allotment.
If u want to purchase it you need to cheque following documents
1)Title search report for past 30 years from property lawyer.
On google search Type property registration in pune u will get my details
2)Town plan sanctioned lay out of site showing carpet area measurement given for you flat
3)NA order issued for construction of work
4) work commencement certificate
5) Work completion certificate
6)Occupancy certificate from the authority
7)Structural stability certificate from the licensed structural engineer of the muncipal corporation or local authority
8)NOC if society is formed
9) Builders contribution document like MOU, Sale deed of land from original owner, Partnership deed, Proprietorship or artical of association or any other document as required.
IF U LIKE SUGGESATION THEN GIVE thanks ON MY lci PROFILE.
Guest
(Expert) 06 August 2016
Rightly advised by Adv. Bharat
Builder is cheating consumer in my opinion
Guest
(Expert) 06 August 2016
To deal with this case you require professional help , This builder is not straight person need to check all irregularities done by him and further complication.
People who are habitual to do such things can do many more thing beyond your imagination so need to be careful while dealing with such transaction and people.
Rajendra K Goyal
(Expert) 06 August 2016
1) Builder is seller with the consent of Mr. X, as property has not been registered in the name of X.
2) To X, ask him to get the property transferred in your name / complete formality with the builder.
3) You can not get home loan on the basis of allotment letter in the name of X. It should be in your name and builder should be ready to execute tripartite agreement with you and Bank, complete other formality required by the Bank.
Beneficiary in what respect is meant by you.
Hardik Udeshi
(Querist) 08 August 2016
Thank you for your comments, experts! Really appreciate. Will keep these points in mind while approaching the deals.
