Sale of flat before society formation
shaikh
(Querist) 30 October 2015
This query is : Resolved
Dear Experts
I had purchased a flat from builder three years ago. I wish to sell the flat now. I contacted the builder, and he mentioned to me saying that I should pay him heafy cash to obtain NOC. As I understand, NOC is required when my buyer needs a home loan. What if my buyer doesn't need home loan? Can I bypass the builder completely and go ahead with the sale of property? Without the consent of builder?. What about transfer of flat in the name of my buyer? How and when will it happen? Awaiting for valuable inputs
kavksatyanarayana
(Expert) 01 November 2015
@author, if you purchased the flat from the builder with paying full consideration and the sale deed is registered in your favour, then no NOC is required to sell the property now.
K.S.Srinivas
(Expert) 01 November 2015
I agree with Sri KAVKSATYANARAYANA.
shaikh
(Querist) 05 November 2015
Thanks for the reply. My query was more focused on transfer issue. Please revert ASAP.
Hemant Agarwal
(Expert) 30 January 2016
1. Purchase of Flat, from Builder is under the parameters of "Maharashtra Ownership Flat Act" and under the "Transfer of Property Act" and under the "Stamp Act" and under the "Registration Act".
2. When a agreement is registered AFTER compliance of the above Acts, then the "Title-Ownership", by "legal default", passes in the name of the Flat Purchaser, without any further reference to the Builder or the Society. Hence "NOC" of the Builder /Society is "NOT" required.
3. WHEN a Ownership-Flat, is sold (re-sale), then the agreement between the Old-Flat-Owner and the New Re-Flat-Purchaser, is done under the continuing parameters of the "Transfer of Property Act" and under the "Stamp Act" and under the "Registration Act".
4. ONCE the Flat Sale Agreement, is "duly" Executed & Registered (using point no. 3, above), the the "Title-Ownership" of the Flat, by "legal default", automatically & irrevocably passes on to the New Flat-Purchaser, without any further reference to the Builder or the Society.
CONCLUSION : The Builder or the Society, is a nobody, to stop /restrict or whatever AND no "NOC" of whatsoever kind is required, from whosoever.
Keep Smiling .... Hemant Agarwal
Read Articles: http://hemantagarwal21.blogspot.in/?view=sidebar
V R SHROFF
(Expert) 30 January 2016
GO AHEAD ANS SALE IT..
BUILDER CANNOT STOP YOU , IF REGD DEED.
