Cost at the time of possesion
Vivek
(Querist) 09 October 2013
This query is : Resolved
I am transferring my under construction property to the buyer which i had booked with a builder .
The agreement to sale mentions the money of the total sale consideration including all amounts EDC/IDC,PLC and other charges and also the BSP price per sqft.
If any further costs are incurred at the time of possession like increase in area or the escalation cost . Can the buyer claim it on me. ? Possession will only be after 2 years.
Please suggest
R.K Nanda
(Expert) 10 October 2013
yes,buyer can claim them from you.
Thyagarajan
(Expert) 10 October 2013
All depends on a close look at the clauses of construction contract
Vivek
(Querist) 10 October 2013
The contract mentions that all the further demands and payments will be directly settled with the builder by the buyer.
Vivek
(Querist) 10 October 2013
Also if the construction is faulty or there is some problem in the components . The buyer will catch me or the builder.
Thyagarajan
(Expert) 10 October 2013
What you have said are not clauses.Since you have said possession will be after two years only you would have been given time scale for payments.Have you paid full sum or paying part payments as and when the builder asks you?If you have paid in part rest will be paid by the buyer. If you have agreed to pay escalation charges, while you transfer the rights over property you are making the buyer pay the additional charges as well.
You have not entered into contract with the buyer : you are only transferring right over the property. So builder continues to be responsible in the short comings.
Vivek
(Querist) 10 October 2013
I am in construction linked payment plan.
So only part payment has been done for now.
I am not entering a contract with the buyer for only a sale deed is there which mentions the total super area , BSP and total consideration including allied charges as of today.
Also the builder buyer agreement has been signed by me .The buyer is going to endorse it as such.
Akhilesh Kumar
(Expert) 10 October 2013
Mr. Vivek after endorsement or assignment of your rights vested in the property all the liabilities also transfered to the Buyer. So all future charges accrued against the property shall be borne by the Buyer. You need not to worry. You have to only check that whether in the endorsement letter buyer has accepted all your liabilities against the property and builder has accepted those.
Rajendra K Goyal
(Expert) 10 October 2013
You should consult a lawyer to draft an agreement to protect your interest.
