Huf property purchase
Roshan
(Querist) 05 August 2014
This query is : Resolved
Dear Experts,
I have come across a property which is under construction and the first owner of the property is a Karta having an HUF account. The property is purchased solely on his name as Karta of the HUF.
I require an advice on the below aspects:
1. Can we purchase such a property from the Karta of HUF without registration?
2. Can we proceed on doing registration in our name before the HUF gets a possession?
3. The builder has imposed some additional charges in terms of development if the property is being sold to a second owner, if still under construction. Hence, can we book the property and refrain from doing registration till the first owner gets possession and then wait for our registration later?
4. As per point 3 above, what do I have to be pracautious about? If the Karta is not alive untill possession, can someone part of HUF challenge this?
5. Can we ask Karta to create a irrevocable Power of Attorney against the purchaser name by paying the booking amount. The remaining amount being paid post registration (as we will have to avail loan) with clause to pay specific amounts in intervals or pay interest (say 10%) on the remaining amount per annum?
6. Is it possible to take a home loan if we have a Power of Attorney?
Please clarify the above questions at the earliest.
Regards,
Roshan
Devajyoti Barman
(Expert) 07 August 2014
1. No
2. No
3. nO
4.YES
5. IT WILL COMPLICATE THE WHOLE ISSUE.
6. DIFFICULT.
ABDUL RAZIQUE
(Expert) 08 August 2014
Answer 6.
loan matter is totally depend upon bank U consult with bank.
T. Kalaiselvan, Advocate
(Expert) 09 August 2014
I endorse the opinion of expert Mr. Barman n this issue. Never under take risk by following short cut methods on such investments, which if starts giving problem will continue as an incurable headache and keep torturing you. A Karta is just a manger of the Hindu Undivided Family's property, so the other share holder may create problem even if you have an irrevocable power of attorney deed in your favor, the POA will remain in tact till the life time of the principle, after that it will stand terminated automatically. Better take a proper opinion from a local lawyer and then proceed.
