Public Notice
Querist :
Anonymous
(Querist) 02 March 2010
This query is : Resolved
Hello Sir,
I recently booked an apartment. The builder has aquired power of attorney from a partnership firm and has gone ahead with registration. The building itself is nearing completion. The partnership firm was originally registered under the names of three sons in 1960. But the current partners are the 1st son and his wife.
We now got a Court Notice from the Legal Heir of the last partner who retired from the firm in 1987 (This partner died in 2007). We are not sure whether the builder has the retirement deed and settlement deed for the 3rd partner.
In the year 2006, the builder has also given a public notice saying that he wants to buy this peace of land and that the sale certificate issued by the Goverment is lost. But no one has claimed it then.
The question is how strong we are, as the flat owners in this case?
B K Raghavendra Rao
(Expert) 02 March 2010
When the third partner retired, account should have been settled with him. If not, it may have to be done now with the legal heirs of the deceased third partner. It is a liability on the property. When the partnership firm is registered, retirement deed should also have been registered. Check with the Registrar of Firms and obtain a copy of the same to know the liability, if any.
Your title to the flat would not be affected. It may only be the matter of payment of money. In the worst case, all the flat owners put together may have to settle the claim.
Querist :
Anonymous
(Querist) 02 March 2010
Many thanks for the quick reply. Assuming there is a liability, would it be based on the current market price?
B K Raghavendra Rao
(Expert) 02 March 2010
You need to look into the terms contained in the Partnership Deed.
Querist :
Anonymous
(Querist) 03 March 2010
Thank you
Kumar Thadhani
(Expert) 03 March 2010
I agree with all of you experts.
Querist :
Anonymous
(Querist) 05 March 2010
The property was bought from a Partnership firm, so is it not true that the dispute between the legal heir of the third partner and the partnership firm should be solved among themselves, rather than involving the buyers?
Please let me know, how the law would look in to this.
