Buying Property on GPA before Lock in Period of 1 Year in AW

The seller is willing to execute the GPA

 The GPA should state the consideration and should be make irrevocable. To safeguard your interest it must be registered with the local registrar and the payment should be across the table upon registration. Once this is done, a public notice may be given in prominent news papers, to declare your interest in the property.

vasudevan

Thanks for a quick and prompt  reply Mr Vasudevan...The property is a flat in the high rise society created by Army welfare Howsing Organisation for Army Personnel in gurgaon haryana...though the owner is in possesion of the flat but can sell it before 1 year of lock in period restriction by AWHO and I can only get it registered in my name after 1year ....Also I have heard that under land law sale of flats on GPA is prohibited and also can we get it registered in any other state such as UP if no regisrations of GPA is allowed in the state where property is located i.e. Haryana...Also apart from GPA and Ad in newspaper do I also need to have him execute a Will stating my right onthe property...Because What if after one year he refuses to sell or demands more money than what was agreed for in all money upfront deal...How can I safegaurd myself for any such instance....I think I have made it too long but I am sure with your legal expertise you'll be able to help...

Regards

Brijesh

 Dear Mr. Sharma, Execution of Power of Attorney ( in the case referred by you it is known as an Irrevocable Power of Attorney for consideration) for sale is not prohibited. Concerned about the unscrupulous way the GPA is used by some real estate dealers, the Supreme Court had referred the matter to the States for appropriate guidelines. Accordingly states like Tamil Nadu has made the registration of GPA to be done in the Registrar of Assurance's office of the jurisdiction where the property is situate. You may get the GPA drawn property through a reputed legal firm/lawyer and get it registered and in addition as suggested get a notice of your interest published and also obtain an undertaking to execute any further documents in your favour if and when required for registration of the property, when the lock in period is through. Getting a will executed could be a additional pre-caution but this will be an issue I am not sure the seller would agree to! vasudevan

I agree with Vasudevan, My one suggession is that have you gone through the AWHO RULES Kindly go through it once again. I hope you are not getting the said property free of cost or at any concessional price,   and also wheather you are very much intrested in this particular property.  Why cant you try to purchase some other property which has clear marketable property,which could be easily registrable at once. I think there is lot of demand for the selected property which you have choosen, therefore it also makes me analyse that the owners are demanding for the payment now itself, ARE THEY GIVING YOU THE POSSESSION>

 dear mr. vasudevan

I have one query, 

If A wants to sell his property to B vide agreement of sale by taking earnest money and executes GPA in the name of B. Whether based on this GPA B can transfer himself that property in his name without the signature of A?. Is it valid in law under contracts Act.

kindly reply my query.

thanking you.

yours faithfully

arunprakaash

Yse Sir they are willing to give me the possesion... again based on the GPA ...As Per AWHO rules the actual allotee can register the property in his/her name only after the 1 year lock in period and once registered is free for sale to any body whereas no such lock in period is there for private builders... There is definetly a cost associated with the property which is competitive but on lower side but as we come from Army would prefer that society...

Regds

Brijesh