Hi, I am buying one apartment flat in Bangalore. The scenarios are the following:
1. The builder has gone into an sale agreement and construction agreement of the said flat with Party A when the property was under construction (in July 2016). This agreement between the builder and Party A has been signed on a stamp paper but has not been registered at sub registrar office.
2. Party A’s Loan has been approved and currently bank is taking EMI from him as well for the approved loan on that flat. Now He wants to sell this flat before registering, its been more than a year of he is paying EMI to bank. Bank has the Triparty agreement with Party A, builder and bank itself.
3. Now as per my Lawyer The builder, myself and party A has to go into an Assignment agreement and MOU where the Party A has to agree to assign all his rights to me and builder has to agree to register that property directly to to me. Also Party A needs to be present during registration of the flat as a consenting witness.
4. Now my questions are:
i) What could be the future problems if the Party A denies to come as consenting witness during registration of the flat.
ii) Will there be any legal issue in future for such flat in future during BDA to BBMP conversion.
iii) Is it very much mandatory to Party A to be present as consenting witness during the time of registration?
iv) Also the Assignment agreement and MOU to be maid by me or should be made by builder or party A?
