Debajyoti (Manager) 22 June 2015

Change of name in booking (flat)

I am planning to purchase a flat in Bengaluru which has been booked by someone (X). X has already paid his contribution (His own + Bank Loan) to builder. Now X wants to sale his property to me. X wants certain advance money from me, so that he can repay his Bank loan and get an NOC from the Bank. Possession has not given by the builder to X nor the registration completed

1) If we make an agreement in a Stamp Paper (Rs.100) between X & Me stating that the money has been given as advance to purchase the said flat, in case by any reason if this cannot be done, x is liable to refund the advance money back to me. . Now my question is - Is this a valid agreement ? Is there any format available to make this type of agreement?

2) After making this agreement and paying the advance money, if X denies, can we pursue legal action him ?

3) I guess next steps will be the name transfer in builders record. Instead of X, my name should be reflected and X should pay certain amount of transfer charge specified by builder. Once this done, I should pay the entire deal value to X.

Correct me if my understanding is wrong. Any recommendation & guidance is highly appreciated

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5 Replies

(Guest)

dear - dont rush on this matter.there is definitely some kind of double registration involved here..and you eventually have to shell out. get legal advise especialy from the legal team of the builder.. in writing. ..you can avoid doulble registration only after a negotiatoin with the builder and not from the party that you are buying from..so anything that you get in writing from the seller, make sure you include the builder as one of the selling party in the agreement..to avoid overhead costs in future..

Subash M R (Advocate) 22 June 2015

There must have an assignment agreement among you, ' X ' and builder for an effective transaction in the future.

Thanking you,

Debajyoti (Manager) 23 June 2015

Thanks Subhash. Even I have spoken to one of my frend who is working as Hosuing loan adviser in a Private Bank advised me for an assignment agreement between all three parties. Additionally he also advised that X should come and be a witness at the time of registration of the property in my name.

K.Manivannan 24 June 2015

If the transactions are going to happen before giving possession of flat to X, the consent of builder is required in all documentations.

Debajyoti (Manager) 14 July 2015

My question is :- do we need X as an consenting witness at the time of Registraion of the property (Note: X didn't get pocession yet from the builder)