Hi Experts, Individual wants to purchase a flat. This flat was allotted to the land owner by the builder against the land what land owner has given to the builder for the development of the building.
Land owner has the allotment letter of the flat. There would be a tri party agreement between Builder as seller as party one, Individual as purchaser as party two and land owner as confirming party or party three.
Here, land owner wants to receive the entire sale amount of the transaction since he was allotted the flat. Builder has no objection for making this payment directly towards landlord as confirming party. This will be added as clause in the sale deed agreement.
Now question is, can bank make the payment towards land owner who is as confirming party in this tri party agreement? If yes, do we need to add any more clauses in the agreement so that there are no future recursion for any party ?B
