Endorsement resale case

1. Did you consult any lawyer / CA before doing what you did?

2. You paid Rs. 70 lakhs by means of Cheque or Cash?

3. When you deducted TDS on Rs. 70 lakhs, you deducted the same against whose PAN No.?

1.no as it appears to be non complicated .

2.every single penny is paid by cheque.

3.tds was deducted on the pan card of mr x ie seller and not the builder.

Do you still think that the matter is non-complicated?

If that be so, have you checked up whether the seller X is the owner of the Property?  

If X is the owner of the property, then why the builder will be executing the Sale Deed?

As far as the Builder is concerned, he has only agreed to replace your name as the purchaser of the Flat against the name of the original Flat buyer X,  That's all.  As far as the builder is concerned, he has received only Rs. 35 lakhs and not a penny more. Therefore, the builder will not show Rs. 70 lakhs as the consideration for the Flat in question.

The bank has sanctioned you the home loan of Rs. 50 lakhs, thinking that the cost of the flat is Rs. 70 lakhs. 

If the bank sees the Registered Deed to be Rs. 35 lakhs, then based on that price, it may further reduce the bank loan.  It will not be Rs. 50 lakhs.  You would be asked to return the excess amount (i.e. the difference between Rs. 50 lakhs or the revised loan amount and the registered cost of Rs. 35 lakhs).

The bank has sanctioned you the home loan of Rs. 50 lakhs, thinking that the cost of the flat is Rs. 70 lakhs. 

If the bank sees the Registered Deed to be Rs. 35 lakhs, then based on that price, it may further reduce the bank loan.  It will not be Rs. 50 lakhs.  You would be asked to return the excess amount (i.e. the difference between Rs. 50 lakhs or the revised loan amount and the registered cost of Rs. 35 lakhs).

'Buyer Beware' applies to property deals.

It shall be appropriate to get proper legal opinion from a very able LOCAL CA, senior counsel of unshakable repute and integrity specializing in revenue/property/civil/DRT matters and well versed with LOCAL applicable rules/laws and having successful track record…. and worth his/her salt , before signing or making payment.

This may cost some FEE but can defend long term interest and hard earned monies.

Is the title clear?

Discuss in person with your LOCAL CA, senior counsel and ascertain what is possible.

Mr. X won't agree to pay more than the amount he has settled with builder.

Due to lapses at your end you are getting affected.

Had you consulted before hand you would have become properly informed.