L = Landlord, B = New incoming Tenant/ Buyer and S = outgoing Tenant/Seller.
H= Pagadi House located in Dadar, Mumbai, MH
Consideration = 100
Situation is as below
L, B & S are resident of Mumbai, Maharashtra
The Rent receipt are being issued by L in the name of Father of S
But Father of S has expired in 2009
S wants to sell the Pagadi House H
B wants to Buy the Pagdi House H
1) What is the legal procedure to transfer tenancy rights from S to B.
2) Does S need to surrender H 1st to L and then B will enter into agreement with L(only) OR
3) do all the 3 parties (L,B,&S) need to execute tripartite agreement if yes please provide a general draft format
4) Does such tripartite agreement is valid in the eyes of law if the stamp duty is paid and agreement is registered
5) What if L is not ready to enter into tripartite agreement
6) Does B needs to make 33% payment (100-67) of tenancy premium to L from his bank account or S will make payment to L after B makes payment of 100 to S
(1) The current resident has to surrender his tenancy rights to the Landlord with a Deed of Surrender duly stamped and registered.
(2) The Landlord has to stamp and execute a Tenancy agreement with the new tenant.
Both these agreements can be executed and registered simultaneously.
(3) There is no regulation to fix the percentages that a landlord can demand, neither is there a fixed manner of sharing, this has to be settled mutually.
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