Supplementary sale agreement

HI All, I need answers from experts on the following queries, I appreciate your help on this. We (i.e myself and my own brother) have jointly executed a 'sale agreement' with developer for purchase of an apartment few months back from developer. Accordingly we jointly applied for a loan from nationlised bank and it is approved & santcioned too. [Please note that the building is under construction and will be ready for occupation by end of MAY,2013]

Now, my brother would like to go for another property independently which is close to his office, and he would like to come out of this jointly owned property which is taken earlier [as mentioned above].

Now, we have reached to a stage where construction is complete and we are in registration phase of the same property. So, I would like to register the above mentioned property in my name along with my wife instead of brother. When approached the nationalised bank, they need a "Supplementary Sale Agreement" from developer on this name changes indicating that instead of brother's name, my wife name will be considered for registration.

1. Provide me the sample template for "supplementary sale agreement" of the above mentioned property indicating the above changes.

2. Is this "supplementary sale agreement" need to stamped from concerned development authority ? and what is the amount involved for the same ?

3. What are the other things /suggestions that I need to take care on property laws, bank process, developer ?

Thanks, K Krishna Murthy

 

Dear Mr Murthy,

                           At first you have to execute a suplementary agreement for sale being signed by you, your wife and the developer, and most importantly it should mention that the earlier sale deed executed between you and your brother is hereby cancelled and this present deed will hold good for purposes of registration. 

This agreement should compulsorily be prepared on a non-judicial stamp paper of adequate value. The stamp duty varies from state to state, so kindly communicate with your developer who will help you out in this.

The supplementary agreement will be more or less same as the earlier one with some additional clauses like:

1) Clause mentioning the earlier deed to be cancelled

2) Briefly mentioning the reasons for cancelling the said deed.

3) The additions made in the deed and finally the date within which it is to be registered.

With Regards;

Sibojyoti Chakrabarti

EMAIL: sibo.chakrabarti@gmail.com

Hello Mr. Sibojyoti,

Thanks for your mail.

Could you please inform us why we need to say that earlier "agreement of sale" is cancelled ?  

Can we mention through new "supplementary sale agreement" that registration will be done on me and my wif
e name instead of brother and all other terms & conditions remains same as mentioned in the initial "agreement of sale" ?  I feel this makes more appropriate because the intitial "agreement of sale"already submitted to bank for loan, and loan approved/sanctioned and also bank has given NOC to go ahead with registration on myname and mywife name instead of my brother.

Thanks,

-K Murthy