I have been allotted a flat in Bangalore worth Rs.1,87,000 by developer. We have entered into an agreement of sale on 1st of November 2012. I have made payments of EMIs up-to-date. Being a pensioner, I may not be able to make payment here onwards. I wish to execute a joint agreement with the developers by making my son a joint executioner of the proposed joint agreement.
In para 15(a) of the agreement already executed, it is stated that during the 24 months of the execution of this agreement or till the execution of the Sale Deed whichever is earlier, the purchaser shall not have power or authority to transfer or assign his right under this agreement to anyone.
As seen from the above term, I'm barred from transferring the said property to anyone else before the expiry of 2 years from the date of agreement. But, by my proposed joint agreement I'm not either selling or assigning the property to anyone else except my own son without transferring my right of ownership of the said property.
Kindly enlighten me whether I can execute a joint agreement with the developer by including the name of my son as a co-owner. This arrangement will facilitate my son to raise bank loans for payment of remaining EMIs.
Please advice in the matter with relevant provisions of law and the documents required for the same. THANKING YOU
