Transfer of underconstruction property
This query is : Resolved
28 November 2014
My client has sold his interests in an underconstruction Property. He has drawn up a Normal Agreement for sale. I am not comffortable as the Balance Amount payable to the Builder by the New Purchaser is quite large. If the Builder and new purchaser do not have a Binding Agreement how will the New Purchaser make payments to the builder and what is there to protect him. I need a draft for underconstruction sale where maybe I get the Builder to sign as a confirming part. If anyone has such a draft, please share.
28 November 2014
The simple idea would be....
write all this in recital and then cpoy paste the agreement between builder and the original purchaser.
write all this in recital and then cpoy paste the agreement between builder and the original purchaser.
28 November 2014
Dont forget to take the builder as CONSENTING party to this agreement.
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29 November 2014
Thanks Amol. I would do that. But if you have a draft of such a tripatriate agreement please share. I will get the Builder to sign as a confirming party. the Broker insists that he will just get the builder to issue an NOC. The New Purchaser is not my client , yet i feel it would be unfair to just have an agreement of sale between my client and the new purchaser.
29 November 2014
Anyone has a draft tripatriate agreement with buyer and seller and builders as confirming party for the underconstruction flat.
29 November 2014
Sorry, I do not have a DRAFT.
And one more point, from capital gain view point: I am transferring whatever right, title, interest gained and vested with XXXXX(your client) throught the agreement dated so and so and with (builder)...pls mention this in the agreement with the new purchaser
And one more point, from capital gain view point: I am transferring whatever right, title, interest gained and vested with XXXXX(your client) throught the agreement dated so and so and with (builder)...pls mention this in the agreement with the new purchaser
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