Transfer of underconstruction property

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This query is : Resolved

Shyam (Querist)

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.

Amol S Joglekar

Amol S Joglekar (Expert)

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.

Amol S Joglekar

Amol S Joglekar (Expert)

28 November 2014 Dont forget to take the builder as CONSENTING party to this agreement.

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Shyam

Shyam (Querist)

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.

Shyam

Shyam (Querist)

29 November 2014 Anyone has a draft tripatriate agreement with buyer and seller and builders as confirming party for the underconstruction flat.

Amol S Joglekar

Amol S Joglekar (Expert)

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

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