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Sale and Construction agreement missing from first buyer

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Sale and Construction agreement missing from first buyer

Last updated: June 6 2014
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  • Sale and Construction agreement missing from first buyer

    I am planning to book a ready to move in flat. Builder sold it to buyer A, now buyer A sold to Buyer B. Both have not registered the property. I am buying property from buyer B, who is now a agreement holder. Buyer A Sale and Construction agreements are missing. Though there is a NOC from buyer A to builder on a simple paper saying he is relinquishing his all rights on apartment. Builder and Buyer B are also ready to give me a NOC on a letter head with signatures saying buyer A is no more having any right on the property. Please tell me what to do in this regard ? is it safe to buy ? it is bit urgent, prompt reply will be appreciated.
    Thanks Vijay
  • #2

    #2

    Re : Sale and Construction agreement missing from first buyer

    it is difficult to say.. whether it is safe or not.. But onething for sure, Missing a valuable doc from Buyer A is big hurdle... Written statement in a plain paper will not be accepted at any cost..
    you shud make an agreement putting all factors, terms and condition in stamp paper before you proceed for deal.. i really doubt.. Buyer A and B Both want to resale without both side registration also..... what is the problem/reason in the property.. any guess?

    There is no copy of agreement atleast from Builder side also? Hw do they proceed if they want go for loan with a bank!! without that agreement Bank ll not accept the loan processs....

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    • #3

      #3

      Re : Sale and Construction agreement missing from first buyer

      Please engage a good lawyer and take his opinion on the subject matter. What is the reason that buyer B is selling ?? Buyer A maybe an investor and may have sold to buyer B after making some profit. However, its not clear why buyer B is selling within a short time ? Buyer B should either be an end user or a long term investor (4+ years). Also, please dont get pressurized and make a hasty decision. Take your time, do your due diligence, engage a lawyer and proceed when you are confident. Even if you are getting the flat at a discount evaluate the risks carefully else you may land up in Buyer B's position later on.

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      • #4

        #4

        Re : Sale and Construction agreement missing from first buyer

        vijayshah1,
        it can be said that buyer B had big money to throw on the basis of plain papers. Do you want to be buyer C? spend a few hundreds at least and ask a lawyer, no need to get written opinion.

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        • #5

          #5

          Re : Sale and Construction agreement missing from first buyer

          Thanks a lot Guys for prompt reply's. Really appreciate it, i just joined the forum but overwhelmed the way got quick responses.
          Let me give you little bit more details.
          Buyer A booked the apartment in 2011 in 35 L in Bangalore. He had to leave to delhi in 2012, so he sold it in 37L. At that time buyer A has invested 10L from his pocket and 3 Bank loan as apartment construction was going on. Now buyer B has paid to buyer A 15 L in cash, 3 for closing bank loan and rest his money. Buyer A and B signed a 200 Rs stamp paper agreement. Now bow buyer A got everything, he signed one plain paper NOC , saying he relinquished his rights etc, and left to Delhi then US or whatever (unable to track). Now builder has issued buyer B new set of construction and sale agreements in 2012. With those docs buyer B went to SBI and got the loan (they never mentioned to bank about buyer A). Now flat is ready to move in, buyer B wants to chip in cash for 50 L without going into registration.
          Buyer B is saying, originals of buyer A they have given to Builder as builder was issuing new set of docs to him. Builder might have destroyed.
          Builder has no clue about originals of buyer A. Buyer B is also telling me that as you will be registering the property after buying, then these all agreements are of no value once it registered. As i am new to all this, not sure this is the right way to go ahead, with this many docs. Help from experienced ppl is welcome, i want to completely safeguard my interests for future.

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          • #6

            #6

            Re : Sale and Construction agreement missing from first buyer

            If you are directly registering from builder it may be alright. However, please take a lawyers opinion for your won peace of mind.

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