I have identified a property, a flat still under construction which was registered in a persons name one year back. Now he does not want to pursue due to some personal reasons. The property is financed by LIC Housing.

The builder says that they will cancel the registration, settle the loan amount and take the property back in his name and get it registered in my name. In this way it will again be a first sale and there will be no increase in the stamp duty charges.

Please advise, if this is the right way to do it and if yes, whether there will be legal issues in future.

Thanks.
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  • Originally Posted by ushaganesh
    I have identified a property, a flat still under construction which was registered in a persons name one year back. Now he does not want to pursue due to some personal reasons. The property is financed by LIC Housing.

    The builder says that they will cancel the registration, settle the loan amount and take the property back in his name and get it registered in my name. In this way it will again be a first sale and there will be no increase in the stamp duty charges.

    Please advise, if this is the right way to do it and if yes, whether there will be legal issues in future.

    Thanks.


    This is the right way to do. Make sure that you get a copy of the registered and re-registered document as part of your parent documents and verify if the first purchaser has returned his copy of the sale deed to the builder.
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