Experts,

Consider this scenario:

Seller; who took the possession of the flat from builder sold flat on the assumption that he will get the regisrty done from builder and post that he will get the registry for buyer to complete the transaction.

Issue:
Builder is unable to get registry to our seller who has taken possetion of the flat citing issues with Authority. Builder is claiming it as temporary issue and should be resolved within 1 month. However its over 2 months now and still unclear.

Due to uncertenity buyer and seller are in fix but both are willing to go ahead with the transaction.

Workaround:
Seller has agreed to provide possession of the flat to buyer in exchange of 90% of the payment with registered agreement to sale in respective authorities paying 2% stamp duty. Copy of the same registred agreement will be submitted to builder as well.

Rest of the amount will be paid to seller on completion of registry.

In legal terms this arrangement is called "Part Performance" of transfer of property act. .

Ask:
Does anybody has any practical experience for this kind of situiation!!
Also any ideas/thoughts/concern welcome.

Thanks.

Ask:
Does anybody has any practical experience for this kind of situiation!!
Also any ideas/thoughts/concern welcome.

Thanks
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  • Dear readers beware
    Grandeur building blocks has been cheating


    Even some of the real estate agents admit.
    CommentQuote
  • Dear Krishnaindia,

    Your post reminds me of one thing:

    "Common Sense; Its like deodorant. People who need it most, never use it."

    P.S.: Please dont post unless you've anything to add to the topic :bab (3):

    Thanks
    CommentQuote