Apartment possession is done. There are no dues to the builder. The Apartment is "unregistered".

1. BUYER - The Buyer not paying a lot at the time of MoU.
2. BUILDER - Builder needs an NOC from Bank to initiate the Assignment Deed
3. SELLER - Doesn't want to put own money to close the Loan
4. BANK - cannot give NOC until Loan is fully cleared. They are ok to give a "conditional NOC"
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  • Make a tripartite agreement between Buyer, Seller and Builder. Buyer pays small advance to seller (outside of bank liabilities). Balance to be transferred to the seller/builders Bank directly during registration (DD). Balance if any, to be paid to seller. Builder takes only transfer fees from seller.
  • I bought like this only. Once you have verified all documents then get a tripartite agreement done between you, builder and seller.

    Sale deed will be between you and builder with the seller as witness. Add a clause in sale deed mentioning the tripartite agreement. TDS will be paid by you in seller's PAN will in turn settle it with builder.

    Sellers loan account will be closed by bank upon receipt of money. If you are taking a loan then your bank will issue a cheque in name of seller in two installments, one small amount initially and the big one finally. The final cheque disbursal will happen only once registration happens.

  • I got through the process
    MOU - Between Seller, Buying to the Builder
    Deed of Assignment - Assignment Agreement (Builder prepares on behalf of the Seller and Buyer)
    Tripartite agreement - Buyer, Builder and Bank