Part Payment and taking possesion without doing property trasfer via Registry
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.
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.
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. [Section 53A].
Does anybody has any practical experience for this kind of situiation!!
Also any ideas/thoughts/concern welcome.