Buying an unregistered flat in resale from 2nd buyer
3 months ago
I am interested in buying an unregistered flat in Noida Extension from 2nd buyer of the said flat. On checking the Builder Buyer Agreement/Allotment Letter, the builder seems to have transferred the flat from the 1st buyer (investor) to the 2nd buyer by the means of endorsement attached at the end of the original Builder Buyer Agreement. "The builder did not issue a new Builder Buyer Agreement to the 2nd buyer." And agent told me that I too will not be getting a new Builder Buyer Agreement and an endorsement will be attached to the original BBA. Can the builder transfer the flat to the new buyer through this process? If once it can be done, can it be done twice?
Secondly the BBA does not contain the valuation of flat at the time of 1st purchase as well as 2nd purchase. Would it cause me trouble during filing for tax and registry of property?
If the initial transaction lacks a registered document, acquiring a sale deed in your name is necessary. To formalize this, seek signatures of the presumed previous owner as consenting witnesses on your sale deed. This process helps establish legal ownership and ensures the transaction is properly documented and registered.
If the first transaction was not by a registered document then you have to get sale deed in your name and ask all deemed previous owner to sign your sale deed as consenting witnesses.
Q-1) Can the builder transfer the flat to the new buyer through this process? Ans - No builder cannot transfer the title or ownership of the flat in this way regardless of the number of sales of that property. A BBA can not transfer the title of any property until and unless a deed of conveyance is registered in favour of a buyer paying requisite stamp duty and registration charges. The practice that evades the government revenue is considered illegal and the persons involved in the practice may face legal consequences once it is reported to the competent authority under Stamp Ac and the Income Tax Act. Q-2) Secondly the BBA does not contain the valuation of the flat at the time of 1st purchase as well as 2nd purchase. Would it cause me trouble during filing for tax and registry of property? Ans - In the absence of the value of the property or the amount of agreed consideration money, a BBA is a worthless piece of paper and infructuous being unenforceable under the law and the buyer may face legal consequences if the deed of conveyance bears the details of the all these BBAs transferring the property to multiple buyer. Reach out to an experienced property lawyer for proper guidance and steps before taking the decision to accept the deal.
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