Question on Builder Flat Ownership transfer before possession
1 year ago
Person X(Owner) is out of India and his representative is selling flat on X behalf. Possession is not yet received(planned for 6 months from now). Builder is Reputed.
Since I am the new buyer of this flat, I have few questions to get better understanding:
1. Is this Legally allowed to transfer ownership before possession. Owners's Representative told me that Builder's Relationship Manager will be involved for transfer
2. Will only Sale Agreement transfer be required here?
3. What checks should Owner/Representative qualify to make this a smooth transfer
4. What necessary checks should I as a new buyer keep in mind to avoid any fraud from Owner/Representative end.
5. Extra charges I should expect apart from Stamp/Registration for this transfer?
6. List of legal documents which will be required here for smooth transition
A.Dear Sir,
My answers are as follows:
1. Is this Legally allowed to transfer ownership before possession. Owners's Representative told me that Builder's Relationship Manager will be involved for transfer
Ans: It is legal but such representative must be blood relative of owner.
2. Will only Sale Agreement transfer be required here?
Ans: Without sale deed the owner cannot transfer the property. After Sale Agreement you have to get sale deed.
3. What checks should Owner/Representative qualify to make this a smooth transfer
Ans: There are so many things you to follow up as such you have to take guidance of property lawyer.
4. What necessary checks should I as a new buyer keep in mind to avoid any fraud from Owner/Representative end.
Ans: Without showing the documents in respect of property it is very difficult to guide you.
5. Extra charges I should expect apart from Stamp/Registration for this transfer?
Ans: It depends upon various factors.
6. List of legal documents which will be required here for smooth transition
Ans: It is as follows.
========================================================
Dear Sir,
You may purchase the property subject to fulfillment of following conditions. For more details visit the link.
12 Important Documents To Check Before Buying A New Property
1. Sale Deed:
A Sale Deed is the core legal document that acts as proof of sale and transfer of ownership of the property from the seller to the buyer. A Sale Deed has to be mandatorily registered. It is important that before the Sale Deed is executed one should execute the sale agreement and should check for compliance of various terms and conditions as agreed upon between the buyer and the seller. Before executing the Sale Deed, the buyer should check whether the property has a clear title. He/she should also confirm if the property is subject to any encumbrance charges.
* A seller should settle all the statutory payments such as property tax, cess, water charges, society charges, electricity charges, maintenance charges etc., (subject to the agreement) before executing the Sale Deed.
2. Mother Deed:
Mother Deed, also known as the parent document, is an important legal document that traces the origin/antecedent ownership of the property from the start (if the property has had various owners). It is a document that helps in the further sale of the property, thereby establishing the new ownership. In case of absence of the original Mother Deed, certified copies should be obtained from the registering authorities. Mother Deed includes the change in ownership of the property, be it through sale, partition, gift or inheritance. It is very important that the Mother Deed records the references to previous ownership in a sequence and should be continuous and unbroken. In case of a missing sequence, one should refer to the records from the registering offices, revenue records or the recitals (preamble) in other documents. The sequence should be updated until the current owner.
3. Building approval plan:
A building plan is sanctioned by the BDA (Bangalore Development Authority) or BBMP (Bruhat Bengaluru Mahanagara Palike) or BMRDA (Bangalore Metropolitan Region Development Authority) or BIAPPA (Bangalore International Airport Area Planning Authority) without which the construction of the building is illegal under the Karnataka Municipal Corporations (KMC) Act. A building owner has to get an approved plan from the jurisdictional Commissioner or an officer authorized by such Commissioner. However, the authorities sanction a building approval plan based on the zonal classification, road width, floor area ratio (FAR) and plot depth. A set of documents are required to be submitted by the owner in order to obtain a building approval plan. The documents include- Title Deed, property assessment extract, property PID number, city survey sketch (from the Department of Survey and Settlement and Land Records), up-to-date tax paid receipt, earlier sanctioned plans (if any), property drawings, 2 copies of demand drafts, foundation certificate (if any) and a land use certificate issued by the competent authority (viz., Dy. Commissioner). It is mandatory that the building owner hires a registered architect who will draw a plan meeting the applicable bye laws. One can get a building approval plan within 4-5 working days if all the requirements are met, via the newly invented BBMP software- Automated Building Approval Plan.
My answers are as follows:
1. Is this Legally allowed to transfer ownership before possession. Owners's Representative told me that Builder's Relationship Manager will be involved for transfer
Ans: It is legal but such representative must be blood relative of owner.
2. Will only Sale Agreement transfer be required here?
Ans: Without sale deed the owner cannot transfer the property. After Sale Agreement you have to get sale deed.
3. What checks should Owner/Representative qualify to make this a smooth transfer
Ans: There are so many things you to follow up as such you have to take guidance of property lawyer.
4. What necessary checks should I as a new buyer keep in mind to avoid any fraud from Owner/Representative end.
Ans: Without showing the documents in respect of property it is very difficult to guide you.
5. Extra charges I should expect apart from Stamp/Registration for this transfer?
Ans: It depends upon various factors.
6. List of legal documents which will be required here for smooth transition
Ans: It is as follows.
========================================================
Dear Sir,
You may purchase the property subject to fulfillment of following conditions. For more details visit the link.
12 Important Documents To Check Before Buying A New Property
1. Sale Deed:
A Sale Deed is the core legal document that acts as proof of sale and transfer of ownership of the property from the seller to the buyer. A Sale Deed has to be mandatorily registered. It is important that before the Sale Deed is executed one should execute the sale agreement and should check for compliance of various terms and conditions as agreed upon between the buyer and the seller. Before executing the Sale Deed, the buyer should check whether the property has a clear title. He/she should also confirm if the property is subject to any encumbrance charges.
* A seller should settle all the statutory payments such as property tax, cess, water charges, society charges, electricity charges, maintenance charges etc., (subject to the agreement) before executing the Sale Deed.
2. Mother Deed:
Mother Deed, also known as the parent document, is an important legal document that traces the origin/antecedent ownership of the property from the start (if the property has had various owners). It is a document that helps in the further sale of the property, thereby establishing the new ownership. In case of absence of the original Mother Deed, certified copies should be obtained from the registering authorities. Mother Deed includes the change in ownership of the property, be it through sale, partition, gift or inheritance. It is very important that the Mother Deed records the references to previous ownership in a sequence and should be continuous and unbroken. In case of a missing sequence, one should refer to the records from the registering offices, revenue records or the recitals (preamble) in other documents. The sequence should be updated until the current owner.
3. Building approval plan:
A building plan is sanctioned by the BDA (Bangalore Development Authority) or BBMP (Bruhat Bengaluru Mahanagara Palike) or BMRDA (Bangalore Metropolitan Region Development Authority) or BIAPPA (Bangalore International Airport Area Planning Authority) without which the construction of the building is illegal under the Karnataka Municipal Corporations (KMC) Act. A building owner has to get an approved plan from the jurisdictional Commissioner or an officer authorized by such Commissioner. However, the authorities sanction a building approval plan based on the zonal classification, road width, floor area ratio (FAR) and plot depth. A set of documents are required to be submitted by the owner in order to obtain a building approval plan. The documents include- Title Deed, property assessment extract, property PID number, city survey sketch (from the Department of Survey and Settlement and Land Records), up-to-date tax paid receipt, earlier sanctioned plans (if any), property drawings, 2 copies of demand drafts, foundation certificate (if any) and a land use certificate issued by the competent authority (viz., Dy. Commissioner). It is mandatory that the building owner hires a registered architect who will draw a plan meeting the applicable bye laws. One can get a building approval plan within 4-5 working days if all the requirements are met, via the newly invented BBMP software- Automated Building Approval Plan.
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A.Dear Client
here are your answers;
1.Yes it is allowed and builder will have to be involved in this
2. After that you will have to have sale deed which will be registered
3. Meet a lawyer with all papers and document to have comprehensive advice on that
4. Again you need to show all the docs and terms and conditions of transfer to a lawyer and get help
5. The Builder might ask for some extra money
6. Sale Agreement, Letter from builder, tripartite agreement and all relevant papers related to the property
here are your answers;
1.Yes it is allowed and builder will have to be involved in this
2. After that you will have to have sale deed which will be registered
3. Meet a lawyer with all papers and document to have comprehensive advice on that
4. Again you need to show all the docs and terms and conditions of transfer to a lawyer and get help
5. The Builder might ask for some extra money
6. Sale Agreement, Letter from builder, tripartite agreement and all relevant papers related to the property
Helpful
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Share
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