Buying resale property with tenants living in.
5 years ago
Dear experts,
I'm purchasing an apartment in gurgaon in resale, and currently the property has tenants(bachelors) staying in it. They have rent agreement with current owner till May 2019(with minimum 6 months lock in period ending 31-12-2018, thereafter 1 month notice can be served by either tenant/owner to leave)
1. To safeguard my rights as buyer, I have asked for registry to happen on 2 Jan 19, i.e. post the minimum lockin period expires as owner says they will get tenant leave by 31 Dec, due to lockin period.
But Im having doubts if tenants refuse to vacate stating its only minimum lock in period, and they will vacate only when 11 month lease expires(May 2019).
2. How do I safeguard my deal -- can I ask seller to take affidavit from tenant stating they will vacate by 31 Dec 18.
OR have a copy of notice that owner sends to tenant to vacate the property by 31-Dec(take tenant's receiving on it).
3. Do I do Step2 above before giving token amount or before ATS takes place.
4. Any other better option you suggest, which is feasible and safeguards buyers interest in such cases.
Highly appreciate point wise reply above from experts.
Regards-NN
Deepak Yashwantrao Bade
Responded 5 years ago
Ambrose Leo
Responded 5 years ago
My answers are as follows:
1. To safeguard my rights as buyer, I have asked for registry to happen on 2 Jan 19, i.e. post the minimum lockin period expires as owner says they will get tenant leave by 31 Dec, due to lockin period.
But Im having doubts if tenants refuse to vacate stating its only minimum lock in period, and they will vacate only when 11 month lease expires(May 2019).
Ans: There is some risk and get a revised rent deed from tenants in favor of your vendor.
2. How do I safeguard my deal -- can I ask seller to take affidavit from tenant stating they will vacate by 31 Dec 18.
OR have a copy of notice that owner sends to tenant to vacate the property by 31-Dec(take tenant's receiving on it).
Ans. Revised rent deed is sufficient.
3. Do I do Step2 above before giving token amount or before ATS takes place.
Ans: it is very difficult
4. Any other better option you suggest, which is feasible and safeguards buyers interest in such cases.
Ans. Post pone the registration till possession is delivered.
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ARPIT BATRA
Responded 5 years ago
Rajender Prasad
Responded 5 years ago
sistla ramakrishna
Responded 5 years ago
As I understand, you intend to purchase and as on today you have not purchased.Since you are not the legal owner of the property you have no right to serve the Notice.
Your present owner has the agreement up to some point and still he can serve the Notice 3 months before as has been written in the Agreement/Contract. No problem.
Regarding the payment to the property owner depends on you , the credibility of the Company, their past track records in Delhi and NER Region. etc.
Shanti Ranjan Behera,Advocate
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