90,000+ Legal Questions Answered
Forcing for 100 percent payment
9 months ago
Can any builder/developer force a buyer to pay/clear 100% amount of the apartment, if the buyer is willing to resale the apartment.
A.Dear client,
A developer cannot ask for more than 10% of the property's value from the buyer, at the time of signing the builder-buyer agreement
A developer cannot ask for more than 10% of the property's value from the buyer, at the time of signing the builder-buyer agreement
Helpful
Helpful
Share
A.Dear Client,
In the absence of a specific condition in the Agreement to Sale/BBA, a Builder/Developer can not force the Buyer for full payment, especially before the registration of the Deed of Conveyance. As [per Sec.13(1) of the Real Estate(R & D) Act, 2016, the Builder/Developer even cannot take a sum as advance of more than 10% of the consideration value of the flat from the Buyer without entering into the Agreement for sale. So, any kind of unethical or unruly action on the part of the Builder/Developer may be brought to the notice of RERA for a resolution in the matter.
In the absence of a specific condition in the Agreement to Sale/BBA, a Builder/Developer can not force the Buyer for full payment, especially before the registration of the Deed of Conveyance. As [per Sec.13(1) of the Real Estate(R & D) Act, 2016, the Builder/Developer even cannot take a sum as advance of more than 10% of the consideration value of the flat from the Buyer without entering into the Agreement for sale. So, any kind of unethical or unruly action on the part of the Builder/Developer may be brought to the notice of RERA for a resolution in the matter.
Helpful
Helpful
Share
Read Related Answers
CHit Fund
Dear Client,
When a person issues a cheque against a promise or against any refund of money refundable by her or him and in the absence of any agreement, the cheque receiver holding the said cheque i...
Terrace rights
Dear Client,
The rooftops of the Building are also known as an open terrace and a part of the common area useable for all the floor owners of a multistoried building. Legally, a Landowner or Builder...
Disciplinary process for officer rank employee and a management staff.
Dear Client,
Holding a managerial position in the company, you have to pursue your grievance in respect of fairness or unfairness of disciplinary proceedings that ended up imposing harsh punishment be...
Repairing require for 4 storage Building
Dear Sir,
Every major repair to any building requires permission from local authority like KMC etc.
Disciplinary process for management staff
Dear Sir,
The charge officer to protect himself taking the signature of charge sheeted person on the order sheet, otherwise the charge sheeted person may question tomorrow that he does not know the co...
Read Blogs on Civil
Civil Lawyers
Find Lawyers by Location
