Can a Redeveloped Flat alloted Owner Sell his Flat without Tripartite Agreement
3 months ago
Can a Redeveloped Flat alloted Owner Sell his Flat without Tripartite Agreement ( Between Builder, society, owner ) ? Flat Possession is given, Society is there, Builder & Society Case is going on ( for not provided Corpus Fund )
A.Dear Client,
Once a society is formed and registered under the state-specific Cooperative Societies Act, the builder has no role to play in the sale of a redeveloped flat by a flat owner on receipt of NOC from the Society that does not attract tripartite agreement. The one-time cost of the redevelopment job of the buildings typically is met from the corpus fund and carried out by a builder based on an agreement made between the society and the builder. The owner of the flat is in no way connected/concerned with the dispute that arises between the Society and the Builder regarding the handover or transfer of corpus funds to the Society. So, being an owner of the redeveloped flat, once the owner obtained NOC from th Society, can sell the flat to others on payment of transfer fees by the buyer to the society as per the Byelaws of the Society.
Once a society is formed and registered under the state-specific Cooperative Societies Act, the builder has no role to play in the sale of a redeveloped flat by a flat owner on receipt of NOC from the Society that does not attract tripartite agreement. The one-time cost of the redevelopment job of the buildings typically is met from the corpus fund and carried out by a builder based on an agreement made between the society and the builder. The owner of the flat is in no way connected/concerned with the dispute that arises between the Society and the Builder regarding the handover or transfer of corpus funds to the Society. So, being an owner of the redeveloped flat, once the owner obtained NOC from th Society, can sell the flat to others on payment of transfer fees by the buyer to the society as per the Byelaws of the Society.
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A.Dear Client,
The ability of a redeveloped flat owner to sell their flat without a tripartite agreement can be influenced by various factors, including the terms of the redevelopment agreement, local regulations, and the specific circumstances of the case. In many cases, the tripartite agreement is crucial for the smooth transfer of ownership, as it typically addresses the rights and responsibilities of the builder, society, and flat owner. If there is an ongoing legal dispute between the builder and the society regarding the non-provision of a corpus fund, it may complicate matters.
It's advisable for the flat owner to consult with a legal professional who can review the specific details of the redevelopment agreement, assess the impact of the ongoing case between the builder and the society, and provide guidance on the appropriate steps to take. Understanding the legal implications and potential risks associated with selling the flat without a tripartite agreement is crucial to making informed decisions in such complex scenarios.
Thankyou
The ability of a redeveloped flat owner to sell their flat without a tripartite agreement can be influenced by various factors, including the terms of the redevelopment agreement, local regulations, and the specific circumstances of the case. In many cases, the tripartite agreement is crucial for the smooth transfer of ownership, as it typically addresses the rights and responsibilities of the builder, society, and flat owner. If there is an ongoing legal dispute between the builder and the society regarding the non-provision of a corpus fund, it may complicate matters.
It's advisable for the flat owner to consult with a legal professional who can review the specific details of the redevelopment agreement, assess the impact of the ongoing case between the builder and the society, and provide guidance on the appropriate steps to take. Understanding the legal implications and potential risks associated with selling the flat without a tripartite agreement is crucial to making informed decisions in such complex scenarios.
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