Legal Question in Real Estate Law in India
Buying a flat
I intend to buy one flat .Owner is demanding 1,50,000 urgently. I have paid 50,000 as a token money and remaining 1,00,000 he is demanding at the time of registration. Owner has purchased a flat from the builder but he has not done a registration yet. I approached the builder and talked to him.He is saying we need to do a tri party agreement in which builder will be a confirming party and agreement will be done between me and the owner. However bank is also asking for completion certificate but builder is saying that he legally can not provide it before registration as it is a part of a registration agreement. However if my loan is sanctioned by bank and if if I do a registration and in case builder could not provide a completion certificate,then bank will not disburse the loan amount. And I will be in trouble as I would have already paid 150000 plus registration cost. If this happens can I take any legal action to get back my paid amount of 1,50,000 from owner and if not how should I tackle this situation?
3 Answers from Attorneys
Re: Buying a flat
There should be a clause in your agreement with the owner about refund of the money being paid by you if the necessary documents are not provided by the builder within stipulated time.
Re: Buying a flat
You have to insist the builder to get the comnpletion certificate from the authorities of Local Municipality before going for any such loan.You may also take a letter of assurance from the builder for issuing you the completion certificate within the time of disbursement of the loan,if not the total amount would be refunded unconditionally.
Re: Buying a flat
Simply apply and obtain completion certificate from municipal authorities. It is a public document and you should get it.
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