Sir I read your reply to the below issue ; Location:-Bangalore Hi Sir, I want to buy a flat from agreement holder person B who have bought this flat one year back from owner person A through agreement of sale and tripartite agreement.But personal B wanted to sale this flat due to some financial problem. The completion date for this apartment is July 2014. and property is not register to person B. This property is clean( BBMP approval verified,EC verified, Khatha verified,CMC khatha verifed, servey no. verified,betterment charge verified) and comes under big layout which was formed in 1995 for residential purpose. Already 4 Building(G+3) is available inside the layout. There are 4 under construction building which will be completed by DEC 2014. Also plot are available inside. Complete layout is approved by LIC HFL. Now I have executed RECEIPT between me and Person A when person B is confirming party .RECEIPT says Person A and person B has agreed to sell this property to me with mentioning amount x with y cheque number.(This has signature of myself ,person A and B). Both personal A and B have given their bank statement which has all the details of payment thru cheque or given from LIC as per price breakup. Person B have taken loan from LIC HFL so as per LIC suggestion we have executed Assignment agreement between me and person B with same x amount and same y cheque where person A is confirming party. (this has signature of my self and person B(agreement holder)) I have submitted this Assignment agreement for my loan approval and person B has submitted this for transfering the loan to me. Loan will be approval after 10-15 day. Now i want to register this flat with my name. how i can do so? What is the procedure for registration ? am I going correct? Asked 3 years ago in Property Law from Bangalore, Karnataka YOUR REPLIES Owner person 'A' will register the property in your favour in the jurisdictional Sub-Registrar's office and the person 'B' would be the confirming party. 1. Property is not yet registered in 'B' s name. That means 'A' continues to be the owner of the property and 'A' can only pass on the title to you and hence he should only register the property in your favour.and 'B' will be the confirming party. 2. If the full consideration of the property has been paid by 'B' to 'A', then pay the sale consideration amount to 'B'. 3. In the alternative if 'B' has made only part payment to 'A', then the consideration amount to be paid to 'A' would be minus the payment already made by 'B' to 'A' and the part payment made by 'B' to 'A' has to be returned to 'B'. IS THERE ANY CHANGE IN THE PROCEDURE IN BANGALORE AT PRESENT IN VIEW OF DEMONETISATION ETC. Thanks & Regards M Rangfaiah
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There is no change in procedure due to demonetissation
1) it appears no saledeed was executed by A in favour of B and only agreement for saleexecuted
3) hence you were advised to enter into tripartite agreement with A and B wherein A will register property in your name and B would be the confirming party
1. procedure is right no need to change.
2. you may go through the procedure.
Hello,
1) No there's no change procedurally as a result of demonitisation as registration of agreement or transfer of property is not in any manner related to demonitisation.
2) The tripartite agreement will work. B has to be the confirming party and A the transferor.
The exchange of consideration is best explained in the answer provided.
Demonetisation has not resulted in any change in the procedure.
1. If the property has not been registered on B's name, then the title of the property still vests on A only.
In the tripartite agreement, A will register the property to your name by executing a registered cancellation deed to cancel the registered sale agreement now standing in the name of B, and you would pay B the sale consideration amount hence the B will be a confirming party to the proposed execution of registered sale agreement/sale deed in your favor,.
2. If B has paid the entire sale consideration amount to A, then you may have to pay the sale consideration amount to B, this shall be the condition in the proposed tripartite agreement.
3. If there is a part payment only and has been confirmed by both the parties, then as per agreement you may pay a part of the amount to B and balance to A as per your arrangement.
