Hello I am selling my flat in Karnataka for which I have all original documents like Khata, Sales deed, sales agreement, EC. I only have the copy of the construction agreement and the builder has the original. Buyer's bank is not ready to disburse loan without original construction agreement, please advise what can I do in this situation.
Ask builder to provide inspection of original construction agreement to purchaser bank
2) if bank refuses to accept mere inspection of original construction agreement issue legal notice to builder to hand over original construction agreement as it is necessary to confer clear and marketable title to property
A certified copy can be obtained from the registrar office and from the builder too under his hand and seal.
why has the builder retained the original?
if his full payment is made then how can he retain the original with him?
ideally the original remains with the buyer
you will have to get the original from the builder
without submitting originals no bank will give a loan
Since the construction agreement will be a registered document, in the absence of original document, you can obtain a certified copy of the construction agreement from the jurisdictional Sub Registrar's Office in which it was registered. A certified copy is as good as the original one, which can be submitted to the buyer's bank to obtain loan by the buyer.
You may to procure the original construction agreement from the possession of the builder because it is a document pertaining to you and not belonging to the builder.
The bank is right in demanding the original construction agreement.
Sir
you can request the builder to give you the original as even otherwise it should be with you. otherwise ask the bank to go to the builder and check the original document. if builder is retaining the original agreement then i understand that something must be remaining on your part to be complied with otherwise builder is not entitled to keep originals of your property. so in current situation i suggest that you should convince the bank to check the document at the place of the builder. good luck
1. Once you have the original sale deed and also agreement to sale then construction agreement pales into insignificance as title originates and flows from the sale deed alone.
2. However, as a matter of due diligence the banks refrain from sanctioning loan unless construction agreement is available.
3. You should contact the builder to obtain a copy of construction agreement. If the construction agreement is registered then you can easily obtain a certified copy of it from the office of jurisdictional sub-registrar.
