• Buyer name change request in Buyer Agreement & Allotment letter in under-construction property

I have applied a shop in under construction shopping complex. Buyer Agreement & Allotment letter from builder is under my name. Now I want to drop my name and replace with my Son Name. Property will be ready for Registry in six months.

My query is : How I can drop my name and replace with my Son Name in Buyer Agreement & Allotment letter from Builder. I want to get name change in Buyer Agreement & Allotment letter before Registry ( Which I want to be under my son name)
Asked 3 years ago in Property Law
Religion: Muslim

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17 Answers

A buyer is at liberty to nominate any person in his place for registration of sale deed. Draft an affidavit on stamp paper of 100 directing the seller to register property in name of your son. If you are abroad, you can get the affidavit attested by Consular Office which  they will ready will do and send it the you son, marking a copy to seller with a covering letter. That is sufficient for the seller to register the property in the name of your son. If you are in India you can get the affidavit notarized.

Ravi Shinde
Advocate, Hyderabad
4435 Answers
42 Consultations

It is very much possible. What you need to do is to fully transfer the allotment rights in favor of your son.

 

Contact your builder for the formalities in involved in the transfer of allotment. A bit of paperwork will be needed; but this can be very much done. 

Vibhanshu Srivastava
Advocate, Lucknow
9694 Answers
312 Consultations

Approach builder in this regard 

 

builder would insist on affidavit from you and also indemnity bond to indemnify him in case any claims are made 

Ajay Sethi
Advocate, Mumbai
97528 Answers
7890 Consultations

1. Art the time o registration you can put yur son;s name as the buyer and your's as the c informing party .

2. This would save lakhs of your money.

Devajyoti Barman
Advocate, Kolkata
23334 Answers
522 Consultations

 The seller is not authorized to transfer his rights or interest in a property to a buyer and only the builder can do so.

 In Direct Transfer of Under Construction Property, there is no agreement between buyer and the builder.

The entire transaction is based on NOC issued by the builder.

Here the seller is the father and the buyer is the son.

the best way to transfer the under construction property is by entering into a tripartite agreement or an assignment deed.  

You can inform the builder about it and can enter into a tripartite agreement with the builder involving your son as the third party and new buyer to buy the proposed party.

In this agreement the builder would register the property to your son's name on the basis of the agreed terms and conditions. 

T Kalaiselvan
Advocate, Vellore
87727 Answers
2358 Consultations

Dear Sir/Ma'am, 

1. first contact your Builder regarding the change which you want to initiate. 

2. the next step would be to draft an affidavit on stamp paper. this affidavit should direct the seller to register property in the name of your son. 

3. the affidavit requires to be notarized. 

4. the builder might ask for an indemnity bond as well, 

Thank You

  • For further assistance, you can book a consultation with me. 
  •  

Anik Miu
Advocate, Bangalore
10398 Answers
121 Consultations

- As per law, without Registration a buyer has no legal right over the property even he has cleared all the dues with the builder, and further cannot sell it to anyone under the Transfer of Property Rights Act.

- Since, you have entered into an agreement with the builder in your name , then you should approach the builder and request him to make changes in the Builder-Buyer Agreement and transfer the ownership rights in the name of your son. 

- As per rule the builder after collecting processing charges , can register the property in your son name. This processing fee is charged to change the Builder-Buyer Agreement.

Mohammed Shahzad
Advocate, Delhi
14773 Answers
224 Consultations

-   Builders charge fees if buyer wants to sell to someone else.
but in your case, you only want to change to your son.
So it is very much possible.
Contact your builder for the formalities in involved in the transfer of allotment.

 

-   If builder asks lot of money which they will try then you can add son as joint buyer.
After registration, you can do Relinquish Deed of your share for your son.
Fees for Relinquish Deed is very less.

 

-   If builder asks lot of money to add son as joint buyer.
Then also dont pay to builder.
After registration, you can do Gift Deed to your son.
Fees for Gift Deed is very less.

Ankur Goel
Advocate, Bangalore
454 Answers

No further additional documents would be required 

Ajay Sethi
Advocate, Mumbai
97528 Answers
7890 Consultations

- Legally an OCI Card holder can purchase residential or commercial property in India , except agriculture land. 

- Hence, he can registered  the said shop in India after submitting his identity proof etc

- Rest as i mentioned above.

Mohammed Shahzad
Advocate, Delhi
14773 Answers
224 Consultations

Any property can be purchased by nri  through Special Power of Attorney. The procedure is, draft a special power of attorney on Indian stamp paper of 100 rupees which  is available in all countries or even on white paper giving SPA to any of you relatives/friend to sell the property.  Go to Indian consulate/high commissioner and get SPA attested which  the consulate official will readily do. Send the SPA to the person named, he will take the SPA to the District Registrar who will validate it by putting his seal and signature. Fee for validation of SPA is 1 % if it is given to blood relation if given to other person it is 2% of government valuation of the property. With the validated SPA you property can be /purchased sold by person named.

Ravi Shinde
Advocate, Hyderabad
4435 Answers
42 Consultations

There's no restriction for an OCI card holder to buy residential or commercial property in India. 

Hence his passport,  OCI card, and other identity proofs would be enough for entering into the proposed agreement. 

 

T Kalaiselvan
Advocate, Vellore
87727 Answers
2358 Consultations

Dear Sir,

You will need the following documents

  1. Title Deed (in the name of the seller)
  2. Sanctioned Building Plan
  3. Commencement Certificate
  4. Occupancy Certificate
  5. Tax Paid Receipts
  6. Encumbrance Certificate
  7. Khata/Mutation Documents

ALONG WITH THAT:

1. PAN card

2. Registered Power of Attorney

3. Proof of Address

Thank you

  • For further assistance, you can book a consultation with me. 
  •  

Anik Miu
Advocate, Bangalore
10398 Answers
121 Consultations

1. Since the Registration of the property has not yet been done, the said change can be made by the builder.

 

2. Talk to the builder in this regard and he will ask for a letter from you to make the said change in the allotment letter and also the agreement. In worst case, the builder might ask for fees for substituting the allottees name (which they do in case of pre registration sale).

Krishna Kishore Ganguly
Advocate, Kolkata
27512 Answers
726 Consultations

OCI Card no. is required for the registration of properties in favour of  an OCI.

Krishna Kishore Ganguly
Advocate, Kolkata
27512 Answers
726 Consultations

- OCI card holder can buy residential or commercial property in India.

 

- If he is in India for registration then no problem.
But if he is not in India then he have to give POA to you/someone.

Ankur Goel
Advocate, Bangalore
454 Answers

1. Just give a simple letter in writing to builder asking him to execute sale deed in favour of your son.

2. There is always a clause in the agreement to sale that seller will execute the sale deed in favour of either the buyer or anyone else at the desire of buyer.

Ashish Davessar
Advocate, Jaipur
30813 Answers
974 Consultations

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