You don’t need sale agreement and construction agreement if you have original sale deed
Hi, I recently purchased a resale apartment in Bangalore from the First owner. The property was registered in the name of First owner 3 years before. Post purchase I received all the documents ( including Registered sale deed between first owner and builder) but did not receive the original sale and Construction agreement. A copy of the same is available with builder. Is this document required? Will I face any issues in future?
Yes if it's with the builder and the fist owner you can demand it as it is of no use to them after sale
1. If the sale and construction agreement is a registered one, you can ask the seller to arrange for a certified copy from the Sub Registrar's Office in which it was registered. The certified copy is as good as the original one.
2. To avoid future complications, obtain an acknowledgement from your seller stating that he has not handed over the original sale and construction agreement to you, while selling the property to you.
As the original sale deed in the name of the previous owner is in your possession, you need not bother. However, to complete the documentation, it is better for you to obtain the construction agreement also, which usually contains specific details about construction of the flat such as dimensions of rooms, material used etc.
- As per rule , a sale sale and construction agreement is also required by the bank for sanctioning the loan to the buyer along with other documents.
- Hence, for you can ask for the said agreement from the builder and even a certified copy of the same.
- Otherwise , Sale deed is important title deed for being the owner of the property and an occupancy certificate from the builder to certify that the building has been constructed as per law.
An agreement of sale constitutes the terms and conditions of sale of a property by the seller to the buyer.
From the point of view as a buyer, it is crucial that specifications, floor plans, and amenities are written into the agreement.
Since it is part of the relevant documents pertaining to the property you purchased, you may insist on the seller to obtain the same from the builder/seller and hand it over to you.
Dear client,
They are important in case any future legal implications arise, especially the original sale agreement so, it is recommended to keep for safety reasons.
Thank you
Thank you. May I know what are the possible legal complications that could arise? I realize the sale agreement can be used as a means to take a loan while it is under-construction but are those valid encumbrances without an original sale deed? In this case, the seller could not find the document. However the builder has shared a duplicate scanned copy of the same. What else should I do if the document is missing?
Any lender would insist on registered agreement with builder before sanctioning loan
ask for certified copy from builder of the agreement fir sale
You may please obtain the construction agreement available with the builder, if it is not a registered document. If it is registered, you may get a certified copy from the land registry.
You can ask the seller to execute an indemnity bond indemnify you against the losses, that may occur in future due to loss of this particular document or to any other eventuality due to this situation because this is an . the essential document which is part of the property documents
As of now you may not be able to foresee the problems that may arise in future due to the missing document, whereas when you try to sell the property, this may be sought by the prospective buyer, in that event you may have to give an indemnity bond indemnifying the buyer.
- The seller should publish a notice in the newspaper for missing and also a compliant with the local police .
- Then on that ground , a certified copy can be collected from the competent authority.
- Further, an indemnity bond should be executed by the builder for a safeguard to you.
Dear client,
Original documents are always important to prove that you own a certain property and that it is in your name. You need to register a FIR as early as possible and apply for the copy of it with sub-register office of the jurisdiction where sale deed was registered. They will issue the receipt of acknowledgement and place the same before the of the concern sub register office and apply for a certified copy of the Sale Deed.
Thank you.