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Allotment Letter

Allotment Letter

ALLOTMENT LETTER 

If you are booking an under-construction property, you are required to receive an allotment letter from the builder. This letter includes all the details regarding the flat, the payment options and any extra charges that you may have to pay in case of maintenance or additional facilities. It also includes the construction schedule, house plans, delivery date and builder’s liability in case of late completion or problems after possession. Generally, it is issued to you upon payment of the 15 per cent of the property value to the developer.

An allotment letter is an important document meant for the buyer. Generally, while you will be pursuing a bank loan to buy a certain property, the builder/housing society issues the allotment letter to the buyer which includes details pertaining to the description of the property being sold/bought by the two parties.

The allotment letter also includes specifications of the project on the whole. You must discuss any preferences, such as choice of floor or view, before receiving the allotment letter as the options can be included in the allotment letter.

Allotment letter also includes about the specifications of the project on the whole. You must discuss any preferences, such as choice of floor or view, of yours before receiving the allotment letter as the options can be included in the allotment letter.

Allotment letter is vital in availing loan from the bank, as the letter mentions the amount of money which you have to pay to the builder/housing society, so that the remaining amount can be financed by the bank. On the basis of this letter, the bank finances the remaining amount.

Although the general impression is such that the sales agreement holds supreme importance in property deals, the allotment letter comes in when you are deprived of what you were promised.

For example, if on one of the pertinent aspects which is mentioned in the allotment letter, the builder refuses to give adequate documentary proof subsequently, as a buyer you can opt not to make subsequent payments and can demand that unless the builder satisfies the disputed aspect, you will not make subsequent payments. It will legally bind the builder to refund the buyer all the money that has been paid.

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AGREEMENT TO SELL

Agreement to Sell

AGREEMENT TO SELL NOIDA

 An agreement of sale constitutes the terms and conditions of sale of a property by the seller to the buyer. These terms and conditions include the amount at which it is to be sold and the future date of full payment.

 Being an important document in the sale transaction, it enables the process of sale to go through without any hurdles. All the terms and conditions included in the agreement of sale must be understood thoroughly by both the parties and obeyed throughout the sale process till the time the sale deed is made. Agreement of sale is the base document on which the sale deed is drafted.

An agreement to sell is also a contract of sale of goods, in which the seller agrees to transfer goods to the buyer for a price at a later date or after the fulfilment of a condition.

When there is a willingness of the both the parties to constitute a sale i.e. the buyer agrees to buy, and the seller is ready to sell the goods for monetary value. In an agreement to sell the performance of the contract is done at a future date, i.e. when the time elapses or when the necessary conditions are satisfied. After the contract is executed, it becomes a valid sale. All the necessary conditions required at the time of sale should exist in the case of an agreement to sell too.

If the seller rescinds the contract, then the buyer can claim damages for the breach of contract. On the other hand, the unpaid seller can also sue the buyer for damages.

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Builder Buyer Agreement in Noida

BUILDER BUYER AGREEMENT IN NOIDA

The builder-buyer agreement is an immensely important document as it is the legal contract between the builder and the buyer. If the developer does not keep his word on any count, it is the most important legal document that the buyer will have to fall back on. Many builder-buyer agreements are heavily tilted in the builder’s favour.

The agreement says that the builder will offer possession of the apartment (usually) within 36-42 months from the ‘start of construction’. Note, that it does not say that possession will be offered within the specified time from the ‘date of booking’. The commencement of construction is entirely up to the builder’s discretion. Some developers take the liberty of considering construction to have started after the excavation work is completed.

Builders include this clause in the agreement which allows them to raise the price of the apartment. If the project has been delayed, it could be due to the builder’s fault. They then penalise the buyer by raising the cost, claiming that raw material and other input costs have increased.

The agreement could include a clause allowing the builder to change the square footage of the apartment. If it has increased, he charges extra for it. “What changes, is not the carpet area but the super area,” explains AnujSood, head of Noida-based Sood Properties. “You may end up paying 10-15% extra, while the benefit to you, in terms of the additional area, may be marginal or nil.”

The agreement says that if the buyer delays in paying an installment, there will be interest to pay as well. The charge could be hefty – as much as 18-24% compounded quarterly. The developer may even include a clause stating that if you delay payment beyond a point, he reserves the right to cancel your allotment and that you may have to forfeit the earnest money, which could be as high as 20-25% of the total cost. The balance will be returned to you without any interest.

The agreement may say that you will have to pay for certain items on actual cost basis at the time of possession. He may then spring an unpleasant surprise by demanding an unexpectedly high amount. This could be for things like club membership, electricity connection charge, etc. Similarly, at the time of booking, he may not specify the PLC (preferential location charges). Later, he could charge you anywhere from Rs 100 to 500.

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Sale Deed in noida

Sale Deed Lawyers in Noida

Sale Deed Lawyers in Noida

A sale deed, also known as conveyance deed, is a critical document in property transactions. It is a legal document and an evidence that the sale of a property has been made in favour of the buyer from the seller. It is also a proof that the buyer is the absolute owner of the said property.

  • The deed is executed after the execution of the agreement to sell, and after complying with various terms and conditions outlined in the agreement.
  • The draft sale deed is made on a non-judicial stamp paper according to the Stamp Act of the state concerned. The document lays down the terms and conditions of the sale. The Document also contains the details of the parties, the property, the sale amount, the advance payment, the dates, the mode of payment, the time for handing over the original documents and the possession of the property, etc.
  • Apart from giving the complete details of both the seller and the purchaser, both the parties have to sign the contract. Details outlining the specifications of the property — identification number, total area of the plot, details of construction, the total amount to be paid, the instruments through which such transactions will be made — are also stated.
  • Buyer pays the earnest money also finds a mention in the agreement.
  • The Seller Not only gives a detailed list of documents executed by him in favor of the buyer, but also certifies that the property under sale is free from any encumbrance
  • Subject to an agreement between the parties, payments such as property tax, water charges, electricity charges, society maintenance charges, etc, should be paid by the seller before the execution of the sale deed.
  • Once all the terms and conditions have been agreed upon, the sale deed is made. The main document for the transfer of ownership of property, it is executed by all the parties and all pages of the document are signed. It is mandated that the deed should be signed by at least two witnesses, giving their full names and addresses.
  • Under the Registration Act, the sale deed is registered at the sub-registrar’s office, where it is compulsory for both parties to be in attendance, along with original documents. For any reason, if the buyer can’t be present at the sub-registrar’s office on the given day, he can give a power of attorney to his agent to act on his behalf.
  • After the sale deed has been signed by both the parties, the documents should be presented for registration within four months from the date of execution. If it is not done, a grace period of another four months is given on payment of some fine.
  • Generally, the buyer is responsible for the stamp duty as well as registration charges.

SALE DEED

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