Agreement Holders

[pradeepk]

For legal opinion following documents are required:

Sale deed copy
Khata certificate copy
EC
Allotement latter
Latest tax paid receipts

FOr loan:

All above documents plus
Bank account statement for last 6 months
last 3 months salary slip
last 3 years IT returns slip ( Form-16)
ID/Address proof
Photos

[tvsh]

Paarun,

Firstly, Make sure the agreement is in force and has a "nominee" or "asignee" clause. Ask for a copy of the agreement with the numbers blanked out. It should not happen that you make an advance payment of a few lakhs on an agreement that has already expired and the original owner declines to go ahead with the sale. You will have to run behind the agreement holder for returning your advance.

There is no transparency with the dealings in the Real Estate. When these agreement holders meet any owner, they never mention that they intend to resell these sites. Most owners think that they are dealing with end client. Once the agreement is signed, the agreement holder looks for a buyer and completes the transaction. If everything happens within the agreement period, then the original owner cannot do much and goes through the sale (if the asignee or nominee clause is present in the agreement).

[tvsh]

If you intend to go ahead with the sale, get a legal opinion, get an affidavit from the agreement holder saying that he had entered into an agreement with the owner and now do not intend to go ahead with the sale and has no objection in the owner selling the site to you. Have the agreement holder sign as witness as well in the sale deed.

Agreement cancellation is necessary in cases where the agreement is registered and the EC reflects it. If the agreement is not registered, it is enough if you do the above and collect the original agreement at the time of registration.

I am no lawyer and do not take my word as "legal Advice". Normally when you go to a lawyer for legal advice, he will suggest suitable legal remedies.

[paarun]

Thanks a lot for the suggestion. When I approached bank to check about land loan, I was told that "NOC from Society" and "Possession Certificate" should be collected too. Does Anjanapura have a society that provides NOC? Also, is Possession Certificate provided for plots, I thought it is only for house.

[pradeepk]

you can tell bank agent that it is a BDA layout and NOC and Possession Certificate not applicable here.

[pschidu]

Both NOC and Possession certs would have been given, to the allottee, by the BDA. check with the owner. both are essential docs.

[paarun]

How is it decided whether a plot is commercial or residential and based on what criterial? Does BDA allot it as two different types? I can see ads stating plots as commercial.

[PlotGuy]

I am baffled that you are willing to negotiate with an agreement holder. That agopal was willing to deal with an agreement holder is one of the reasons why these people exist.
It is quite easy to get the name and address of the owner from BDA's office. All you need to do is speak good kannada and have details of the plot. If you do a little bit of leg work, it will make life easier for everyone; and you would save atleast a few lakhs of rupees.

[tvsh]

Plotguy,

Even if one gets the owner's address, if there is a prior agreement, then the owner does not have absolute powers over the sale of the site. By taking an advance and entering into an agreement, the owner has given away the right to sell to the agreement holder (subject to both the parties fulfilling the conditions of the agreement).


One can choose to buy some other site from a direct owner, if he or she does not wish to deal with agreement holders. If every one of us do that then this agreement holder/resale, etc will cease.

[PlotGuy]

You are right about the legal aspects but letting the owners know that there is an offer will put pressure on these dubious middlemen. Quite often they tell one story to the owners and another to the buyers. We need to eliminate these people as much as we can.