Builder Sold Home To Several Buyers- Investing in a property that is still under construction could have financial advantages. This does not, however, come without a number of risks. Homebuyers can find themselves in circumstances when the builder has sold the same flat to several different purchasers. This article provides home buyers with the essential information on their legal options for resolving these issues. And guiding them in making an informed choice while navigating the real estate market.

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With the highest level of demand for real estate in India, investors and homeowners are swarming to acquire under-construction buildings in hopes of earning larger profits. The real estate market, however, can be a little frightening because a buyer might learn that the builder sold the same home to several other customers. Fear not—it is possible to ascertain who owns the property, and with the correct legal counsel, losses can be recouped. The essay will educate readers on the intricacies of court cases and arm them with knowledge to protect their rights as homeowners.

Can a property that is still under development be sold?

In India, builders are allow to sell real estate that is still under construction. Although doing so requires a tri-party transfer document. Let’s dissect it:

• First, the seller locates a buyer who expresses interest in buying the house.
• The seller gets in touch with the builder after finding a buyer.
• The builder then gives a No Objection Certificate (NOC). Stating that they have no objections to the new buyer purchasing the property.
• The seller and the buyer execute a Sale agreement after receiving the NOC.
• The seller gives a copy of the contract to the builder for their records as soon as it is signed.
• Lastly, the builder modifies their documentation to reflect the new owner of the property.

The builder sold the same unfinished property to two buyers: Legal action

It is imperative that a buyer understands their legal options if the builder sold the same property to two or more parties. It is important for you as a buyer to understand that the first buyer whose name appears on the property documents is the property’s legitimate owner. The seller forfeits all ownership of the property as soon as it is registers in the name of the first buyer.

Therefore, it is a severe concern if you find out that the property you purchased has already been sold to someone else. You have two options in this case: you either take the builder to court in a civil capacity or register a complaint against them in a consumer forum. You can also report fraud to the authorities on a criminal level if there is convincing evidence of it. In order to safeguard your rights and get the matter resolve straight away. It is crucial that you get legal counsel.

Things to consider when purchasing a property that is still being built

Prior to making an Indian under-construction home purchase, keep the following things in mind:

Real Estate (Regulation & Development) Act registration: All builders are required to register their properties under this law. To guarantee openness, look up the project specifics on the state RERA website and confirm the RERA registration number.

Developer credibility: Review the developer’s past performance. Verify the number of jobs they have finished. Furthermore, were they provided without fail or complaint, on schedule, and with the amenities promised?

Sale agreement: Carefully go over the terms of the buyer-builder agreement. Make sure all terms & conditions are spelt out in detail, including the date of possession and any penalty for late delivery.

Pre-approved loans: Choose projects that have been authorise by the nation’s largest banks. As banks conduct extensive verifications, this adds a layer of protection even though it does not ensure timely possession.

Costs: Take into account extra expenses such stamp duty, GST (five percent of agreement value for under-construction projects), registration fees, and maintenance fees for a maximum of two years until the society is formed.

Conclusion

In summary, purchasing an under-construction property carries some risk in the event that the builder sells the same unit twice. It is advisable to conduct research on the project & property to prevent future issues, even though this is not a frequent practice among builders. Buyers and investors may also be able to receive a refund plus interest on damages. With the appropriate guidance and legal action.

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