What Takes Place When a Builder Sells a Property To Multiple Buyers?
Builder Sells a Property To Multiple Buyers : Under-construction properties offer great investment options in a booming real estate market for many consumers and investors seeking bigger returns. Acquiring property ownership necessitates the effective completion of multiple legal procedures. Whether purchasing or selling real estate, buyers should proceed with caution, particularly if they are investing in newly developed res idences. Home buyers frequently find themselves in predicaments where the builder has sold the same property to numerous different purchasers. This may put the builder in legal hot water and cause financial hardship for the purchaser. On the other hand, buyers have access to legal remedy.
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What happens if a builder sells the same home to two buyers?
A buyer investing in real estate needs to be fully aware of who owns the property if they discover that the builder has sold it to other buyers. In this instance, the initial buyer’s name appears on the property documents, making them the legitimate owner of the property. Following the completion of the property transaction & registration in the name of the first buyer, the seller forfeits all ownership rights and the first buyer receives possession of the property.
The second buyer in such a situation has a few choices: they can either go to civil court or register a grievance against the builder in a consumer forum. To choose the best course of action and safeguard their rights, one can speak with a legal expert. Additionally, buyers have the option to contact the state RERA and voice their concerns to the authorities.
The right to a refund of the money paid to the builder, including interest and legal costs, is available to the second buyer.
Is it possible to sell a property that is still being built?
- The buyer who indicates interest in purchasing the house is the first person the seller finds.
- The seller contacts the builder after locating a buyer.
After that, the builder issues a No Objection Certificate (NOC), certifying that they have no issues with the property being sold to the new buyer. - The seller & the buyer need to sign a sale agreement after receiving a NOC.
- The seller gives the builder a copy of the contract for their records after signing it.
- Lastly, the builder modifies their records to reflect the new buyer’s ownership of the property.
Tips for purchasing a property that is still under construction
Credibility of the creator: It is imperative that you research the builder’s reputation before making any real estate investments.
Registration for RERA: Every builder is required by the Real Estate (Regulation & Development) Act to register their projects with the state’s RERA. Using the official RERA website, buyers should locate the RERA registration number & confirm the project data.
Costs: When purchasing a house, buyers need to account for additional costs. These include stamp duty and registration fees, maintenance costs for a maximum of two years until society formation, and GST of 5% on agreement value for under-construction projects.
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Purchasing a house that is still under construction has a higher risk than investing in a ready-to-move-in property since there is a chance that the builder would default or sell the property to several buyers. Making an informed decision so requires carefully examining the project & the builder’s history. If buyers find themselves in such situations, they must be fully aware of their legal rights and the RERA requirements in order to safeguard their interests.
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