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Exit from multi-owner Sale of Agreement
Question
There are two purchasers in a Agreement of Sale with builder and have not executed Sale Deed yet. Now one of the two purchasers want to exit the Agreement of Sale and other purchaser want to sell the property. As I understand, anyway builder will be involved when Sale Deed will be executed in future as its not done yet.
Queries:
1) Is it possible one of the purchasers can exit and they can prepare a new/another agreement between them to transfer the rights to other purchaser, so that other purchaser can sell the flat?
2) If there any possibility for point #1, will there be any legal consequences from future buyer’s perspective considering changes in the number of sellers?
Answer ( 1 )
If the sale agreement is yet to be registered, there will be no problem if one of the purchasers are exiting from the agreement. no such legal repercussions if all other terms and conditions of the sale agreement are met.