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Sharing agreement with a builder and partition deed
Question
We had an unpartitioned property of 3 owners. We entered into a 50:50 Joint Development agreement with a builder for re – development of our property. Since there are 3 landowners, each landowner is entitled to get 1/3rd share. Consequently, each landowner will get 1 newly built apartment.
The construction is almost complete. The following are my questions:
i) How will the builder handover the possession to us(the landowners)? Will the builder make a separate sharing agreement with us ?
ii) What are the documents the builder will hand over to us at the time of possession apart from the sharing agreement paper?
iii) Will each landowner get his share of flats individually in his name? Or will the landowners still need to make a partition deed to register their newly built flats in their individual’s name?
iv) If a landowner wants to sell his flat after possession, will he need the consent of other landowners or builder?
Answer ( 1 )
1. The handing over the possession of the Flat should be governed by the development agreement. there must be a clause regarding handing over the possession as once the flat is built, the same will be got registered in the name of the respective owners directly. So kindly check your development agreement.
2. The completion certificate and the possession letter along with the conveyance deed if any should be given at the time of handing over possession.
3. Partition deed is not required, if the owners have no dispute equal share flat can be given to each owner and oral partition if required can take place.
4. if the flats are registered in individual names then no consent of others would be required as they are not co-owner in the flat registered exclusively in your name. however if the property is ancestral, then partition would be required else the flats will get registered in all the names of the owners jointly.