Read between the lines

You must care­fully go through the clause on trans­fer charges while sign­ing the builder-buyer agree­ment

HT Estates - - FRONT PAGE -

The trans­fer fees clause dif­fers from builder to builder and de­pends on the avail­abil­ity of stock i n a par­tic­u­lar project. There­fore, while sign­ing t he builder- buyer ag re­ment (BBA), make sure that you’ve gone through it care­fully. Here are some clauses taken from dif­fer­ent BBAs of de­vel­op­ers in Delhi NCR. “The seller/con­firm­ing party shall not en­ter­tain any trans­fer/nom­i­na­tion/as­sign­ment re­quest till one year from the date of book­ing of the said unit.” This means that the buyer will not be al­lowed to sell the apart­ment for at least a year af­ter book­ing it.

An­other agree­ment of a Gur­gaon project reads: “The al­lot­tee shall not sell, trans­fer, as­sign or part with his/her/ their/its right, ti­tle or in­ter­est in the said unit or any por­tion thereof un­til all the dues or charges payable to the com­pany are fully paid and a sale deed has been ex­e­cuted in his/ her/their/its favour. The al­lot­tee is, how­ever, en­ti­tled to get the name of his/her/their/its as­signee sub­sti­tuted in his/ her/their/its ts place with the prior ap­proval val of the com­pany who may at its sole dis­cre­tion per­mit the same on such terms rms and con­di­tions ions and charges s as it may deem m fit. The al­lot­tee shall pay to the com­pany trans­fer charges as ap­pli­ca­ble from time to time in re­spect of such sub­sti­tu­tions or nom­i­na­tions.” This clause makes it clear to the buyer that the builder has the first right to de­cide if the buyer can sell his unit or not and that trans­fer fees will change from time to time.

A BBA signed between a buyer and a builder in Noida also clearly states that “...the com­pany may at its sole dis­cre­tion per­mit such sub­sti­tu­tion (trans­fer) and as­sign­ment on such terms and con­di­tions as the com­pany may deem fit and proper and in ac­cor­dance with ap­pli­ca­ble laws...”

An­other agree­ment specif­i­cally men­tions the amount that the buyer will have to pay in the event of a trans­fer. “Trans­fer of the ben­e­fits un­der this al­lot­ment in favour of the third party may be al­lowed but af­ter pay­ing ad­min­is­tra­tive charges at the rate of ₹ 100 per sq ft to … and with prior per­mis­sion of ….which … would be en­ti­tled to grant or refuse at its dis­cre­tion.”

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