Sublease Deed

A homebuyer is not the legal owner of a property till the flat is registered in his name. To apply for registration, however, a builder has to obtain an OC from the authority. In the absence of this crucial document, a unit cannot be registered. This effectively means the buyer is staying in the flat illegally. Now that buyers would be able to sign sub-lease agreements, their ownership over the property could be proved using the document. After the builder receives an OC for the project, the unit will be duly registered and the buyer will have to pay a token amount of Rs 50 at that time. Note here that homeowner will not be able to sell such units till the OC is obtained by the builder.Sub-Lease Agreement To Give Noida Homebuyers Almost-Legal Ownership. ... The Gautam Budh Nagar Administration has said that homebuyers in these projects can sign an agreement to sub-lease with the builders by paying five percent stamp duty. This document will make their ownership legal, at least partially. Yes, the name of owners can be changed during the final registry and there can also be multiple owners from buyers side.

Dear Sir, Take the relevant documents to the property advocate and get advise before signing such sub lease deed. Please give me rank after viewing my details. Please call me for further assistance.

Hi, The buyer, builder, and authority sign a tripartite sub-lease deed when all dues have been paid. The transfer of the property title from the builder to the buyer requires a sub-lease deed, which is not the same as a registry. Yes, the name of owners can be changed during the final registry and there can also be multiple owners from buyers side. If you find this answer helpful. Please rate my answer. Thank You.