buy plot on a third persons name
5 Jul 2011, 06:13
Hi Every one,
This is Savio and I m unmarried.
I have an offer to buy a property (plot) at a good price but at present I cannot buy it in my name as I have applied for a corporation flat which is allotted through draw of lots to a landless person.
Hence I cannot buy the land right now till the flat is allotted. I cannot let go of the offer as the allotment of flat is uncertain and I don’t want to miss on this good deal.
I don’t want to buy on my parents name as I don’t want to get into inhertence issued with my siblings.
So the question I m asking is that is there a way where in I can buy the plot on a third persons name and ensure that the same is transferred to my name without any legal issues in the future.
Please help..
1 Reply
You can enter into an agreement to purchase the land and take its possession. Execute the sale deed after you know the fate of the corporation flat allotment.
Alternatively, you can take the land on lease, and insert a clause in the lease deed giving you the option to purchase the land at a particular price. Make sure that you register whichever document you execute.
Benami transactions in immovable property are prohibited.