Developer as confirming party
Posted: August 24th, 2011, 12:27 pm
Dear members,
I have narrowed down on a plot from a developer. The sale agreement draft (sale deed will be done in 3 months) provided by the developer says that, he is a confirming party in the transaction and the vendor is the original owner of the land. All payments have to be made to the Confirming party, as per the MoU between the land owner and the developer. My question is, if all payments are made to the developer, can he still be just a confirming party in the transaction.
Also the vendor who is selling the plot, is not accepting any money directly from the purchaser, will this lead to any complications later ?
I have narrowed down on a plot from a developer. The sale agreement draft (sale deed will be done in 3 months) provided by the developer says that, he is a confirming party in the transaction and the vendor is the original owner of the land. All payments have to be made to the Confirming party, as per the MoU between the land owner and the developer. My question is, if all payments are made to the developer, can he still be just a confirming party in the transaction.
Also the vendor who is selling the plot, is not accepting any money directly from the purchaser, will this lead to any complications later ?