Hello Sir, I am recedient of THane, and selling my flat. The purchaser has to yet pay own contribution to me i.e Rs 24 lakhs. Rs 63 lakhs will be loan amount from SBI Bank(Loan yet to be approved) of purchaser. The agreement value is Rs 88 lakhs. Rs 1 lakhs cheque has been credited to my account(vendor) as token amount. The purchaser says his bank will issue cheque for Rs 63 lakhs to me (vendor) once registration of flat is made. Also purchaser is saying that he will give cheques for 24 lakhs at the time of registraiton and cheque number will be mentioned in the deed. So in effect, I has received only cheque of Rs 1 lakhs till date. Now purchaser wants me to register the flat in his (purchaser's) name before paying own contribution and bank disbursment, As per him this is what SBI bank process is. My question is should I (vendor) go forward with the registration of flat in the name of the purchaser before cheques worth Rs 24 lakhs are credited to my account and befor bank disbursment cheque recival? Would such registration compromise the legal interest of me (vendor)? .
1) you should insist that purchase issue demand draft of Rs 24 lakhs being his contribution before registration of flat
2) you cnnaot take the chance of taking cheque at time of registration of flat
3) there is no guarantee that cheque would be honoured on presentation
4) dont agree to terms suggested by the purchaser
And what about bank disbursement..when should that i can expect? at the time of Registration what i should check for loan disbursement?
bank disbursement you can expect only at time of registration of flat
2) ask purchaser to produce you documentary evidence that his loan has been sanctioned for puirchase of your flat and that bank will disburse it at time of sale deed regsitration
My question is should I (vendor) go forward with the registration of flat in the name of the purchaser before cheques worth Rs 24 lakhs are credited to my account and befor bank disbursment cheque recival? Would such registration compromise the legal interest of me (vendor)? .
Do not do the mistake of proceeding with the registration before confirming the payment made through cheques, you can keep it on hold with just the agreement made and on confirmation of the encashment of the cheques, you may proceed with he registration of sale agreement. After that you can enter into a tripartite agreement with the bank and the buyer for recovery of balance of sale consideration amount and get the property registered on the name of the buyer as per the condition of the tripartite agreement.
You may obtain a legal opinion to this from a local advocate before venturing into all such acts.
And what about bank disbursement..when should that i can expect? at the time of Registration what i should check for loan disbursement?
As far as the payment of balance of sale consideration by bank, you should enter into a tripartite agreement with the buyer and the bank for recovery of the amount due to you. .