1. Myself and my buyer signed the agreement of sale on 8th july where he paid 1050000 through 3 cheques. All are cleared. For rest he applied for a loan of 50 lacs 2. Buyer applied for the loan and got it sanctioned and shares the copy of DD he received from the bank. 3. He is not ready to pay the full and final before the registration and my point os I should get the full and final before the registration. What are my options legally?
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1. yes, before the execution and registration of sale deed seller can not get full payment.
2.SO since he his loan has been sanctioned then proceed for registration of deed and once that is done you will get the full balance payment.
3.So wait till the sale deed is prepared and drafted.
1)the DD would be paid to you at time of registration of sale deed
2) it would not be paid before the registration
3) DD should be of reputed bank
1. DD is of Andhra Pradesh Gramin Vikas Bank. Bank handed over the DD to my buyer. Is this a safe bank? 2. What documents should I be verifying before the registration as a seller? 3. Can I ask for a loan sanction letter copy from the buyer? 4. If at all buyer wants to cancel the deal. Do I need to pay him the amount he paid earlier? In this case What are my legal options?
1) insist on DD of nationalised bank or reputed property gate bank
2) do not know whether Gramin bank is safe or not
3) check whether DD issued by bank or not
4) if deal is cancelled you have to refund advance money received as per terms of your contract
You can verify the loan by Asking him to visit the bank along with you...if it is a government bank , it is a safe bank.. If he intends to cheat by false DD , the sale deed stands cancelled,,and in turn he will get him involved in serious criminal offences..if you cancel the deed , he may file a civil case to recover the amount given to you
3. He is not ready to pay the full and final before the registration and my point os I should get the full and final before the registration.
The buyer can pay the balance amount at the time of registration of sale deed only and not before that.
Your demand for handing over the DD before the date of registration is unjustified.
What is the basis that you claim the entire amount even before registering the sale deed in his favor?
You have no legal option in this.
1. DD is of Andhra Pradesh Gramin Vikas Bank. Bank handed over the DD to my buyer. Is this a safe bank?
This is a government bank coming under the control of the nationalised bank 'Andhra Bank', what is your doubt about it?
Why do you go for bank's trust worthiness, you are concerned with the sale consideration amount alone and not with the bank,
2. What documents should I be verifying before the registration as a seller?
You do not have demand for any document from the buyer, it is you who have to submit all the relevant documents to the buyer.
3. Can I ask for a loan sanction letter copy from the buyer?
You are not concerned with the loan sanction letter or anything related to the buyer's personal affairs hence you cannot ask for any such thing, dont do this blunder mistake.
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4. If at all buyer wants to cancel the deal. Do I need to pay him the amount he paid earlier? In this case What are my legal options?
If you keep tormenting the buyer with all such irrelevant things, the buyer may opt out to by and may even cancel the purchase, in that case he may demand not only the entire advance money but also an interest for it from the date of payment of this advance amount to you.
You may have to return the same, because the legally valid document for having received his money is the sale agreement, by which he can sue you before court for recovery with interest, you canot deny the acceptance or receiving the advance amount.