Case: X ( the owner ) has the papers of the property but no allotment letter. For the allotment letter, he has to pay a certain amount which he cannot afford to pay the amount. Y ( the purchaser ) becomes ready to pay that amount for the allotment letter in the name of X and then wants to transfer the allotment letter in the name of Y. Statement of Y: Has decided a certain amount ( selling price of the property (file) ) to give to X after the allotment letter in the name of X. The condition of Y to give the amount to X: Y will make a sale and purchase agreement. Conditions mentioned: Y agrees to pay to X the price. After signing this agreement he will give advance 20% amount to X. The remaining 80% amount after the allotment letter received in the name X. What should X do? should he agree? what steps can be taken legally
First answer received in 30 minutes.
Lawyers are available now to answer your questions.
1) X does not have the funds to pay for allotment letter
2) Y is willing to provide 20 per cent advance for purchase of property and on receipt of allotment letter pay the balance amount
3) it is win -win situation for both parties
4) your agreement with Y should contain clause that balance 80 per cent would be paid within 3 months of receipt of allotment letter
5) in the event Y fails to pay balance amount within 3 months 20 per cent advance would be forfeited
If X has decided to sell the property, he can enter into a sale agreement with Y, and after receiving money as advance to wards the payment for allotment letter, once the property is allotted to him he can execute a sale deed to Y.
