1)you can accept payment through bank pay order

2) check whether bank has issued such pay order. in other words whether it is genuine pay order

3) you can go ahead and sign the documents upon getting pay order from the buyer

Yes, you can accept payment through pay order. There's no trouble.

Yes you can accept the payment through bank also

check whether the pay order is valid or not

As soon as you receive the money go ahead and sign the legal documents

Thanks

yes u can accept the pay order but pay order can be transferred only the persons are in the same city there is no chance of bouncing so u can proceed by accepting the pay order

dont forgot to mention in the agreement to state that they paid thorugh the bank pay order :) Thanks :)

Hi , any electronic mode of payment from his account to yours is a valid transaction .. You can mention the details of the mode of transaction in the agreement , and after you recieve the money can execute the final sale deed in his favour

Not necessary to have agreement for sale

2) direct sale deed can be executed

If you have that much of trust on the person then there is no legal impediment in having a sale agreement

Otherwise legally it is always advised that you enter into a sale agreement, further also in your case you can move without having a sale agreement since the person is ready to make the entire payment upfront

Regards

No problem with out sale agreement you can go for direct registration of sale deed there won't be a legal problem at all...

Dear Client,

Pay order is also safe source of payment, only difference is unlike DD, Cheque, pay order is cleared by the specific branch which issued it.

Either verify from the bank issuing it, if any objection in clearance or/and include clause in the agreement , in case of default for any reason , the aforesaid agreement will cancelled forthwith.

Though DD is as good as cheque but you never know that if the DD after its drawing has bee cancelled or not beofre handing this over to you.

So I would advise you to get the money transferred through online or at least half oots money through this mode.

This is nothing but a precaution to avoid unwanted situation of litigating to recover your money.

Directly execute the sale deed with the real consideration.

There will be no legal complication.

1. Banker's cheque/ pay order is the instrument issued by the payee Bank.

2. It might be that the buyer has taken loan from the said Bank for which the Bank is paying its cheque directly to you.

3. You should cheque the genuineness of the instrument and also can verify in advance from the issuing bank whether your buyer has taken loan from them or not and also the reason for issuing Banker's pay order to you.

4. You can also insist that you shall sign the sale deed after the pay order is encashed and amount credited to your bank account to ensure that you have not been defrauded.

1. It is not necessary to always have an agreement for sale executed.

2. You can directly go for registering the sale deed after collecting the entire consideration in one go.

Hi,

Pay order and DD is the same thing one is for the local payment and the other is for the outstation branches. The RTGS is now safe and secured mode and is real time transfer and without hassle.

So the problem of the amount received will have no effect as the UTR no. of the transfer along with the bank detail will be the part of sale deed document.

Sir

Bank Pay order is same or like of same value of the DD, so, the question of risk is less.

There can be oral agreement also.

Thanks

You can go ahead with the sale deed if you frightened about the payments ask the purchaser on realisation of the amount you will execute the sale deed if agreed you can register the sale deed on realisation or ask to pay in DD.

There is no legal implication of not having a sale agreement. However, it may be mentioned in the sale deed that the possession of the property will be delivered on encashment/clearance of the pay order.

You should first ascertain that whether the bank pay order would be honored if presented becasue sometimes the buyer may have even given standing instructions to not entertain any such pay orders on presentation for the reasons best known to him.

As a follow up, I want inform you that I am not planning to have an agreement of sale in place, as buyer is ready with the whole amount to pay upfornt. I am planning to mention the amount and payment mode in the sale deed.

Do you see any risk/legal implications of not having a sale agreement in place ?

If the buyer is paying the entire amount at one stroke there is no necessity for a sale agreement. registered sale deed, may be executed with the same conditions be incorporated in the sale deed