1. Sale deed is a deed for conveying the title of the property in question after receiving the consideration in full for the said conveying of title. It is a final document which registers the convey of title against the recorded consideration and is registered after the same is received and nothing is left to future. So, no sale deed can be registered unless full consideration has already been received by the seller in any form i.e. cash, cheque or DD (which is treated at per with cash).
2. The sale deed which mentions non receipt of consideration in full on the date of registration is invalid and void at law.
3. the cheque is required to be cleared first before you can legally register the sale deed. otherwise you shall have to register sale agreement.
4. If he is able to make part payment, you can execute and register an agreement for sale.detailing the schedule of his payment and after receiving the entire payment, you shall be able to register the sale deed for the said property. Bank loan can be disbursed based on agreement for sale also and in most of the cases such loans are provided on the basis of agreement for sale only.