Firslty, as you have mentioned that others have been agreed upon giving their share to you for a consideration, and that is also in two instalment.

Secondly, for that they will have to execute a release/relinquishment deed in your favour.

Thirdly, over which you will have to mention that you would be paying first instalment on such and such date and thereafter on another date the second instalment.

Fourthly, once you have done so then you would be safe as well as you would be having a proof for the same.

Sir you can make notarised receipt for the instalments and the person receiving along with the witness can sign same and you can keep same as record with you further pay through bank or cheque it would be safe.

Further all the legal heirs giving up there rights need to make a relinquishment deed registered in favour of the other buying heir.

Deed of family settlement can be entered into wherein other family members relinquish share in house on payment of x amount as consideration

2) deed should be duly stamped and registered

Dear Client

Their share will acquire by registered release deed than only transfer valid. Terms of payment shall reduced in writing in release deed and payment through NEFT or cheque - proof of payment . Cash not advisable

1. Would they be transferring their share through a sale deed or gift deed? In a sale deed the consideration is money whereas in gift deed it is love and affection.

2. Just obtain a receipt or acknowledgment from them that that they have been paid x sum of money towards part payment of sale consideration.

RECEIPT OF ADVANCE PAYMENT

I/We______________________R/o___________________________has/have received a sum of _________________/- (______________________ only) from _________________________ R/o_______________________________as part / advance payment / token money on account of sale of plot No. / House No.______________ out of the total sale consideration of ______________ (_________________________________ only). The detail of the payment already paid is given below:-

i) Advance payment

ii)

iii)

in the presence of following witnesses :-

Date __________

Place _________

Executant

WITNESSES :-

1-

2-

Sir a simple 4 letter reciept on stamp paper of 100 saying:

I ____________(name of person receiving money) residing at ___________________, had reciept a amount of XXX from ________________________(person giving money) on today that is _______________________in lieu of property details__________________________ vide ____________________cheque/cash details. Total amount for property_______________- received____________________ pending_______________.

on this you both can sign and further get it notarised,

hello

an agreement must be made to this effect that all the shareholders are transferring the property to you and they will receive an X amount per head. also it should mention clearly how much you intend to give initially and how much will you pay later.

regards

Make payment of installment by cheque. And enter the payment details of both the installments in your sale deed, one as paid cheque and one as PDC Cheque.

This is my response to you:

1. You can make a family settlement deed;

2. You can decide the terms of payment and the dates etc;

3. You can also make the terms as per your wishes if someone defaults;

4. Consult a local lawyer and draft the same accordingly.

You can enter into an agreement that on all of them relinquishing their rights in the property you shall pay each one an amount tht has been agreed by all.

You can also mention that the amount shall be paid in two installments

You can obtain a receipt acknowledging the payment of first installment which will be sufficient to prove the payment made to them.

Can you attach the sample format for getting the signature after i pay the installment.

I ......acknowledge the receipt of sum of Rs........... towards the first installment of the agreed amount of Rs........... and the balance to be paid during the time of second installment shall be Rs...........

Signature...............

Witness:

1) You have to make relinquish deed and get registered this deed with registrar. And mentioned in this first installment and secind installment dates so this deed wull become authentic document for transfer of title and payment clause too will appear in it.

2) If you want we can prepare relinquish deed for you at reasonable rate.