• Agreement and Account for Payment

There are one buyer and one seller.  Buyer makes payment after purchasing some property from seller with the condition that  he pays amount by depositing or by opening a bank account for 3 years.  After 3 years it will go to the seller.  It should be in the joint names of  seller and buyer but after 3 years the deposit amount should go to seller without requiring any cheque, demand draft, etc.  At the time of its maturity it should go to the seller with interest.  If seller dies within the period of 3 years it should go to his legal heirs.  In any condition after 3 years it should go to seller only. Is there a such agreement and account?

Please inform.
Asked 2 years ago in Property Law from Bangalore, Karnataka
forget it . entire sale proceeds should be paid at time of sale of property . it can be handed over at time of registration of sale deed . once possession is handed over chances of recovery of money are bleak . it makes no sense as to why should seller wait for 3 years to realise sale proceeds . why should he agreed to keep money in joint fixed deposit
Ajay Sethi
Advocate, Mumbai
23153 Answers
1216 Consultations
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it makes no sense as to why should seller wait for 3 years to realize sale proceeds
Rajeev Bari
Advocate, New Delhi
1506 Answers
92 Consultations
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why are you so sure that the you will get the decision in 3 years sometimes it takes more time
Rajeev Bari
Advocate, New Delhi
1506 Answers
92 Consultations
3.5 on 5.0
who told you partition suit will be completed in 3 years time ? in Mumbai it would take atleast 10 years . if will is challenged testamentary petition gets converted into testamentary suit . partition suit will be tagged with testamentary suit and both suits heard together . the fixed deposit suggested by you does not make any sense as  suit cannot be disposed of in 3 years
Ajay Sethi
Advocate, Mumbai
23153 Answers
1216 Consultations
5.0 on 5.0
I fully agree with the views of my learned colleagues. Any amount kept in  joint account will be the property of both the signatories. What if the seller claims market rate of the   property prevailing at that time (after 3 years) from the purchaser.
Shashidhar S. Sastry
Advocate, Bangalore
1233 Answers
59 Consultations
5.0 on 5.0
the best strategy for seller is to wait for court decision on probate petition . he should not be in a hurry to sell the property now . the option suggested by you dosent make sense and is absolutely un feasible
Ajay Sethi
Advocate, Mumbai
23153 Answers
1216 Consultations
5.0 on 5.0

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