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
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 10 years ago in Property Law
6 Answers
Are there made-to-order term deposits and accounts in banks in India? What are those called? Normally in which cases they are used?
Asked 10 years ago
it makes no sense as to why should seller wait for 3 years to realize sale proceeds
Because the seller got the property through holograph will and there are chances of the person who has right to challenge the will, going for partition case for asking share in the property. In case the challenger gets judgment in his favor, the buyer of the property may be required to give the challenger’s share of money. In case the judgment is not in favor of the challenger the money in the joint account comes to the seller.
Asked 10 years ago
why are you so sure that the you will get the decision in 3 years sometimes it takes more time
please suggest a way to deal with this problem.
Asked 10 years ago
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
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.
please suggest a way to deal with this problem. the seller wants to sell the property without going for probate and succession certificate case as he has to wait for minimum 2 years for the court's decision. moreover even after the decision the challenger's right still remains with him. he can challenge again anytime in higher court. therefore instead of waiting for 2-3 years he wants to consider the option of selling the property for little less price now and invest in good property to make up the loss and keep a share of money in an account ( which is according to an agreement which bound by law ) in the joint names of himself and the buyer. please tell whether this option is possible and good one.
Asked 10 years ago
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