I need to purchase resale flat, and need to pay 3 Lakhs as Token Amount flat finalized at 37L, there is loan of bank on flat of rs 35 lakhs, still owner dont have 7/12 doc of his flat, how can i legally get the receipt of 3 Lakhs paid to him, so he cannot refuse later or put me into any issue.
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1. If you want to purchase the flat then do so in phased manner.
2. So when you make the first payment as earnest money then you do so only on execution of a sale agreement.
3. Consult an advocate to draft such agreement and check clear title of the property.
An agreement to sell must be made with the seller stating all the issues that may arise. It should be registered. Payment be made and stated in the registered sale deed.
Before giving token money you should have enter into agreement to sell mentioning therein token money, sale consideration, date of repayment of bank loan, 7/12 document and final date of execution and registration of sale Deed. Money should be given either by cheque or transfer from your bank account. Be careful. Go ahead only on getting the receipt for 3L and execution of sale agreement so that further acts can be done according to the terms agreed failing which agreement can be enforced legally. It's better to take the help of local lawyer.
You need to execute agreement to same and pay the said token to him in that form and later pay the remaining amount before possession
execute registered agreement to sell consult a local property lawyer .
1. You may enter into registered sale agreement with the seller, and the amount can be recorded in same along with the condition of clear title can be properly added in the agreement.
Without the 7/12 don't proceed to purchase the property.
Please prepare Memorandum of understanding between you and seller and mention all your terms and conditions for purchase and resale of flats,property and and land with the details of property and payment.
MOU needn't to be registered with any authorities.
You may get it prepared,finalized and executed self or by a lawyer.
After clearing all formalities Please enter into sale deed of flat and get registered with sub-registrar of Assurance.
Agreement for sale has to be entered into
it should mention token paid , period within which balance amount has to be paid ,that seller would execute sale deed on full payment being made
get agreement for sale drafted by lawyer
1. There is no 7x12 document of a constructed Flat. 7x12 document is given ONLY for plot of land.
2. AFTER obtaining NOC from lending Bank, Execute a REGISTERED "Agreement to Sale" (not Sale Deed) with proper clauses, Give basic Token only, Clear of Bank Loan, Take Possession immediately and then execute proper Stamp Duty paid Registered Sale Deed.
3. IF above is not possible, THEN do not purchase said property.
Let the advance/earnest of 3 lacs be paid to the seller under a sale agreement. Better you get this sale agreement registered in the SRO office. This sale agreement will be binding both on you and the seller.
Kindly make the payment by online, and get receipt signed on black paper with 1 rupee revenue stamp signed. mention in it paid advance toward flat sale deed transaction 3 lakhs rupees.
Get an agreement registered for the advance payment.
Dear sir,
By paying token of advance amount you might have given by way of cheque that's one proof and secondly you must have entered into agreement to sell in which it will be mentioned that out of the sale consideration amount you have paid 3 lakhs by way of .......( however you have paid will be mentioned) that itself suffice for the proof of your amount paid!!
Pay by cheque or DD and before that execute agreement to sell.
- As per law, a 7/12 Extract document is a land record for tax collection purpose and can be produced as a proof to show the possession rights of the land.
- However, this document is not a proof of title of the property , and one cannot transfer the title on the basis of only 7/12.
- Hence, if the said seller is having a valid sale deed of the flat in his favour , then you can purchase the same.
- You should enter into an agreement to sell with the seller after mentioning the terms and conditions in details , and if possible registered the same from the office of Registrar .
You should get into a registered sales agreement with seller mentioning the advance paid by you for purchase of property.
You can enter into a sale agreement in which the owner will acknowledge the receipt of the token amount from you, which will be considered as a legally valid receipt.
Enter into Agreement to Sale (ATS) wherein the factum of payment of the advance should be incorporated.
