• Buying property from a family member

Hi, My brother has an Apartment in India that I want to buy. I am a NRI staying abroad and he is a Indian Citizen in India. As I cant pay him full, I would want to pay him in parts and he is agreed to it. What is the best possible ways to do this. I might not be able to travel to India because of Covid. is there anyway I can do this to safeguard everyone's interest and how?
Asked 2 years ago in Property Law
Religion: Other

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10 Answers

You can execute registered agreement to sale and note the terms for the same. 

Prashant Nayak
Advocate, Mumbai
31954 Answers
179 Consultations

4.1 on 5.0

You need to apoint power of attorney for the same to execute on your behalf

Prashant Nayak
Advocate, Mumbai
31954 Answers
179 Consultations

4.1 on 5.0

Agreement for sale can be entered into with your brother for purchase of property 

 

2) it should mention period within which payment would be made by you 

 

3) on full payment being made registered sale deed can be executed in your favour 

Ajay Sethi
Advocate, Mumbai
94734 Answers
7539 Consultations

5.0 on 5.0

 

Lawyer can draft agreement forward it to you for signature 

 

terms of payment has to be mentioned in agreement for sale 

 

then you can sign the agreement have it attested before Indian consulate and return it to your lawyer 

Ajay Sethi
Advocate, Mumbai
94734 Answers
7539 Consultations

5.0 on 5.0

- As per law, an NRI can purchase a residential or commercial property without getting any approval from RBI

- Further, as you don't want to pay the amount in single payment , then you can enter into an agreement for sale with your brother after mentioning the terms of payment and the date of execution of sale deed. 

- Further, as you are living abroad then you can give POA to any relative in India to sign and execute the agreement and even sale deed on your behalf. 

- Further, that POA should be properly notarized as per rule of Canada, and attested from the consulate of India. 

Mohammed Shahzad
Advocate, Delhi
13230 Answers
198 Consultations

5.0 on 5.0

You can enter into a sale agreement with your brother with recitals about the periodical payments and also about the time within which you would be able to pay the balance of sale consideration amount and complete the execution of registered sale deed.

This would protect the interests of both the buyer and the seller.

 

T Kalaiselvan
Advocate, Vellore
84934 Answers
2197 Consultations

5.0 on 5.0

Your lawyer can vet and scrutinise the papers but he cannot sign on your behalf.

You only have to sign the sale agreement deed.

You an fix the timer limit up to 3 years at the maximum and can renew/extend  the same at the end of the maximum period on mutual consent.

T Kalaiselvan
Advocate, Vellore
84934 Answers
2197 Consultations

5.0 on 5.0

Dear client,

 

You can appoint Power of Attorney to a trusted person on your behalf for the same.

 

Thank you. 

Anik Miu
Advocate, Bangalore
8889 Answers
110 Consultations

4.7 on 5.0

You can execute agreement to sell with your brother where in all the conditions of payment can be mentioned and the entire payment is received the sale deed can be executed in your name.

Presence would not be required as you can give power of attorney to any person to represent on your behalf.

Your lawyer cannot be your power of attorney holder as per the recent judgement of the supreme Court of India.

Siddharth Jain
Advocate, New Delhi
6303 Answers
102 Consultations

5.0 on 5.0

Son of sale deed true power of attorney is legally binding but the power of attorney needs to be duly notarized and attested by Indian consulate as it is executed abroad.

Siddharth Jain
Advocate, New Delhi
6303 Answers
102 Consultations

5.0 on 5.0

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