Property Seller asking for advance to pay property dues
I am planning to purchase a property in DLF New Town Bangalore. The Seller of which is asking for advance payment to be payed as dues to DLF.
The possession date is in future and DLF doesn't start the transfer process unless the dues are cleared.
Should I go ahead with the property. What can I do to ensure the money I pay as advance is safe & the seller will not run away with the money.
Asked 4 years ago in Property Law from Bangalore, Karnataka
1. You can make part payment initially and then fill payment is installments.
2. However such payments till completion of sale must be supported by detailed terms and condition which 9s called agreement for sale.
3. So in other words if you and DLF enter into a written sale agreement, you can safely make payments as on making full payments the DLF would be bound to register a deed of conveyance.
DLF is not the direct seller to you and in the name of seller you are going to pay the dues to DLF on behalf of the seller. After clearing the dues if the seller backtracks what you will do. Better enter into agreement of sale with DLF and finalise the absolute sale deed after paying the full value.
DLF is not willing to participate unless all dues are cleared from first buyer. So they say they cannot initiate the transfer unless dues are fully cleared.
If i pay the dues and pay the rest after property transfer..how can I make my payment secure?
Seller is not willing to give any bank guarantee.
Asked 4 years ago
1) enter into MOU with he seller on payment of earnest money .
2) ask seller to obtain letter from DLF regarding outstanding dues .
3) also ask him to obtain nOC from builder .
4) then enter into sale deed with the seller