• Payment for property sales

Is it ok to receive the money for a property sales from multiple accounts one of whom is not a party on the deed. The deed itself mentions all the RTGS transaction ids that was used to pay the full amount.
Asked 2 years ago in Property Law
Religion: Hindu

8 answers received in 1 day.

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10 Answers

Take sale  proceeds only from seller 

 

no harm if money paid from multiple accounts standing in name of seller 

Ajay Sethi
Advocate, Mumbai
99811 Answers
8147 Consultations

Ask buyer to transfer money only from his bank accounts 

 

You don’t want any  third party to claim later any share  in property on grounds that payment has been made from his bank account to your account 

Ajay Sethi
Advocate, Mumbai
99811 Answers
8147 Consultations

If the sale consideration amount has been received in full and the buyer indemnifies the accounts through which the sale consideration amounts have been received, then the seller can proceed with the execution of sale deed in favor of the buyer.  The persons who have sent the amounts towards this sale consideration amount should be identified by the buyer in writing in order to avoid future claims by those persons who have sent the money

T Kalaiselvan
Advocate, Vellore
90013 Answers
2497 Consultations

The buyer has to respond to your question that he has identified the persons who have sent the money towards the sale consideration amount on his behalf i writing, then you can proceed properly

T Kalaiselvan
Advocate, Vellore
90013 Answers
2497 Consultations

No issue. 

Yogendra Singh Rajawat
Advocate, Jaipur
23082 Answers
31 Consultations

- If the payment will be made from other accounts, then its details should be given in the sale deed with the name and account numbers 

- If there will not mention the details , then there is possibility that the said third person can claim the said amount from you on some grounds. 

Mohammed Shahzad
Advocate, Delhi
15819 Answers
242 Consultations

Dear client,

The Transfer of Property Act, Registration Act, and other pertinent legislation usually govern property transactions. Any differences between the actual payment arrangements and the deed may cause for concern as the deed usually represents the true nature of the transaction. Although collecting money from numerous accounts isn't specifically illegal, it's nevertheless important to maintain legal norms and transparency. The buyer-seller relationship is principally established by the sale deed, therefore having unrelated third-party transactions could make things more complicated. The Registration Act requires all transactions to be accurately documented, and any inconsistencies could jeopardize the legality of the sale.

 

Hope this helps you.

 

Anik Miu
Advocate, Bangalore
11019 Answers
125 Consultations

It’s ok but you may face income tax issues later 

Prashant Nayak
Advocate, Mumbai
34540 Answers
249 Consultations

1. No. It is not O.K. to receive payment from the accountb of a person who has not purchased your property.

 

2. He can claim it back later on showing some reasobn.

 

Krishna Kishore Ganguly
Advocate, Kolkata
27703 Answers
726 Consultations

1. That RTGS transactions have been mentioned by yoir buyer and not not thethird party who has sent you the said amount.

 

2. He should have sent the amount to your buyer for sending it to you and not directly to you.

 

3. Correct the mistake  at the initial stage itself.

Krishna Kishore Ganguly
Advocate, Kolkata
27703 Answers
726 Consultations

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