Take sale proceeds only from seller
no harm if money paid from multiple accounts standing in name of seller
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.
Take sale proceeds only from seller
no harm if money paid from multiple accounts standing in name of seller
Sir, I am the seller. Question is can the buyer transfer the amount from his account and someone else account to the seller's account. Even though only the buyer name will be on the deed. All RTGS transactions will be mentioned though. Is this still ok?
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
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
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
- 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.
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.
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.