Hi,
I own a T permit car but I want to sell it off and shut my business with Ola.
A friend of mine is going to buy it for INR 410,000 however he is in financial crisis so cant pay me right now. In order to help him what I have agreed with him is -
1. I will first transfer the car on his name ( He has Gumasta already )
2. He will then mortgage that car with a small co-operative bank ( bank has approved in principle ) and get a loan of 300,000 which he will pay me immediately.
3. rest 110,000 will be paid by him to me in 11 installments of 10,000 each.
How & where can I make papers to capture this agreement and what precaution should I take
Asked 8 years ago in Business Law