I have 7 Are land in my name situated in gramin but it is road touch property. And I am going to apply for use it for N/A purpose. A interested party is ready to purchase this land by giving me half of the money on registered sell deed and half of the money on final N/A order. My question is that what if they refuse to give final half of the money when final N/A order will come?.They are ready to sign a agreement on stamp paper regarding remaining amount. What will be the value of that stamp paper with witnesses against the sale deed which I would have already given to them? Please help me regarding this issue or suggest me right way to deal with right documents. Thank you.
First answer received in 10 minutes.
Lawyers are available now to answer your questions.
1) better option is to wait till you get NA order then sell the property
2) there is no guarantee that party will pay you balance amount on obtaining NA order
3) if he refuses you will have to file suit for specific performance which will take years to be disposed of
So as per your valuable answer should I consider that I can file a suit if they failed to pay remaining amount on the basis of aggrement which is written on a stamp paper? And can we execute a sale deed without possession? I mean to say is there any way of transferring ownership without possession So I can release possession on the final payment?
You can file suit if purchaser fails to pay balance amount
2) deliver possession on full payment being made
Dear Friend,
DO NOT SELL ON INSTALLMENTS - lets have a small example : you are selling your car and transferring the ownership as well without taking full amount of the car because the buyer has said he will check the car for 15 days and will pay the money .
IN YOUR PROPERTY SELLING case once you have done the registered sale deed the buyer will not pay you the money and you will end up running around in courts - once the sale deed is done and the property is transferred the COURT AS WELL will ask you the authenticity of the sale deed and at that time you will not be able to explain the term of sale.....
Hence it is suggested to take all the money of the property before selling or dont sell it all together -
ALTERNATIVELY - you yourself apply for N/A post that sell to the concerned party - and they should agree to this -
You can take some money and do a registered AGREEMENT TO SELL and take some 20-30% and as a precondition to sale deed mention in the agreement that you will get the N/A done and in case NA is not received you will return the money.
1. If the agreement to sell is made then it cannot be breached. The breach of agreement to sell is actionable by the aggrieved party through a suit for specific performance against the buyer. The court can then direct the buyer to come forward to execute the sale.
2. The stamp duty part can be answered by only a local lawyer as it is not uniform throughout India,
An agreement in a NJ stamp paper agreeing to pay the balance amount no doubt shall be a valid document before court for recovery of money but why to go for a such long way.
Instead you can make an agreement that if the balance amount is not paid within the time stipulated then the registered sale deed is liable to be cancelled.
This will make sure that the buyer will promptly pay the balance amount without fail.
So as per your valuable answer should I consider that I can file a suit if they failed to pay remaining amount on the basis of aggrement which is written on a stamp paper? And can we execute a sale deed without possession? I mean to say is there any way of transferring ownership without possession So I can release possession on the final payment?
The sale deed without possession will attract police action hence do not risk, instead you can make a mention in the sale deed itself that the sale deed is liable to be cancelled in case the balance amount is not settled at a later date with the stipulation made thereon