Property registration and payment terms

Devrath Roy (Querist) 11 December 2016 This query is : Resolved
Hi,

I want to purchase a freehold residential land in Ghaziabad,U.P for Rs.12,00,000 from an Individual seller on resale. This land is not approved by any developent authority. I have only Rs. 5,00,000 to pay now, and for payment of remaining Rs. 7,00,000, I and seller have decided to pay through monthly EMI of Rs. 10,000 for 840 months. Hence total amount i will pay Rs. 13,40,000 for that land which is inclusive of both principal and Interest.

I want the land to be registered on my name.
To execute a separate legal contract between me (Buyer) and Seller so that seller should entitle the recovery rights from me and I am obliged to pay the remaining balance amount payable on EMI of Rs. 10,000 for 840 months (Total 8,40,000) in cosideration of land of Rs. 12,00,000.

Please suggest me the best legal process to be followed which would entitle me (Buyer) the ownership right of the property and entitle the other party (the seller) the recovery rights of balance amount payable on EMI of Rs. 10,000 for 840 months (Total 8,40,000).

And please suggest me the process of land registration and sale deed execution while purchasing property in ghaziabad. How this sale will executed.?

Please address my both queries above.

Regards,
dev

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malipeddi jaggarao (Expert) 11 December 2016
The proposal is somewhat novice. Generally, seller will agree for registration by paying a part amount and remaining in EMI. However, the full terms and conditions between both the parties need to be checked before giving any advice.

Kumar Doab (Expert) 11 December 2016
You have posted that:

"I and seller have decided to pay through monthly EMI of Rs. 10,000 for 840 months........................ecovery rights of balance amount payable on EMI of Rs. 10,000 for 840 months "

Isn't it 70 years!

Why anyone agrees for such a long time.

"This land is not approved by any developent authority............ I have only Rs. 5,00,000 to pay now"

Prefer proper legal opinion from a local counsel specializing in revenue/property/civil matters before you pay anything or sign anywhere.

Save your hard earned monies.

Rajendra K Goyal (Expert) 11 December 2016
You should discuss your full proposal with local lawyer, show him all the documents.

Rajendra K Goyal (Expert) 11 December 2016
Repeated query:

http://www.lawyersclubindia.com/experts/Land-registration-payment-terms-625456.asp

Kumar Doab (Expert) 11 December 2016
Pls don't repeat.

R.K Nanda (Expert) 11 December 2016
repeated query.

Sri Vijayan.A (Expert) 11 December 2016
Pl dont post repeatedly.
Consult a local lawyer along with all relevant facts and figures.
You can register an agreement.
OR
You can register a sale deed stating that a partly paid or unpaid seller, who shall have lien over the property till the consideration (sale value) is fully paid.

Kumar Doab (Expert) 11 December 2016
Seller agreeing to payment term of 70 years smacks of defects.

You may doubt and get proper legal opinion from local counsel.

Ms.Usha Kapoor (Expert) 12 December 2016
Repayment of balance money scheduled to be paid over a period of 70 years smacks of malafides.Get your papers thoroughly checked by local legal expert or Senior lawyer.