Advance Money

M.Maheshwari (Querist) 16 January 2010 This query is : Resolved
I have sell my house 2 month Before in Rs 250,000/-.
The buyer is only give to me rs 1100/- as an adavnce for purchase .
there is no written aggrement between us .
i want to Know what is minium advance .
adavance is depend on worth of property or its mutuall aggreement .

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R.R. KRISHNAA (Expert) 16 January 2010
The advance amount may be anything(even one rupee). In your case it is a valid advance.

Written agreement is not compulsory. Advance amount is a amount agreed mutually between the parties.

B K Raghavendra Rao (Expert) 19 January 2010

There is no limitation as such for minimum or maximum of advance amount to be paid for sale or purchase of immovable properties. It depends only upon demand and acceptance.

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