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sahas   19 February 2017

Land sale - urgeny query

Hi All,

Our family owns a land which is located in chennai. The land, which is 1 ground in total, is jointly in my father, mother and my name respectively.

Recently we have found a buyer who is a builder who is willing to purchase the land from us for a specific amount. Please advise in the below questions of mine.

a) Buyer is forcing us to give POA to him from time to time. My father keeps declining him every time. We are not giving POA.
b) Buyer asked us to visit the registrar office last week to sign the Agreement of Sale. After reading through it, we noticed that, there was no duration or tenure mentioned in it. When we questioned about this to the buyer, he said he did not mention it as he has to pay 1% of the total sale amount. However, it  did mention, a 1% amount is being paid as advance. The seller also gave us a DD for the specified amount.  Luckily, we did not carry original documents and the sub registrar put the registration  in pending ( after taking our photo, signature, fingerprint etc ) She asked us to show original ID, original land documents next week and then she will register the agreement.

Now my question is, is it safe to execute a sale agreement without tenurity/expiry? Is the 1% fee a scam or is there a rule like that? Can we ask the buyer to give is 3 cheques of total land sale agreed amount before registering the agreement?

Please advice. My father is very old senior citizen and i am a total novice.

Appreciate your valuable advice.



Learning

 2 Replies


(Guest)

I will suggest you one thing , please take help of advocate from chennai , good experienced and you pay fee to him , with specfying goal to him that you  should not be cheated in transcation and we should get our whole amount .

Generally while doing transcation both parties are required to keep their best advocate so they are not cheated , but what happens person tries to save money on advocate and one side take other side on ride to large extent , be practical if advocate is paid by opp side then he will see the legal interest of opp side and not yours additionally you expecting that opp. side advocate will be fair with you or do things properly is wrong.

Now taking proffessional help by paying good legal fee this many people don't do because they don't have habbit to do so and for builders either it is routine which they have become very well expert (with many are law graudate) or they have their own team.
 

While drafting agreement etc. ,advoacate things of his client interest (Person who pays him) and not of opp. side so in this case the agreement which is going to take place is certainly as per interest of opp. side.

Now you will ask how much fees advocate should take? Generally people are ready to pay 2% to real estate broker and very low to advocate and they prefer to take documents from typist , this all things affects the legal interest of party. 

I will only suggesst please keep proffessional good advocate at your side from city who can check all things and safe guard your interest properly so you are not cheated , avoiding proffessioanl fees in such transcation is very risky.

Anyhow I am not from Chennai , so can not help you much because all have to be checked from land records to all things which is not possible but I gave you sincere reply as I can 

 

 

Kumar Doab (FIN)     19 February 2017

NO.

The time period to pay Full and Final amount, and to register the sale deed should not be indefinite.

If 1% fee is to be paid then let it be paid by buyer.

Don’t sign any agreement on mere advance of 1% of total value of land.

Approach your own counsel specializing in property/civil matters for a proper legal opinion.

You are being taken for a ride by a shrude  buyer.

 

 

 

 


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