Sale of property

Janhavi Mantri (Querist) 27 April 2016 This query is : Resolved
Dear Sirs,

I have a property in Nerul which I am selling to someone. This guy has applied for a loan. He gave me some amount in advance. For remaining amount he says that bank wants him to first get the agreement registered and transfer the property in his name only then the bank will give a cheque balance amount to me.

My question is how can I transfer my property in advance without getting any payment ?

Please guide.

Regards,

Janhavi

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Kumar Doab (Expert) 27 April 2016
You must not believe him and the bank at all.

Mind your own interest.

You may not sign on the sale deed until the full payment is handed over to you.

Usually bank shall send its representative to SRO and handover the DD inside while signing the deed and bank collects the sale deed.You may obtain the copy on the spot.

If the terms of buyer and Bank are not conducive you must decline to sign agreement and to sell.
Once you sign the agreement (byana) it is valid for 3 years and prospective buyer can stop you from sale to anyone else.

If the terms are conducive you may enter into agreement.

Let a very able counsel draft the agreement to defend your interest.

Janhavi Mantri (Querist) 27 April 2016
Thank you so much Sir.

Kumar Doab (Expert) 27 April 2016
You are welcome.

RAJU O.F., (Expert) 27 April 2016
You have have a tripartite agreement between owner, purchaser and banker, showing that the loan amount of a certain amount will be directly paid to you by the bank, on sale of the immovable property. Seek the help of an expert advocate handling property matters. You may directly get clarified from the bank with regard to the release of the loan against the said property.