Bank asking to complete sell deed before full payment

Sumedh Pakhidde (Querist) 29 August 2022 This query is : Resolved
Hi, i sold my mhada flat in 50 lakhs, purchaser given me 6 lakhs as down payment and 44 lakhs is loan from icici bank, bank released 19 lakhs in favor of sbi to wave off my home loan. Now for remaining 25 lakhs bank asking me to do sell deed registration first in favor of purchaser. Then they will pay me remaining amount. As i have given all the Noc's and documents which was needed. For sell deed registration bank will provide me DD details of 25 lakhs. Bank is pressurizing me to do sell deed registration with DD details then i can collect DD from their office.

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A seller is concerned because their bank is requesting the completion of the sell deed registration before the full payment of £25 lakhs has been received from the buyer's bank. While the initial loan has been redeemed, this remaining amount is still outstanding. The bank intends to provide a Demand Draft (DD) for the sum after registration. Other users advise caution, suggesting that redeeming the loan entirely and securing the full payment before executing the sale deed is a safer approach to avoid potential legal complications.

kavksatyanarayana (Expert) 29 August 2022
No legal issue is involved in your query. Consult a local lawyer for guidance as he will guide you if necessary in this regard.

Adv. Ravish Bhatt, ADIT, CIOT (Expert) 01 September 2022
Once you execute a sale deed, you are at mercy of bank. In case there is any issue in receiving draft, you will have to explore remedy of fighting against bank/ buyer or cancellation of registered sale deed.
From bank's side, they also will fear as to what will be the consequence if you don't execute sale deed after receipt of amount.

It is better to have payment of draft first and insist so as far as you are concerned..

Dr J C Vashista (Expert) 02 September 2022
Redeem your loan before execution of sale deed.

Sumedh Pakhidde (Querist) 04 September 2022
my loan is redeemed already but 25 lakh is remaining and bank need to pay me that amount. so they asking me to complete sell deed. how can i complete sell deed without full payment. the payment is not completed fully..

Sudhir Kumar, Advocate (Expert) 19 December 2022
You are not clear.

you say loan is redeemed and also say that Ts 25 Lakh is balance. Please be clear.

You are not able to put facts clear enough to be understood in one reading.

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