Conditional registration
Bhargav
(Querist) 15 December 2015
This query is : Resolved
Hi Sir,
My father has a house in Andhra Pradesh which we are selling it to a person.
He said that he will give half money before registration and remaining half after few months of the registration.
We do not trust him much. so we asked to give us some guarantee. So he said he will sign a bond or can keep any of his property on my fathers name conditionally.
my question is
Can this be possible. if possible how can we be sure that we get our money after registration.
Can you please give me any good idea.
Thanks & Regards,
Bhargav Varanasi
Sudhir Kumar, Advocate
(Expert) 16 December 2015
you can be sure of not getting the money at all.
for remaining life you will be running after him like a beggar
P. Venu
(Expert) 16 December 2015
Why is it that you want to sell the property to a person whom you do not trust?
Rajendra K Goyal
(Expert) 16 December 2015
Do not proceed with the deal, why to invite troubles for future by proceeding with such deal.
Kumar Doab
(Expert) 16 December 2015
Are you desperate to sell?
Or Why are you desperate to sell?
In case there is urgent need of money and money can be generated from sale of property only then a financier may agree to buy at less than market rate on down payment.
Avoid signing even agreement to sell (byana) with such prospective buyer, leave apart signing a sale deed with such conditions.
Bhargav
(Querist) 17 December 2015
Thanks to All for your valuable advices.
What about a Promisary note and a black check?
Will this work?
Thanks & Regards,
Bhargav Varanasi
Dr J C Vashista
(Expert) 18 December 2015
I agree with experts, avoid such a buyer for deferred payment untill there is "something" else. You will never get balance of consideration once you have executed "Sale Deed" in his favour.
Sudhir Kumar, Advocate
(Expert) 18 December 2015
you are asking
"What about a Promisary note and a black check?
Will this work?"
If you are keen on selling property now and entering into near futile long struggle to get the money, then non can stop you.
It is your property you are free to give it in charity.
K.S.Srinivas
(Expert) 18 December 2015
Better not to go for sale of property to that particular person.
Kumar Doab
(Expert) 18 December 2015
Finally; You may proceed as deemed fit at your end.
T. Kalaiselvan, Advocate
(Expert) 25 December 2015
As very rightly observed and viewed by experts above, it is absolutely a risk to agree for a deferred payment of balance of consideration amount. The blank cheques and the promissory note will be useful for prolonged litigation in which the results may tilt on either side, so there is no guarantee for money even with a promissory note or a blank cheque.
Alternately you may keep the registration of the sale deed pending till the date of receipt of balance of sale consideration amount.
