Indemnity Bond for Buying a Property
Querist :
Anonymous
(Querist) 12 July 2011
This query is : Resolved
Hi
I am in the process of buying a property. Currently the payment terms are under discussions. In the payment schedule there is a component that I have to pay in Cash to the builder. The builder has agreed to phase out the payment amount of 'Cash' over the next 12-15 months.
For this he wants me to sign an indemnity bond in the below format.
My questions are:
1. What are the legal implications of signing the indemnity bond.
2. What proof should I be asking for when I make the payment in Cash as per the schedule
3. Should I ask him to mention that he will give me a proof, maybe a receipt of cash received , in the bond
4. What things I should keep in mind or know before I sign this bond.
Thanks for your help.
I N D E M N I T Y B O N D
I, ----------------------, aged about --- years , Indian inhabitant, residing at------------------------------------, do hereby solemnly affirm and state as under :
1. I say that, I have purchased flat on the --- floor of the new premises -------------- being situated at --------------------------------------------------------------------- and as per the Agreement for Sale executed between ------------------------------------- -----, being the Developers/ Owners and I being the Purchaser as per the said Agreement the Owners/Developers will provide me a ownership flat in the purposed building being constructed and to be known as “----------------------------”, “--------” Wing. I shall pay a sum of Rs. ------------------/- Rs. ---------------------------- before taking possession of the above mentioned premises to the Developers/Owners as per the schedule below.
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2. I further submit that, I hereby indemnified to the Owners/ Developers, if any loss, damage occurred to Owners/Developers due to my fault in any nature, then I shall be liable for the same in the eye of law. Further I will also not take possession of the above said premises until the total amount has not been paid.
3. I therefore say that, whatever stated hereinabove is true and correct to my knowledge.
Solemnly affirmed at Mumbai, )
This day of _________, 2011. )
INDEMNIFIER
Before me;
Identified & explained by me;
Advocate, High Court.
WITNESSES :
1.
2.
Querist :
Anonymous
(Querist) 19 July 2011
Hi can someone please advice on this..... any response / guidance is appreciated. Thanks.
