Agreement of sale.
Deepak
(Querist) 19 May 2014
This query is : Resolved
Hi,
This is indeed one of a complex(puzzling) case.
---------------------------------------------
In the process to buy a site(plot), I have prepared an Agreement of sale and approached a Nationalized bank for composite loan.
One of the clause in the Agreement is as following.
The parties agree that the contribution made by the purchasers are in following manner.
A = 25%, B = 25%, C = 15%, D = 25%, E = 10%, the entitlement of the property shown shall be as per contributions made.
Note: A,B,C,D,E are Girl , Brother of A, Husband of A, Father of A ,Father-in-law of A respectively.
-------------------------------------------
The problem is,
1. bank has raised in objection in the last minute on above clause stating each purchaser should enjoy equal percentage rather then above mentioned %age.
2. I have already paid a 0.1% of registration amount as stamp duty, so I do not want to prepare a new Agreement of sale.
3. I do not want to remove the % clause as each have genuinely contributed for purchase.
4. My intention is to maintain a 50:50 ratio between parties (A,C,E)as one unit and (B,D) as another unit.
I play a the role of 'C' in the above matter.
Please guide what should be the clause of supplementary Agreement of Sale.
Anticipatory Thanks,
Deepak Sah
P. Venu
(Expert) 20 May 2014
What is your role in the matter?
Deepak
(Querist) 20 May 2014
I am "C" in the above clause.
Devajyoti Barman
(Expert) 20 May 2014
I think you are an advocate and you often post queries here to solve your professional problems.
Deepak
(Querist) 20 May 2014
he he! I would take your comment as complement Mr Devajyoti. This the my first query on this forum or any forum for legal matter. I am a software engineer by profession.
Sankaranarayanan
(Expert) 20 May 2014
Better to show detail to local lawyer and act accordingly
Devajyoti Barman
(Expert) 20 May 2014
So, you being an engineer draft an agreement for sale; not palatable for me.
Devajyoti Barman
(Expert) 20 May 2014
So, you being an engineer draft an agreement for sale; not palatable for me.
Rajendra K Goyal
(Expert) 20 May 2014
The Bank should not raise objection if it is without any reason or does not effects its interest adversely.
However, if the Bank is adamant, no alternate but to prepare another agreement so that the project may succeed.
All seem to be family members / near relatives, understanding / amicable settlement would be beneficial.
ajay sethi
(Expert) 20 May 2014
if bank has refused to sanction loan on account of certain clauses make requisite changes as suggested by bank . get it drafted by local lawyer
Deepak
(Querist) 20 May 2014
@ Rajendra K Goyal & @ Ajay sethi sir, Bank is adamant on removal of clause. I am happy to make another agreement. However, the only question I am left with is How to impose the percentage contribution and entitlement to co-buyers if not in agreement of sale? (My Intention is 50:50 between A,C,E : B,D)
One option I see is MoU (Memorandum Of Understanding), but I am not sure how effective it will be on a long term and how much registration charges will it attract?
@ Devajyoti Barman Sir, I have extreme respect for legal profession, however, couple of lawyers I met in recent past were not able to portray a worthy solution but were quick at fee. :)
T. Kalaiselvan, Advocate
(Expert) 20 May 2014
@ Deepak, I understand the practical difficulties you faced when you had approached the said lawyers. In my opinion, since the matter is more sensitive in nature involving huge investment, you should have approached a reputed law firm/lawyer who will not come down below their standard and shall be ready to offer expertise advises on payment of their fees. However, the solution available before you for the present is as per the advise of expert Mr. Rajendra K Goyal, you have to get your job done, so why dont you make the adjustments accordingly and be at rest.
Dr J C Vashista
(Expert) 25 May 2014
Engage a local lawyer and proceed as advised.
