Can a token advance say Rs 5000 is to be paid to seller even in a non judicial stamp paper
C.A Alok Mukherjee
(Querist) 16 June 2011
This query is : Resolved
Sir,
I am going to buy a residential unit. The seller had given the photocopy of the title deed, sanctioned plan, municipal tax receipt and he wants to assure for a token advance of Rs 5000/- say for safeguard for the property deal which is adjustable against subsequent final payment. I have no objection also for making the payment but i want to make sure what should be the form of payment.
a. Definitely through cheque
b. Whether for this a non judicial stamp detailing such advance would be required?
M.Sheik Mohammed Ali
(Expert) 16 June 2011
the builder asking for token amount,i think its not refundable, once again confirm with them, 2, they have receipt of acknowledgement for payement get it, 3 otherwise give check to them with full details,.
prabhakar singh
(Expert) 16 June 2011
ALTHOUGH CHEQUE WOULD BE BETTER BUT YOU CAN PAY EVEN IN CASH AS AMOUNT IS WITHIN PERMISSIBLE LIMIT. A RECEIPT FOR THAT ALONG WITH AN AGREEMENT IN FORM OF MOU CAN BE HAD.
MOST BINDING LEGAL COURSE IS TO ENTER INTO AN AGREEMENT OF SALE BY REGISTRATION SHOWING THE AMOUNT AS EARNEST TOWARDS THE SALE CONSIDERATION AMOUNT AGREED BETWEEN YOU AND YOUR PROSPECTIVE SELLER.
C.A Alok Mukherjee
(Querist) 16 June 2011
Thanks for the reply. Sir i have another question
The seller is presently staying in the ground floor which i am going to buy he will construct the first floor and will shift there. The approach of the building is constructed privately by three owners of separate building. Out of the three, the seller of the house property is one of the co-owner. As a buyer am i to take a NOC from the other two co-owner for use of that road or the seller had exclusive right to transfer his share of right by executing the title deed of the property for easement of use of the road to buyer. As a buyer what precaution i should take to safe guard. Does the seller can exercise such right without a prior permission from the co-owners? Please give your expert views. As a buyer i am having some tension over here.
piyush sharma
(Expert) 16 June 2011
Mr. Mukherjee If that is a approach road and it is a private road then you have to take permission from all the co-owner of road. As the road is made on private land you just by purchasing a flat does not become entitled to use it.
C.A Alok Mukherjee
(Querist) 16 June 2011
Yes, Mr. Sharma i too believe so. But i failed to understand why my sellers do not want such deal, i do not find any hem of seeking permission from the co-owners. In that case what form it would be made? Simply by letter or by again executing separate deed for this.
